SAN FRANCISCO, Feb. 10, 2022 /PRNewswire/ -- The global intraocular lens market size is expected to reach USD 6.2 billion by 2030, based on a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.8% from 2022 to 2030. The rise in the geriatric and diabetic population, which is prone to develop cataracts and other visual disorders, is expected to foster market growth. In addition, rising awareness regarding visual disorders, increase in healthcare spending, and government support to improve the healthcare infrastructure are some of the significant factors boosting the growth of the market.
Key Insights & Findings from the report:
- By product, the multifocal intraocular lens segment dominated the market in 2021 owing to the higher adoption due to its benefits such as high precision and improved visualization
- Based on end use, the hospitals segment held the largest revenue share in 2021 owing to the majority of cataract surgeries being performed in the hospitals and increasing cases of cataract
- North America held the largest revenue share in 2021 owing to the rising incidence of cataracts and other ophthalmic disorders, well-defined regulatory guidelines, and favorable reimbursement scenarios in the region
Read 95 page market research report, "Intraocular Lens Market Size, Share & Trends Analysis Report By Product (Multifocal Intraocular Lens, Toric Intraocular Lens), By End Use (Hospitals, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Although the market has witnessed a bit of a downfall in overall sales during the first half of the pandemic, it is expected to recover and flourish during the forecast period. The restrictions and lockdowns imposed by the government affected the market negatively in terms of demand as well supply. While the volume of procedures drastically dropped down due to the change in healthcare priorities, the shutdown of manufacturing units led to the shortage in the supply of intraocular lenses. However, with the opening up of the economies and the introduction of vaccines, the market is expected to witness steady growth and earn significant profits during the forecast period.
The market for intraocular lenses was negatively affected during the pandemic due to the postponement and delaying of elective procedures. Cataract surgery is an elective procedure and therefore it was postponed to prevent the patients from contracting the virus. However, the market has begun to recover and the market players and ophthalmologists are focusing on recovering the losses and making the optimum use of technology to overcome the losses incurred during the pandemic. This will help the market to grow despite the challenges possessed by the pandemic.
Market Segmentation:
Grand View Research has segmented the global intraocular lens market based on product, end use, and region:
- Intraocular Lens Product Outlook (Revenue, USD Million, 2017 - 2030)
- Monofocal Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Accommodative Intraocular Lens
- Intraocular Lens End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgery Centers
- Eye Research Institutes
- Intraocular Lens Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Intraocular Lens Market
- Alcon, Inc.
- Johnson and Johnson Vision Care, Inc.
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG (ZEISS International)
- Rayner
- EyeKon Medical, Inc.
- Lenstec, Inc.
- HumanOptics AG
- STAAR Surgical Company
- HOYA CORPORATION
Check out more studies related to prescription eyewear, published by Grand View Research:
- Eyewear Market - The global eyewear market size was valued at USD 147.60 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028. The rising popularity of fast fashion among millennials is encouraging eyewear manufacturers to design affordable and attractive eyewear.
- Prescription Lens Market - The global prescription lens market size is projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027. Vision impairment cases due to refractive errors are on the rise.
- Prescription Sunglass Market - The global prescription sunglass market size expected to reach USD 3.76 billion by 2022. Rapidly changing fashion trends along with increasing buying power are anticipated to positively impact the industry growth.
Browse through Grand View Research's coverage of the Global Medical Devices Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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