DUBLIN, June 15, 2022 / PRNewswire / – The “Intraocular Lens Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
Global intraocular lens market size is anticipated to reach US $ 6.2 Billion in 2027 from US $ 4.5 Billion in 2021.
Global Intraocular Lens Market is Expanding at a CAGR of 5.49% during 2021-2027:
The worldwide intraocular lens market is Predicted to develop as the senior population becomes more susceptible to ocular disorders, Cataract prevalence rises, and government measures to eradicate avoidable blindness increase.
Additionally, the market’s growth is aided by the rise in the usage of premium lenses, which deliver benefits such as enhanced visual performance and reduced astigmatism.
Furthermore, the worldwide intraocular lens market is likely to be driven by an increase in knowledge about premium IOLs, favorable recommendations from health care practitioners, and better acceptability among patients worldwide during the forecast period.
Monofocal Intraocular Lens Segment to Dominate Backed by Cost-effective Nature:
In this report, based on the product, the market can be divided into Monofocal IOL, Multifocal IOL, Toric, and Accommodative segments.
According to research, the monofocal intraocular lens segment is expected to dominate the IOL market share for the foreseeable future. The majority share of monofocal IOLs can be attributed to low monofocal lens pricing compared to premium lenses and advantageous government reimbursement regulations.
The premium intraocular lens category, on the other hand, is expected to be driven by the benefits of multifocal and accommodative IOLs over monofocal lenses, as well as an increased preference for Toric lenses.
Availability of Free Cataract Surgery to Propel the Expansion of Hospitals Segment:
In 2021, the hospital sector accounted for the now significant proportion of the market in terms of market share. Some of the critical IOL market Trends responsible for the segment’s growth include an expansion in government Hospitals and NGOs delivering free Cataract procedures, attractive health reimbursement, and increased demand for Daycare surgeries in Hospitals.
Throughout the projection period, North America is expected to lead the market. The substantial North American IOL market share is due to technological advancements such as Bespoke Cataract lenses, Extended Depth of Focus (EDoF), and new product Introductions. As per the American Academy of Ophthalmology, by 2050, 50 million people in the United States will have cataracts. This is projected to favor demand for an intraocular cataract lens in the United States during the forecast period.
Industry Key Players:
The intraocular lens market is consolidated, with a few significant players such as Novartis AG, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Johnson and Johnson Vision Care, Inc., Alcon, and Hoya Corporation.
The major players are focusing their exertions on completing acquisitions that will assist them in increasing their market position. Furthermore, significant players form alliances with non-profit organizations to raise awareness about cataracts and other eye illnesses.
Manufacturers also demonstrate a keen interest in introducing new items to the market, which will help them maintain a solid product portfolio.
The Impact of COVID-19 on the Global Intraocular Lens Market:
Globally, routine healthcare appointments were canceled due to the COVID-19 Outbreak in December 2019 to prevent people from catching the virus. In the first half of 2020, this negatively influenced the market. There was a significant decline in procedure volumes as many patients were elderly and at a higher risk of developing COVID-19 symptoms, resulting in loss of revenue and the temporary or permanent closure of single ophthalmic practice units.
Despite the decline in intraocular lens sales during the Pandemic, the market is recovering and is predicted to rise steadily during the forecast period. Factors such as an increase in cataracts and a rise in the number of diagnosed instances of blindness are essential drivers of market expansion. Furthermore, rising healthcare spending and increased awareness of cataracts will likely boost intraocular lens sales.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
5. Global Intraocular Lens Market
6. Market Share – Global Intraocular Lens Market
6.1 By Product
6.2 By End Users
6.3 By Regions
7. Product – Global Intraocular Lens Market
7.1 Monofocal IOL
7.2 Multifocal IOL
8. End Users – Global Intraocular Lens Market
8.2 Ophthalmic Clinics
8.3 Ambulatory Surgery Centers
8.4 Eye Research Institutes & Others
9. Region- Global Intraocular Lens Market
9.1 North America
9.3 Asia -Pacific
9.4 Rest of the World
10. Company Analysis
10.1 Novartis AG
10.1.2 Company Initiatives
10.1.3 Sales Analysis
10.2 Bausch & Lomb Incorporated
10.3 Carl Zeiss Meditec AG
10.4 Johnson and Johnson Vision Care, Inc.
10.6 Hoya Corporation
For more information about this report visit https://www.researchandmarkets.com/r/ku8kyg
Research and Markets
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