Intraocular Lens Market to Expand Owing to Rise in Diabetic Population, States TMR Study

- Rise in the number of older population is leading to increase in the cases of eye-related disorders, which, in turn, is boosting the intraocular lens market

- Increase in focus on technological advancements in the healthcare industry and government initiatives to spread awareness on eye disorders are resulting in the expansion of the market

News provided by

Transparency Market Research

Feb 22, 2022, 21:30 ET

ALBANY, N.Y., Feb. 23, 2022 /PRNewswire/ -- Analysts at Transparency Market Research (TMR) note that the global intraocular lens market is expected to expand at a CAGR of 4.9% during the forecast period from 2021 to 2028 and gain the valuation of US$ 5.6 Bn by 2028.

Surge in the number of people suffering from lifestyle diseases such as diabetes due to hectic lifestyles and unhealthy eating habits is resulting in increased number of cataract surgeries globally. This factor, in turn, is fueling the sales growth in the global intraocular lens market. Furthermore, the market for intraocular lens is being driven by rising prevalence of eye disorders and poor or loss of vision in the older population globally.

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Intraocular Lens Market: Key Findings

Intraocular lens are used for the treatment of different health-related disorders such as cataract or myopia. The number of ambulatory surgery centers, eye clinics, ophthalmology clinics, and eye research institutes has increased in the recent years across several emerging economies. This factor is generating a demand for intraocular lens, thereby propelling the global market, according to the TMR report.
Several government and non-government organizations from across the globe are taking initiatives to spread awareness among people pertaining to various symptoms of cataract and other eye-related disorders. Moreover, they are focusing on making patients aware about available treatment options for these diseases. These efforts are expected to drive the global intraocular lens market in the years ahead.

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Intraocular Lens Market: Growth Boosters

Surge in understanding on the importance of eye health and availability of a wide range of intraocular lenses such as toric IOL, monofocal IOL, multifocal IOL, and accommodative IOL are propelling the market
Rise in number of cataract surgeries globally is fueling business prospects in the global intraocular lens market

Intraocular Lens Market: Regional Analysis

The intraocular lens market in North America is expected to maintain the dominant position during the forecast period, owing to factors such as rise in older population, increase in prevalence of cataract, high adoption of advanced technologies and products in the healthcare sector, and surge in demand for better healthcare facilities in the region
The Asia Pacific intraocular lens market is prognosticated to expand, owing to increased participation of regional players in acquisitions, new product launches, alliances, geographical expansion, and distribution agreements. India and China are expected to contribute major share to the regional market growth.

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Intraocular Lens Market: Competition Landscape

Companies operating in the intraocular lens market are increasing efforts to improve the quality of their products. Hence, they are increasing cash in-flow in R&D projects.
Several players in the market for intraocular lens are boosting their production capabilities in order to cater to the rising product demand. In addition, growing focus of enterprises on technological advancements and launch of advanced products are likely to help in the expansion of the global intraocular lens market.
Several manufacturers are using different strategies such as partnerships, mergers, regional expansions, and collaborations in order to maintain their leading position in the intraocular lens market

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Intraocular Lens Market: Key Players

Some of the key players profiled in the report are:

Alcon (Novartis AG)
Abbott Medical Optics
Bausch & Lomb, Inc.
Carl Zeiss Meditec AG
Calhoun Vision, Inc.
Hoya Surgical Optics
Staar Surgical Company

Intraocular Lens Market Segmentation

By Product Type

Monofocal IOL
Multifocal IOL
Toric IOL
Accommodative IOL
Others

By End-user

Hospitals
Ophthalmology Clinics
Ambulatory Surgery Centers
Eye Research Institutes

Regions

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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