Intraocular Lens Market Size, Trends, Industry Analysis, Overview, Share And Forecast 2023 To 2030

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Market Overview: 

Intraocular lenses are artificial lenses implanted in the eye during cataract surgery or refractive lens exchange to replace the eye’s natural crystalline lens and help correct vision. They allow a person's vision to be corrected to normal or near normal after successful cataract surgery or refractive lens exchange surgery.

The global Intraocular Lens Market is estimated to be valued at US$ 5,076.1 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. 

Market key trends:

Over the forecast period of 2023 to 2030, the global Intraocular Lens Market is expected to witness significant growth due to rising incidences of cataract globally. According to a report by the World Health Organization, cataract is the leading cause of blindness worldwide, affecting over 20 million people. Asia Pacific region holds the highest number of cataract cases due to aging population and advancement in cataract surgery and intraocular lenses. Technological advancements in cataract surgery, such as femtosecond laser technology and adoption of premium intraocular lenses are also expected to fuel the growth of the market during the forecast period.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/intraocular-lens-market-690

Segment Analysis 

The global intraocular lens market is segmented based on product type, material, end-user, and region. Based on product type, the market is divided into monofocal intraocular lens, multifocal intraocular lens, toric intraocular lens, and accommodative intraocular lens. The monofocal intraocular lens segment dominated the market in 2023 owing to its widespread application and affordability. Based on material, the market is categorized into hydrophilic and hydrophobic. Hydrophobic segment gained prominence over the forecast period due to its biocompatibility and resistant to moisture absorption. Based on end-user, the market is segmented into hospitals, ophthalmic clinics, ambulatory surgical centers, and eye research institutes. Hospitals held the largest share of the global market as they are the primary points of access for ophthalmic care and intraocular lens implantation surgeries.

Key Takeaways

The global intraocular lens market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing cases of cataract across the globe. 

Regional analysis: North America dominated the global intraocular lens market in 2023, owing to the availability of advanced healthcare infrastructure and early adoption of new technologies. Asia Pacific is expected to grow at a highest CAGR during the forecast period due to growing healthcare expenditure, increasing patient awareness and presence of untapped opportunities in emerging Asian countries.

Key players analysis: Key players operating in the intraocular lens market are Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG. These players are focusing on new product launch and expansion of global footprints to consolidate their market shares.

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