The worldwide intraocular lens market was esteemed at about USD 3,200 Million in the year 2016 and it is anticipated to attain around USD 4,500 Million by 2022. The worldwide intraocular lens market is projected to reach a CAGR of more than 5% between 2017 and 2022.
The rising recognition of the intraocular lenses by the people together with the rising occurrences of cataract is escalating the retailing of intraocular lenses. Moreover, the advanced methods and lately developed equipment for intraocular lenses offer enhanced patient safety with better end results and a noteworthy increase in the cataract surgery performance. The analysts in their prime study scrutinized that innovations together with the advancements in technology will bring huge avenues for intraocular lens manufacturers.
The worldwide intraocular lens market is bifurcated based on the application, type, end-user, material, and geography. The monofocal intraocular lens segment ruled the intraocular lens market’s type segment. Monofocal intraocular lenses are utilized in excess of any other products on account of its elevated advantages. In general, monofocal intraocular lenses are utilized by patients that have cataracts in both the eyes.
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Thus, the cataract surgery is anticipated to boost the use of the intraocular lenses. It is the most favored surgical process in developing and developed nations. Also, the intraocular lenses are utilized for a sort of vision correction surgery known as the refractive lens exchange.
The hospital’s segment accounted for over 40% of the worldwide market share in 2016 and is anticipated to govern the market share in the years to come. The rise in the healthcare infrastructure and accessibility of relatively inexpensive treatment offered by the hospitals will suffice the primary patient pool and assist the intraocular lens market to grow.
North America is anticipated to carry on the rule the region which is trailed by Europe in the coming period on account of high patient responsiveness and increased per capita health care expenses, making them as the key factor fueling the growth of the market.
The prominent players in the intraocular lens market consist of Bausch & Lomb Incorporated, Aurolab, Alcon (Novartis AG), HOYA Surgical Optics, EyeKon Medical Inc., Carl Zeiss Meditec AG, among others.