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Intraocular lens (IOL) Market to Grow at a CAGR of 5.4% – Report by MarketsandMarkets™


The major players in the Intraocular Lens (IOL) market are Alcon, Inc. (US) (Novartis AG (Switzerland)), Bausch + Lomb (US) (Valeant Pharmaceuticals International (Canada)), Johnson & Johnson Vision Care, Inc. (US), Carl Zeiss Meditec (Germany), HOYA Corporation (Japan), STAAR Surgical Company (US), Rayner Intraocular Lenses Limited (UK), PhysIOL (Belgium), Ophtec BV (Netherlands), Swiss Advanced Vision (SAV IOL) (Switzerland), Oculentis GmbH (Germany), NIDEK CO., LTD. (Japan), Aurolab (India)
The intraocular lens (IOL) market is expected to reach to USD 4.56 billion by 2022 from USD 3.5 billion in 2017, at a CAGR of 5.4%. The growth of this market is majorly driven by the growth in the geriatric population and corresponding age-related eye disorders, rising prevalence of eye diseases & diabetes in the overall population across the globe, and increasing government initiatives to control and treat blindness caused by cataract.

According to a new market research "Intraocular Lens (IOL) Market by Type (Traditional/Monofocal (Spheric, Aspheric), Premium (Multifocal, Accommodating, and Extended Depth of Focus), and Phakic), Material (PMMA, Foldable), End User (Hospital, Clinic), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the report defines, describes, and forecasts the global market. The key factors driving the growth of Intraocular Lens (IOL) market include the prevalence of eye diseases associated with increasing geriatric population, government initiatives to control and treat blindness caused by cataract, increasing healthcare expenditure and rising disposable income, and technological advancement in the field of intraocular lenses. In this report, the Intraocular Lens (IOL) market is segmented based on type, material, end user, and region. On the basis of type, the intraocular lens market is broadly segmented into traditional/monofocal IOLs, premium IOLs, and phakic IOLs.

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The premium IOLs segment is expected to register highest growth rate during the forecast period. Monofocal IOLs are further subsegmented into aspheric monofocal IOLs and spheric monofocal IOLs. Aspheric monofocal IOLs dominated the traditional/monofocal IOLs market in 2017. Growth in this market segment can be attributed to the added advantages over spheric monofocal IOLs. Aspheric monofocal IOLs are easy to insert, induce significantly lesser or zero spheric aberration, and create a very effective contrast sensitive optical image for patients. Based on the type of material, the Intraocular Lens (IOL) market is further categorized into foldable IOLs and PMMA IOLs. In 2017, the foldable IOLs held the largest share of this market is expected to grow at the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the added advantages it offers over PMMA IOLs—they are smaller and require smaller incisions for IOL insertion and minimize the risk of post-operative errors in the eye. Foldable IOLs feature helixes, which help reduce IOL issues regarding decentralization.

Based on the type of end users, the Intraocular Lens (IOL) market is further segmented into hospitals and clinics, and ambulatory surgical centers (ASC). The hospitals and clinics accounted for the largest share of this market in 2017 due to the increasing prevalence of eye disorders across the globe coupled with the large patient pool treated at hospitals and clinics. On the other hand, the ASCs segment is expected to grow at the highest CAGR during the forecast period. Geographically, the Intraocular Lens (IOL) market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2017, Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as large populations affected by cataract and refractive errors in countries such as China and India, improving healthcare infrastructure, growing per capita income, rising medical tourism, increasing government initiatives to control visual impairment, and rising focus of key market players on this region.

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