Intraocular Lens Market: Set to Explode and Reach $6.5 billion by 2031

An intraocular lens (IOL) is a type of lens that is surgically implanted inside the eye to replace the natural lens. It is commonly used in cataract surgery, where the natural lens of the eye becomes cloudy and impairs vision. During cataract surgery, the cloudy lens is removed and an IOL is inserted in its place.

There are several types of IOLs, including:

1. Monofocal IOLs: These lenses provide clear vision at one distance, usually either near or far.
2. Multifocal IOLs: These lenses provide clear vision at multiple distances, but can result in some trade-off in image quality.
3. Accommodative IOLs: These lenses change focus in response to eye movement, providing clear vision at different distances.
4. Toric IOLs: These lenses are designed for people with astigmatism, a condition where the eye has an irregular shape.

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The type of IOL selected for a patient depends on their individual needs and visual goals. In general, IOLs can improve vision and reduce or eliminate the need for glasses or contacts after cataract surgery. The global Intraocular Lens (IOL) Market was valued at $3.8 billion in 2021, and is projected to reach $6.5 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

Intraocular Lens (IOL) Market in Short:

CAGR: 5.6%
Current Market Size: USD 6.5 Billion
Fastest Growing Region: APAC
Largest Market: North America
Projection Time: 2021-2031
Base Year: 2021

What are the upcoming trends of Intraocular Lens Market?

Rise in adoption of advanced premium intraocular lens, and development of new intraocular lens by large number of key players is trending in the intraocular lens market.

What is the leading application of Intraocular Lens Market?

Fixing intricate retinal issues and improved visualization post cataract surgery is the leading application of intraocular lens market.

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Covid-19 Situation –

• During the Covid-19 pandemic, patients suffering from cataracts and other eye problems are reluctant to seek immediate care because of the risk of infection in hospitals and clinics. Many optometrists have temporarily closed their practices.
• Visits to the eye clinic or hospital are greatly reduced. According to a study by the National Center for Biotechnology Information in 2021, patient visits to eye care clinics decreased by 3.5% during this pandemic. This, in turn, has reduced the demand for intraocular lenses and adversely affected the intraocular lens market.

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North America is expected to witness the highest growth, in terms of revenue, due to the rise in the number of eye disorders, the presence of major players, and growth in healthcare spending. Asia-Pacific is expected to register the fastest CAGR during the forecast period, due to the large geriatric population prone to cataracts, especially in countries such as China and India. However, poor reimbursement conditions for premium lenses and post-production problems, such as alignment errors, are expected to hamper market growth.

An intraocular lens (IOL) is typically used in cataract surgery to improve vision. There are several types of IOLs, including monofocal (single focus), multifocal (multiple focus), accommodative (adjustable focus), and toric (for astigmatism) lenses. The choice of IOL depends on the patient’s individual needs and visual goals. IOLs can greatly improve vision and reduce or eliminate the need for glasses or contacts after surgery.

Major Key Market Players –

• Alcon (Novartis AG),
• Bausch Health Inc.,
• Carl Zeiss Meditech,
• EyeKon Medical Inc,
• Humanoptics,
• Hoya Corporation,
• Johnson & Johnson,
• Lenstec Inc.,
• Rayner Intraocular Lens Ltd, and
• STAAR Surgical Company.

Market: By Region Outlook

• North America (U.S., Canada, Mexico)
• Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, Rest of LAMEA)

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Key findings of the study –

• By type, the monofocal intraocular lens segment is the largest contributor to the market in 2021.
• By material, hydrophobic and hydrophilic acrylic material segments are the most contributing factors in the market in 2021.
• North America accounted for the largest share of the intraocular lens market in 2021 and is expected to remain the same during the forecast period.

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