Global Intraocular Lens Market Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2030

 

Intraocular Lens Market
Intraocular Lens Market

A third of the size of a dime, the intraocular lens is inserted during cataract surgery and is an artificial lens composed of acrylic, silicone, polymer, or other materials that is coated with special performance material to protect the eyes from the sun's harmful UV rays. These lenses are used in a procedure known as a refractive lens exchange, which corrects vision. There are various different types of intraocular lenses, including toric, accommodating, and monofocal IOLs. Monofocal IOL is the most popular among these, with the other two only being used sometimes.

Global Intraocular Lens Market is estimated to be valued at US$ 5,076.1 million in 2022 and is expected to exhibit a CAGR of 7.2% during the forecast period (2022-2030).

The sale of intraocular lenses (ILOs) by businesses (organisations, sole proprietors, and partnerships) is what is referred to as the intraocular lens market. ILOs are the medical devices that are placed inside the eye to replace the natural lens when it is removed during cataract surgery. Increasing elderly populations, ocular diseases, and cataract incidence are some of the significant reasons propelling this market's expansion. The government's efforts to reduce the preventable blindness that is increasing among the world's ageing population are also anticipated to stimulate the demand for intraocular lenses. Furthermore, this market's expansion has been accelerated by technological advancements in intraocular lenses. The intraocular market has grown significantly as a result of an increase in vision correction procedures including LASIK, cataract operations, and others. However, the high cost of surgical procedures and the absence of adequate coverage for premium IOLs are impeding the growth of the intraocular lens industry. The availability of cutting-edge technology, such femtosecond lasers and micro-incision cataract surgery, may present significant growth potential for the major players in the market in the near future.

In the intraocular lens market, North America is now the leading region among all other regions, and it is anticipated that it will continue to lead during the projected period. The expansion of this market in the North American area has been attributed to better reimbursement policies, an increase in the prevalence of cataracts, and government initiatives to establish eye care facilities. The region with the fastest revenue growth over the coming year was Asia Pacific. The fastest-growing economies in the Asia-Pacific area are expected to be those of the developing nations, including China and India. due to the large patient population and expanding healthcare sector.

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