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Intraocular Lens Global Market Report 2022

Intraocular Lens Global Market Report 2022

  • May 2022
  • 175 pages
  • ID: 6282424
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the intraocular lens market are Bausch + Lomb, Alcon, Johnson & Johnson, Carl Zeiss Meditec, Hoya Corporation, Staar Surgical Company, Rayner Intraocular Lenses, Physiol, Ophtec, Oculentis, EyeKon Medical Inc., Lenstec INC, SAV IOL, Hanita Lenses, SIFI S.p.A, Biotech, Abbott Medical Optics Inc, Valeant, Aurolab, and Nidek CO. Ltd.

The global intraocular lens market is expected to grow from $4.14 billion in 2021 to $4.39 billion in 2022 at a compound annual growth rate (CAGR) of 6.06%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.47 billion in 2026 at a CAGR of 5.64%.

The intraocular lens market consists of sales of intraocular lens (ILOs) by entities (organizations, sole traders, and partnerships) that refer to the medical devices that are implanted inside the eye to replace the eye’s natural lens when it is being removed during cataract surgery.An intraocular lens is an artificial replacement for the lens of the eye.

The two types of lenses are Anterior chamber lenses and Posterior chamber lenses. ILOs are used for a type of vision correction surgery called refractive lens exchange.

The main types of intraocular lens are monofical introcular lens, multifocal intraocular lens, toric intraocular lens, and accommodating intraocular lens.Monofocal lenses are the most common type of IOL used in cataract surgery because of the consistent visual outcomes they produce and their relative affordability compared to premium alternatives.

By material, the market is segmented into polymethylmethacrylate, silicone, and hydrophobic acrylic. Major end users of intraocular lens include hospitals, ophthalmic clinics, ambulatory surgery centers, and eye research institutes.

North America was the largest region in the intraocular lens market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rising prevalence of eye diseases is contributing to the growth of the intraocular lens market.Eye diseases such as macular degeneration, glaucoma, and cataracts, lead to vision problems.

An intraocular lens is an artificial lens related to the eye.It replaces the eye’s natural lens that has been removed during cataract surgery.

According a 2020 survey, about 27.5 crore (275 million) Indians damaged their eyesight due to excessive screen time in the COVID-19 lockdown. By 2030, dry eye disease in India will affect nearly 40% of the urban population. Due to hectic lifestyles, cases of vision loss have been increasing globally. So, the rising prevalence of eye diseases will drive the intraocular lens market.

Technological advancements in intraocular lens is a key a trend gaining popularity in the intraocular lens market.For example, in January 2022, Alcon, a global leader in eye care, announced the commercial launch of the first presbyopia-correcting intraocular lens with wavefront-shaping technology AcrySof® IQ Vivity® IOL (Vivity®).

This new lens is being available to Indian ophthalmologists for patients undergoing cataract surgery.

In March 2019, Alcon, a Switzerland-based medical company specializing in eye care products, acquired Power Vision, for a deal amount of $285 million.This acquisition will drive growth and innovation in advanced technology intraocular lenses to meet the needs of cataract surgery patients who desire spectacle independence.

Power Vision is a US-based manufacturer of optical devices.

The countries covered in the Intraocular Lens market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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