Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Global Intraocular Lens Market Analysis & Forecast 2024-2034: Market By Product; By Material; By End-user; and By Region" report has been added to ResearchAndMarkets.com's offering.
Market Dynamics and Growth Factors
The global intraocular lens (IOL) market has displayed robust growth and is anticipated to continue its ascent from a valuation of USD 4.55 billion in 2023 to an impressive USD 9.82 billion by 2034, progressing at a CAGR of 7.25% during the forecast period 2024-2034. This market expansion is primarily driven by a notable uptick in the prevalence of ophthalmic disorders, such as cataracts, coupled with an increased adoption of advanced premium IOLs. Technological innovations and a heightened focus on the development of new IOL products by key market players contribute significantly to this growth.
Introduction of Advanced Intraocular Lenses
Innovations in intraocular lens technologies are expected to further fuel the market growth within the forecast period. For example, the launch of the Clareon range of IOLs by Alcon in the US market illustrates the industry's direction towards enhancing product offerings to meet the growing demand for cataract surgical procedures.
Segment Analysis: Monofocal and Premium IOLs
Monofocal IOLs led the market in 2023 due to increased research and development activities, regulatory approvals for new lenses, and the release of new products, such as SIFI S.p.A's Evolux extended monofocal IOL. Meanwhile, the premium IOL segment is projected to experience the fastest growth rate during the forecast period, attributed to their efficiency in treating complex retinal conditions and improved vision quality.
Material Insights: Hydrophobic & Hydrophilic Acrylics Lead the Way
Hydrophobic and hydrophilic acrylic materials emerged as dominant in the market thanks to their biocompatibility, foldability, and suitability for microsurgery. Noteworthy developments include Rayner Group’s educational platform focused on enhancing the knowledge of surgeons about toric IOLs. The silicone segment is also set to grow rapidly, propelled by advances in refractive quality and new product introductions.
End-user Preferences: Hospitals and Ophthalmology Clinics
Hospitals were the largest contributors to market revenue in 2023, steered by the increasing number of cataract surgeries and adoption of modern medical technologies. Ophthalmology clinics, on the other hand, are predicted to register the most rapid growth due to convenience factors such as shortened hospital stays and easier scheduling.
Geographical Landscape: North America and Asia Pacific at the Forefront
North America is slated for the highest revenue share driven by the rise in vision-related disorders and the region's swift uptake of innovative healthcare solutions. The Asia Pacific region is expected to witness the fastest growth rate, due in part to the increasing prevalence of ophthalmic conditions, aging populations, and heightened awareness of advanced treatment options.
The global intraocular lens market’s future trajectory appears promising with burgeoning innovation and an increasing focus on addressing the visual needs of the global population across a diverse range of eye conditions. The industry continues to adapt and evolve, introducing refined solutions that promise enhanced vision and quality of life for patients worldwide.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $4.55 Billion |
| Forecasted Market Value (USD) by 2034 | $9.82 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Companies Mentioned
- Bausch Health Inc.
- Lenstec Inc.
- EyeKon Medical Inc
- Carl Zeiss Meditech
- Alcon
- Rayner Intraocular Lens Ltd
- LensGen Inc
- Hoya Corporation
- Johnson & Johnson
- STAAR Surgical Company
- Humanoptics
For more information about this report visit https://www.researchandmarkets.com/r/l6pxb2
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