The intraocular lens market is expanding due to an aging global population, driving cataract surgeries and lens implantation procedures.
Wilmington, Delaware, United States, Sept. 26, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The intraocular lens market was valued at US$ 3.9 billion in 2020. It is anticipated to register a 4.9% CAGR from 2021 to 2028 and by 2028; the market is likely to gain US$ 5.6 billion. Traditional mono-focal IOLs correct vision at a single distance. However, advanced multifocal and accommodative IOLs offer patients the ability to see clearly at multiple distances, reducing dependency on glasses for tasks like reading and driving.
Customized IOLs are gaining traction, tailoring lens parameters to each patient’s unique eye characteristics. Toric IOLs are designed to correct astigmatism, broadening the market’s reach to individuals with this common vision problem.
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EDOF IOLs are a relatively new entrant, promising a broader range of clear vision compared to multifocal lenses. They aim to provide excellent vision quality without the glare or halos that some multifocal lenses may induce. Advancements in surgical techniques and instruments are enabling less invasive cataract surgeries. These developments translate into quicker patient recovery, reduced surgical trauma, and potentially more IOL implantations.
Beyond cataract surgery, IOLs are finding applications in refractive lens exchange (RLE) procedures to correct refractive errors in patients without cataracts, presenting a growing market segment. As healthcare access improves in emerging markets, the demand for IOLs is increasing. This includes regions in Asia, Latin America, and Africa, offering significant untapped potential.
Key Findings of the Market Report
- Among the intraocular lens market product types, monofocal IOLs dominate due to their wide use in standard cataract surgeries.
- Hospitals dominate the intraocular lens market as primary venues for cataract surgeries and intraocular lens implantations.
- Europe is the dominating region in the intraocular lens market, characterized by advanced healthcare infrastructure and a significant aging population.
Market Trends for Intraocular Lenses
- A notable trend in the Intraocular Lens (IOL) market is the development of extended vision range lenses. These IOLs offer patients a broader range of clear vision, reducing the need for glasses after cataract surgery.
- Unlike traditional monofocal lenses, extended vision range IOLs provide clear vision at multiple distances, accommodating activities like reading, using a computer, and driving. This trend reflects the growing demand for IOLs that enhance patients’ overall quality of life by minimizing post-surgery dependency on corrective eyewear.
- The integration of digital technology is streamlining the IOL selection process. Surgeons can use advanced measurement techniques and predictive modeling to choose the most suitable IOL for each patient’s unique eye characteristics.
Market for Intraocular Lenses: Regional Outlook
The global market for Intraocular Lens (IOL) presents a varied regional outlook driven by factors such as healthcare infrastructure, aging populations, and regulatory frameworks:
- North America, particularly the United States, dominates the IOL market with advanced healthcare facilities and an aging demographic. Rising cataract surgeries and the adoption of premium IOLs contribute to market growth.
- Europe boasts a mature IOL market, with well-established healthcare systems. Technological advancements, coupled with a growing aging population, continue to drive demand for innovative IOLs.
- The Asia-Pacific region shows immense growth potential due to improving healthcare access, a burgeoning middle class, and rising cataract surgeries. Countries like India and China are emerging as key IOL markets.
- Latin America is witnessing increased access to eye care, presenting growth opportunities for IOL manufacturers as the region’s healthcare infrastructure develops.
- Expanding healthcare services in the Middle East and Africa are creating opportunities for IOL market expansion, although regulatory challenges exist in some areas.
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Global Intraocular Lens Market: Key Players
The Intraocular Lens (IOL) market is intensely competitive, featuring global leaders and niche players vying to offer advanced IOL solutions, customized options, and innovative technologies to cater to diverse patient needs. The following companies are well-known participants in the global intraocular lens market:
- Abbott Medical Optics
- Carl Zeiss Meditec AG
- Bausch & Lomb Inc.
- Alcon (Novartis AG)
- Hoya Surgical Optics
- Staar Surgical Company
- Calhoun Vision Inc.
- Oculentis GmbH
- Rayner Intraocular Lenses Limited
- Abbott Medical Optics offers a comprehensive product portfolio in ophthalmology, including intraocular lenses, phacoemulsification systems, and corneal topography systems, ensuring advanced eye care solutions.
- Carl Zeiss Meditec AG specializes in precision optics, delivering innovative medical devices for ophthalmology, such as surgical microscopes, diagnostic equipment, and advanced imaging technologies.
- Bausch & Lomb Inc. provides a wide-ranging product portfolio encompassing contact lenses, eye health products, ophthalmic pharmaceuticals, and surgical devices, promoting overall eye wellness and vision correction.
Global Intraocular Lens Market Segmentation
By Product Type
- Monofocal IOL
- Multifocal IOL
- Toric IOL
- Accommodative IOL
- Ophthalmology Clinics
- Ambulatory Surgery Centers
- Eye Research Institutes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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