The global intraocular lens market size was valued at USD 3.27 billion in 2016. Globally increasing incidence of cataract as a result of a large aging demographic segment and rising cases of diabetic retinopathy are driving the intraocular lens market. Soaring cases of blindness, surge in healthcare spending capacity, and growing number of ophthalmologists are also supporting the market.
Monofocal IOLs are viewed as a traditional solution for retinal correction. These lenses have a fixed focus for one distance and are most beneficial for patients with cataract in both eyes. Their adoption is also high since they serve as a low-cost solution.
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Premium intraocular lenses include multifocal, toric, and accommodative. Advanced benefits offered by premium lenses include multifocal aperture, improved visualization, elimination of the need for glasses after cataract, and higher precision. These features are boosting their adoption globally despite being relatively more expensive.
Rapidly evolving technologies, rise in government funding, and increasing investments by private entities have changed the dynamics of the healthcare industry. Toric intraocular lenses are especially beneficial for patients suffering from moderate and high astigmatism. These patients suffer from either hyperopia or myopia or sometimes both. The need for development of cost-effective and efficient intraocular lenses has been driving research and development activities in this product segment.
Hospitals have been reporting maximum cataract and vision repair surgeries in the past and are expected to retain their dominance as an end-use segment in the market for intraocular lenses. Availability of technologically advanced facilities for retinal scans and diagnosis of corneal disorders is propelling its growth.
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North America dominated the IOL market in 2016 and is expected to retain its lead throughout the forecast period. Asia Pacific is expected to exhibit the fastest growth in terms of revenue. Anticipated rise in the diabetic population, coupled with the inclusion of eye care in several national social security systems, is likely to boost the market for intraocular lenses in Asia Pacific.
Companies are focusing on surgical advancements for ophthalmic disorders at reasonable costs. Major manufacturers of intraocular lenses are investing in mergers and acquisitions to expand revenue share and diversify product portfolio.
Segments Covered in the report
Grand View Research has segmented the global intraocular lens market on the basis of product, end use, and region:
• Product Outlook (Revenue, USD Million, 2014 - 2025)
• Monofocal IOL
• Multifocal IOL
• Toric IOL
• Accommodative IOL
• End-use Outlook (Revenue, USD Million, 2014 - 2025)
• Hospitals
• Ophthalmic Clinics
• Ambulatory Care Centers
• Eye Research Institutes
• Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o The U.S.
o Canada
• Europe
o The U.K.
o Germany
• Asia Pacific
o China
o Japan
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o South Africa
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