The new report by Zion Market Research on the “Intraocular Lens Market, by Type (Monofocal IOLs and Premium IOLs); By Application (Cataract Surgery, Refractive Lens Exchange Surgery, and Trauma Surgery); By Material (Polymethylmethacrylate (PMMA), Silicon, Hydrophobic Acrylic, and Hydrogel); By End-User (Hospitals, Ambulatory Surgical Centers (ASCs), Ophthalmology Clinics, and Eye Research Institutes): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022" has a vast information about the market and its potential.The global intraocular lens market was valued at around USD 3,200 million in the year 2016 and it is expected to reach approximately USD 4,500 million by 2022. The global intraocular lens market is expected to exhibit a CAGR of over 5% between 2017 and 2022.
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The increasing acceptance of the intraocular lenses by the population along with the escalating incidences of cataract is increasing the sales of intraocular lenses. Advanced techniques and recently developed technologies for intraocular lenses provide improved patient safety and better outcomes with a significant rise in the cataract surgery performance.
The research analysts in their primary research observed that innovations coupled with the technological advancements will open up huge opportunities for intraocular lens manufacturers.
The global intraocular lens market is segmented on the basis of type, application, material, end-user, and the geographical regions.
Monofocal intraocular lens segment dominated the type segment in the intraocular lens market. Monofocal intraocular lenses are used more than any other products owing to its increased benefits. Monofocal intraocular lenses are commonly used by patients that suffer cataracts in both the eyes.
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The cataract surgery is expected to increase the utilization of the intraocular lenses. Cataract surgery is the most preferred surgical procedure in developing as well as developed countries. The intraocular lenses are also used for a type of vision correction surgery called refractive lens exchange.
Hospitals segment held more than 40% share of the global market in 2016 and is expected to dominate the market share in the coming years. The increase in the healthcare infrastructure and availability of relatively low-cost treatment provided by hospitals will serve the major patient pool and help the intraocular lens market rise.
North America is expected to remain the dominant region which is closely followed by Europe over the forecast period owing to high patient awareness levels and high per capita healthcare expenditure, making them as the primary growth drivers of this market.
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The major market players in the intraocular lens market are Alcon (Novartis AG), Aurolab, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, EyeKon Medical Inc., HOYA Surgical Optics among others.