Chicago, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Intraocular Lens market in terms of revenue was estimated to be worth $4.2 Billion in 2023 and is poised to reach $6.0 Billion by 2029, growing at a CAGR of 6.3% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. Increasing in the number of cataract surgeries, growing awareness of minimally invasive surgeries, growing number of old age population, and rise in the technological advancement in IOLs are the major factor driving the growth of intraocular lens market.
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Intraocular Lens Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $4.2 Billion |
| Estimated Value by 2029 | $6.0 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.3% |
| Market Size Available for | 2021 - 2029 |
| Forecast Period | 2023 - 2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material, Application, End user, and Region |
| Geographies Covered |
|
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Emerging market with untapped opportunities |
| Key Market Driver | Surge in the old age population |
Manufacturers of intraocular lenses continuously develop cutting-edge, new technology that is safer, more efficient, and more effective than existing lenses. Additionally, they are creating new technology that will enable surgeons to more precisely and successfully identify and treat cataract surgeries with intraocular lenses. Manufacturers of intraocular lens are connecting with a broader international market and supplying globally with their products. This is contributing to the expansion of the global intraocular lens market.
The Monofocal IOLs market register the highest market share of the global intraocular lens market. Cost-effectiveness of monofocal IOLs compare to other IOLs, High usage of Monofocal IOLs in most of the common eye surgeries, and continuous improvements in materials and design are some of the factors driving monofocal IOLs in the intraocular lens market.
Cataract surgery in Application segment results fastest growing segment in intraocular lens market. Rising prevalence of catracts, the growing demand for cataract surgery due to ageing population, and advantages of the extremely effective and safe cataract surgery treatment are the factors responsible for the segment to expand with faster rate in the intraocular lens market.
By End user, the intraocular lens market is segmented into Hospitals, Ophthalmology Clinics, Eye Research Institutes, and Others. The hospitals segment accounted for the largest share of the market in 2022. high adoption of novel technology in eye surgeries related to intraocular lenses, large number of cataract surgeries performed, and comprehensive patient care are the driving factors for the hospital segment in the global intraocular lens market.
Geographically, the intraocular lens market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market for intraocular lens was dominated by North America. The growing number of cataract surgeries, rising healthcare costs, and the expansion of insurance coverage are all responsible for this region's significant growth. The second-largest market for intraocular lenses is found in Europe, which is characterized by a rise in the number of cataracts, well-organized healthcare infrastructure, and insurance coverage.
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Intraocular Lens market major players covered in the report, such as:
- Alcon Inc. (US)
- Johnson & Johnson Vision Care, Inc. (US)
- Carl Zeiss Meditec AG (Germany)
- Hoya Corporation (Japan)
- Bausch & Lomb (US)
- STAAR Surgical (US)
- Santen Pharmaceutical Co., Ltd. (Japan)
- NIDEK Co., Ltd. (Japan)
- LENSTEC, Inc. (US)
- Rayner Group (England)
- Beaver-Visitec International (US)
- Ophtec B.V. (Netherlands)
- SAV-IOL SA (Switzerland)
- Appasamy Associates Private Limited (India)
- Atia Vision, Inc. (US)
- Biotech vision care (Switzerland)
- Teleon Surgical BV (Netherlands)
- OMNI Lens Pvt. Ltd. (India)
- EyeKon Medical, Inc. (US)
- Humanoptics Holding AG (Germany)
- Care Group (India)
- SIFI S.p.A. (Italy)
- Hanita Lenses Ltd (Israel)
- Excellent Hi-Care Pvt Ltd. (India)
- Advin Health Care (India)
- and Among Others
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The research report categorizes intraocular lens market into the following segments and sub-segments:
By type
- Monofocal IOLs
- Premium IOLs
- Phakic IOLs
- Others
By Material
- Hydrophobic Acrylic IOLs
- Hydrophilic Acrylic IOLs
- PolyMethylMethAcrylate
- Silicone IOLs
- Others
By Application
- Cataract Surgery
- Presbyopia
- Corneal Disorders
- Others
By End user
- Hospitals
- Ophthalmology Clinics
- Eye Research Institutes
- Others
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Key Market Stakeholders:
- Manufacturers of intraocular lenses
- Eye research Institutions
- Contract Manufacturing Organizations (CMOs)
- Government Associations
- Market Research and Consulting Firms
- Venture Capitalists and Investors
- Distributors of intraocular lenses
- Ophthalmic devices Research & Development (R&D) Companies
- Ophthalmology hospitals and clinics
Report Objectives:
- To define, describe, and forecast the global intraocular lens market by type, by material, application, end user, and region.
- To provide detailed information regarding the major factors influencing market growth, such as drivers, restraints, opportunities, and challenges.
- To strategically analyze the regulatory scenario, pricing trends, value chain, supply chain, ecosystem map, Porter's five force analysis, regulatory analysis, technology analysis, and patent analysis of the intraocular lens market.
- Analyzing micromarkets concerning individual growth trends, prospects, and contributions to the intraocular lens market.
- To analyze the opportunities in the market for stakeholders and provide market leaders with details on the competitive landscape.
- To strategically analyze the intraocular lens market in five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- To profile the key players in the global intraocular lens market and comprehensively analyze their core competencies and market shares.
- To track and analyze competitive developments such as acquisitions, product launches, and product approvals in the global intraocular lens market.
- To evaluate the impact of the recession on the intraocular lens market worldwide.
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