Meticulous Research® forecasts that the intraocular lens (IOL) market achieve a significant milestone, reaching $7.17 billion by 2031, with a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031. This anticipated growth is attributed to several factors, including the increasing geriatric population, a surge in cataract surgeries, visual impairment associated with extensive digital device use, and enhanced government initiatives aimed at improving access to eye care services.
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The market is categorized by lens type, material, application, and end user. In 2024, multifocal intraocular lenses are expected to dominate the market. These lenses are favored for their ability to provide clear vision across multiple distances without the need for additional corrective eyewear. Multifocal lenses are particularly appealing because they require no ongoing maintenance or adjustments, which is a significant advantage for patients seeking a hassle-free solution.
Hydrophobic acrylic lenses are projected to lead the material segment in 2024. This material’s attributes, including its water resistance, high refractive index, and mechanical stability, make it a popular choice among ophthalmologists. Hydrophobic acrylic lenses are renowned for delivering superior visual quality and minimizing issues such as glare and halos, which enhances patient satisfaction.
The cataract surgery segment is anticipated to be the largest application area for intraocular lenses in 2024. This is due to the rising incidence of cataract surgeries driven by an aging population and ongoing advancements in lens technology. Intraocular lenses play a crucial role in restoring vision and improving the quality of life for patients undergoing cataract surgery.
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Hospitals are expected to be the predominant end users of intraocular lenses in 2024. Factors such as the increasing prevalence of ocular disorders, a growing elderly demographic, and the integration of advanced surgical techniques contribute to this trend. Additionally, heightened healthcare expenditure and increasing awareness among healthcare professionals further support the growth of this segment.
In terms of geography, Asia-Pacific is projected to experience the highest growth rate in the intraocular lens market. This region’s rapid expansion is fueled by its well-established pharmaceutical market, rising awareness of vision care, and increasing disposable incomes. Recent initiatives, like the grant for ophthalmic surgical equipment in the Philippines, underscore the region’s commitment to advancing eye care infrastructure.
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 conclusion, the intraocular lens market is on a trajectory of robust growth. Driven by technological innovations, a rising number of cataract surgeries, and a shift towards minimally invasive procedures, the market outlook remains positive despite challenges such as high costs and potential complications. Ongoing advancements and supportive government policies are expected to continue driving market expansion.
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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