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Intraocular Lens Market Overview

Global intraocular lens market is expected to grow at a strong 5.43% CAGR over the forecast period from 2018 to 2023, according to a new research report from Market Research Future (MRFR). The report values the global intraocular lens market at USD 3.54 billion in 2017 and expects the market to exhibit robust growth over the forecast period due to the growing prevalence of eye diseases and the growing adoption of premium intraocular lenses.

The growing prevalence of eye diseases is likely to be a major driver for the global intraocular lens market. Intraocular lenses are inserted into the eye in place of the eye’s natural lens. As a result, they are mostly used in cases where the natural lens has deteriorated beyond the possibility of surgical repair. Severe cases of cataract and myopia, in addition to diabetic retinopathy, are the major causes for the installation of intraocular lenses. The growing prevalence of diabetic retinopathy is likely to be a major driver for the global intraocular lens market over the forecast period, as diabetes has a notable impact on the health of blood vessels in the body. The growing prevalence of diabetes, particularly in highly developed Western economies, is likely to be a major driver for the global intraocular lens market over the forecast period.

The growing adoption of premium products in the intraocular lens market is also likely to be a major driver for the global intraocular lens market over the forecast period. The increasing purchasing power of consumers in the intraocular lens market is likely to remain a key driver for the market over the forecast period. The increasing awareness about eye diseases and the benefits of intraocular lenses is also likely to be a major driver for the global intraocular lens market over the forecast period.

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Intraocular Lens Market Segmentation:

The global intraocular lens market has been segmented based on type, material, end user, and region.

The intraocular lens market, based on type, has been segmented into monofocal intraocular lens, multifocal intraocular lens, accommodating intraocular lens, phakic intraocular lens, and others.

By material, the intraocular lens market has been segmented into hydrophobic acrylic, hydrophilic acrylic, polymethylmeth-acrylate (PMMA), and others.

By end user, the global intraocular lens market has been segmented into hospitals, ophthalmic clinics, ambulatory surgical centers, and others.

Intraocular Lens Market Regional Analysis:

The global intraocular lens market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.

The Americas and Europe are likely to be the major regional segments of the global intraocular lens market over the forecast period due to the growing geriatric population in these regions and the growing prevalence of diabetes. The geriatric population is prone to suffering eye-related disorders as they grow older, while the growing prevalence of diabetes has driven the prevalence of diabetic retinopathy in the region. The growing healthcare network in the region and the increasing healthcare quality standards are likely to make these drivers vital for the global intraocular lens market over the forecast period. The widespread availability of advanced intraocular lens products in these highly developed regions is also likely to be a major driver for the intraocular lens market in these regions, combined with the growing disposable income of consumers in these regions.

Asia Pacific is likely to exhibit rapid growth in the global intraocular lens market over the forecast period due to the growing awareness about the procedure among the population and the growing spending capacity of the population in this region. The growing scope of the healthcare sector in Asia Pacific is also likely to be a major driver for the global intraocular lens market over the forecast period, as governments as well as private entities have stepped up their efforts to make the most of the healthcare sector’s high potential in Asia Pacific in the coming years.

Intraocular Lens Market Competitive Analysis:

Key players in the global intraocular lens market include Alcon Inc., Bausch + Lomb, Eyekon Medical Inc., Humanoptics AG, Lenstec Inc., Oculentis GmbH, PhysIOL, STAAR Surgical Company, Rayner Intraocular Lenses Limited, Ophtec BV, Nidek Co. Ltd., Johnson & Johnson Vision Care Inc., Hoya Corporation, Carl Zeiss Meditec, and Aurolab.

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Intraocular Lens Industry Updates:

In September 2018, Alcon Inc. introduced multifocal and multifocal toric ultraviolet intraocular lenses with the ultraSert pre-loaded delivery system.