According to Meticulous Research®, the intraocular lens (IOL) market is set to grow substantially, reaching $7.17 billion by 2031 with a CAGR of 6.5% from 2024 to 2031. This growth is propelled by several factors, including the increasing aging population, a rise in cataract surgeries, the prevalence of visual impairments due to extensive digital device usage, and government efforts to enhance eye care accessibility.
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The intraocular lens market is segmented by type, material, application, and end user. Multifocal intraocular lenses are expected to lead the market in 2024. These lenses offer the advantage of providing clear vision at multiple distances without the need for additional corrective lenses. The appeal of multifocal lenses is further enhanced by their lack of maintenance requirements, making them a convenient choice for many patients.
Hydrophobic acrylic lenses are projected to dominate the material segment in 2024. This material’s benefits include its water resistance, high refractive index, and robust mechanical stability. Ophthalmologists prefer hydrophobic acrylic lenses for their superior visual performance and reduced incidence of visual disturbances such as glare and halos.
In terms of applications, cataract surgery is anticipated to be the largest segment for intraocular lenses in 2024. The increasing number of cataract procedures, driven by an aging population and advancements in lens technology, highlights the crucial role of intraocular lenses in improving patient vision and overall quality of life.
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Hospitals are expected to be the primary end users of intraocular lenses in 2024. This trend is supported by factors such as the rising prevalence of ocular disorders, a growing elderly population, and the adoption of advanced surgical techniques. Increased healthcare expenditure and growing awareness among healthcare professionals also contribute to the expansion of this segment.
Geographically, Asia-Pacific is projected to witness the highest growth rate in the intraocular lens market. This region’s expansion is driven by its established pharmaceutical industry, increasing awareness of vision care benefits, and rising disposable incomes. Initiatives like the grant for ophthalmic surgical equipment in the Philippines reflect the region’s commitment to improving eye care services.
The market is segmented into types, materials, applications, and end users. Multifocal intraocular lenses are expected to capture the largest share of the market in 2024. These lenses are preferred for their ability to provide clear vision at multiple distances without requiring additional corrective lenses. Multifocal lenses also offer the advantage of no ongoing maintenance, making them a convenient option for patients.
In summary, the intraocular lens market is poised for significant growth, bolstered by advancements in technology, increased demand for cataract surgeries, and a focus on minimally invasive procedures. Despite challenges such as high costs and potential complications, the market’s future remains promising due to continuous innovations and supportive government policies.
Key Players
The key players profiled in the intraocular lens market report are Alcon, Inc. (U.S.), Johnson & Johnson Services, Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Hoya Corporation (Japan), Beaver-Visitec International (U.S.), Ophtec B.V. (Netherlands), Appasamy Associates Private Limited (India), Atia Vision, Inc. (U.S.), LENSTEC, Inc. (U.S.), Santen Pharmaceutical Co., Ltd. (Japan), Rayner Group (U.K.), EyeKon Medical, Inc. (U.S.), and Humanoptics Holding AG (Germany).
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Key questions answered in the report-
· Which are the high-growth market segments in terms of intraocular lens by type, material, application, end user, and geography?
· What was the historical market for intraocular lenses across the globe?
· What are the market forecasts and estimates for the period 2024–2031?
· What are the major drivers, restraints, opportunities, and challenges in the intraocular lens market?
· Who are the major players operating in the intraocular lens market?
· What is the competitive landscape like, and who are the leaders in the intraocular lens market?
· What are the recent developments in the intraocular lens market?
· What are the different strategies adopted by the major players in the intraocular lens market?
· What are the geographical trends and high-growth regions/countries?
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