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The segmental study of the intraocular lens market has been carried out on the basis of type, region, material, and end user. On the basis of type, the market for intraocular lens has been segmented into multifocal intraocular lens, accommodating intraocular lens, monofocal intraocular lens, phakic intraocular lens, and others. Based on the material, the intraocular lens market has been segmented into hydrophilic acrylic, hydrophobic acrylic, polymethylmeth-acrylate (PMMA), and others. By end users, the intraocular lens market has been segmented into ophthalmic clinics, hospitals, ambulatory surgical centers, and others. On the basis of regions, the intraocular lens market is segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
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Intraocular Lens Market To Grow With Surge In Elective Vision Correction Procedures
The ability to treat eye defects has considerably improved with the enhancement of medical understanding and use of better materials. Reports that review the healthcare industry has been presented by Market Research Future, which creates reports on industry verticals that assess the market development and prospects. The global intraocular lens market is expected to rise at a CAGR of 5.17%, with a value of USD 5,067.05 Million over 2022-2030.
The use of intraocular lens is rising with an increase in cases related to astigmatism, presbyopia, and near-sightedness globally. The rise in the number of patients who are opting for vision correction surgeries is increasing and in turn, benefitting the growth of the intraocular lens market. Moreover, increasing detection rates of diabetes are expected to open up new opportunities for progress in the impending period.
Detailed Regional Analysis
As per the regional study, the region of Americas is anticipated to govern the intraocular lens market owing to the rise in the government initiatives in the region, and the upsurge in the frequency of eye diseases that favors the implantation of the intraocular lens. The European region is anticipated to influence the next principal position in the intraocular lens market. The market development in this region is because of the incidence of a well-established healthcare system. Moreover, the Asia Pacific region is projected to be the fastest rising region in the market due to the enhanced healthcare infrastructure and the upsurge in awareness among the patients regarding the advantages of the intraocular lens. On the other hand, the Middle East & Africa has the lowest share of the market owing to the limited healthcare expenditure.
The presence of successful products and brands is shaping the development of the market to a great extent. The key success factors are also favorably contributing to the growth of the market. The fortification of the distribution channels in the market is expected to increase the penetration of the products. The market scenario is very dependent on the factors that are shaping the opportunities and the challenges that are existing in the market. The competitors in the market are ensuring that the product and services being offered in the market are aligning with the preferences of their user base favorably. In the coming years, market profitability will progressively improve as innovation and product developments induce positive developments. The industry cost structure is also expected to alter progressively in the coming future. The innovative trends emerging in the market are expected to set grounds for robust development in the approaching period. The market size is also expected to grow significantly in the coming years. Also, the progress of technology has gained momentum leading to enhanced market growth.
The central players in the intraocular lens market are Bausch + Lomb, Carl Zeiss Meditec, HOYA Corporation, Johnson & Johnson Vision Care, Inc., Alcon, Inc., STAAR Surgical Company, Eyekon Medical, Inc., PhysIOL, Humanoptics AG, Ophtec BV, Lenstec, Inc., Oculentis GmbH, Rayner Intraocular Lenses Limited, Aurolab, and Nidek Co., Ltd.
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