Intraocular Lenses Market Insights
The global intraocular lenses market is likely to witness a substantial CAGR over the forecast period. Increasing prevalence of diseases including diabetes, obesity, high blood pressure, and high cholesterol often lead to several eye defects. Also, factors such as worldwide increase in the count of geriatric population coupled with growing awareness for treating eye defects, and increased use of laptops, smartphones & related devices are projected to boost the overall market growth.
Intraocular lenses are medical devices that are rooted inside eyes to replace eye's natural lens which is removed during cataract surgery. They are also used for refractive lens exchange surgeries.
However, high cost associated with surgical procedure along with after effects including refractive errors are some of the major factors which are projected to restrain the growth of global intraocular lens market.
Intraocular Lenses Market: Type/ Material Insights
The global intraocular lenses market is segmented into Aspheric Intraocular lens, Traditional Intraocular lens, Toric Intraocular lens, Multifocal Intraocular lens, Accommodating Intraocular lens, Phakic Intraocular lens, and Monovision among others.
Multifocal and accommodating lenses are also known as premium lenses as it reduces and in many cases completely eliminate the need for other corrective lenses. Increasing adoption of premium intraocular lens along with favorable government initiatives are some of the factors which are likely to propel the growth of the overall intraocular lens market. Moreover, increasing healthcare awareness is also fuelling the growth of global intraocular lens market.
Traditional Intraocular lenses’ segment is also likely to grow at a considerable rate as they are least expensive and are usually insured by Medicare.
Based on materials, the global intraocular lenses market is divided into Polymethylmethacrylate, Silicone, and Hydrophobic Acrylic. Hydrophobic Acrylic material segment is anticipated to be most popular choice over the forecast period as it is easily foldable and ideally suited for microsurgery.
Intraocular Lenses Market: Application Insights
The global intraocular lenses market is segregated into hospitals, ambulatory surgical centers, eye research institutes, and ophthalmology clinics, on the basis of application. Ambulatory Surgical centers are likely to gain a lot of traction over the forecast period as they are well-equipped with latest technologies.
Intraocular Lenses Market: Regional Insights
North America accounted for dominant market share in the global market for intraocular lens due to increasing number of aging population along with available reimbursement policies. Asia Pacific is projected to experience high growth rates over the projected period. Demand is likely to arise from countries such as China and India due to large pool of patients and rising government funding.
Intraocular Lenses Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global intraocular lenses market. The major consumers of the product are Cleveland Clinic, Bascom Palmer Eye Institute, and Wills Eye Hospital among others.
Intraocular Lenses Market Share & Competitor Analysis
Some of the key players profiled in the global intraocular lenses market include Carl Zeiss Meditec AG, Rayner Intraocular Lenses Limited, EuroCrystal SA, Alcon, Inc., Abbott Medical Optics, Inc., Bausch & Lomb Incorporated, Eyekon Medical, Lenstec, HumanOptics AG, STAAR Surgical Company and Hoya Corporation among others.
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