Wilmington, Delaware, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Intraocular Lens Market by Type (Monofocal Intraocular Lens, Premium Intraocular Lens), by Material (Polymethylmethacrylate, Silicone, Hydrophobic and Hydrophilic Acrylic Materials), by End User (Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics, and Eye Research Institutes): Global Opportunity Analysis and Industry Forecast, 2021-2031." The report states that the intraocular lens industry size is expected to value at $6.5 billion by 2031, having witnessed a revenue of $3.8 billion in 2021, with a notable CAGR of 5.6% from 2022 to 2031.
Factors influencing the growth of the market:
The global intraocular lens market is expanding rapidly due to the development of latest intraocular lens by the frontrunners, surge in prevalence of cataract surgery, and growth in adoption of innovative premium intraocular lens. The market's growth is impeded by postoperative complications and an unsupportive reimbursement environment for premium lenses, including refractive errors. Nevertheless, a surge in the number of product approvals and technological advancements are estimated to offer ample growth to the market in the upcoming years.
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The monofocal intraocular lens segment to continue its supremacy by 2031
On the basis of the type, the monofocal intraocular lens segment grabbed the highest share in 2021, accounting for more than three-fifths of the global intraocular lens market and is estimated to rule the roost throughout the forecast timeframe. Numerous ophthalmologists prefer this type of lens, and as a result, it has taken the lead in terms of revenue within this segment. However, the premium intraocular lens segment would showcase the fastest growth with 7.2% CAGR during the forecast period of 2022 to 2031, because they are effective in treatment of intricate retinal issues.
The hospitals segment is expected to sustain its dominant position throughout the forecast period.
On the basis of end user, the hospitals segment grabbed the highest market share f more than half of the global intraocular lens market in 2021 and is expected to retain its dominance throughout the forecast timeframe. The growth is driven by an increase in the number of cataract surgeries conducted in inpatient settings. The ophthalmology clinics segment, on the other hand, is anticipated to portray the highest CAGR of 6.8% throughout the forecast timeframe, owing to surge in number of discrete ophthalmic clinics.
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Recent Developments in the Intraocular Lens Market
- In October 2023, Bausch + Lomb, a leading global eye health company announced the launch of the enVista Aspire monofocal and toric intraocular lenses (IOLs) with Intermediate Optimized (IO) optics in the U.S.
- In January 2023, Bausch + Lomb Corporation, a leading global eye health company announced that Bausch + Lomb has acquired AcuFocus. This acquisition will help to expand its product portfolio. AcuFocus has delivered breakthrough small aperture intraocular technology to address the diverse unmet needs in eye care, including the IC-8 Apthera intraocular lens (IOL).
- In January 2021, Alcon the global leader in eye care has commercially launched the first and only non-diffractive extended depth of focus intraocular lens (IOL) in the U.S. the AcrySof IQ VivityTM IOL (Vivity).
- In August 2020, Johnson & Johnson Vision, a global leader in eye health launched the TECNIS Synergy and TECNIS Eyhance Intraocular Lenses (IOLs) for the treatment of cataracts in Canada.
North America to uphold the leading position by 2031
The regional analysis in the report indicates that the market across North America was largest in 2021, contributing to nearly two-fifths of the global intraocular lens market revenue and is estimated to continue its supremacy from 2022 to 2031. This can be attributed to the favorable reimbursement policies for cataract treatment within North America. The Asia-Pacific region, on the other hand, is estimated to display the fastest CAGR of 6.9% throughout the forecast timeframe. High geriatric population with possibilities of cataract and rise in awareness related to advanced cataract treatment choices contributed to the expansion of the intraocular lens market across the region.
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Key market players:
- Rayner Intraocular Lens Ltd.
- Lenstec, Inc.
- Johnson & Johnson
- Hoya Corporation
- Humanoptics
- EyeKon Medical, Inc.
- Carl Zeiss Meditech
- Bausch Health, Inc.
- Alcon
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