An intraocular lens is a synthetic lens implanted into the eye during cataract surgery to replace the natural lens. The rise in the percentage of elderly people who are sensitive to eye diseases is one of the major factors that are driving the market for intraocular lenses. Increased government efforts to end preventable blindness and an increase in the prevalence of cataracts are further factors that are projected to fuel the expansion of the worldwide intraocular lens market.
The global intraocular lens market was valued at US$ 4,174.6 Million in 2022 and is anticipated to reach US$ 6,605.9 Million by the end of 2030 with a CAGR of 5.9% from 2023 to 2030.
The rising incidence of eye illnesses is one of the key factors propelling market expansion. The government’s attempts to prevent and treat illnesses and blindness will be the main drivers of market expansion. Intraocular lens technology developments will hasten market expansion. Intraocular lens manufacturers are experiencing tremendous growth potential because of businesses’ growing attention to emerging markets and their gradual transition to newer technology. The federal government’s increased investment in encouraging the use of these solutions has a further impact on the market. The market for intraocular lenses (IOLs) has also benefited from the rise in healthcare spending, improvements in infrastructure, and strong demand for extended care delivery. Refractive surgery has replaced vision restoration as the primary goal of cataract surgery. It ushered in the era of refractive cataract surgery when patients’ needs were increasingly being met by using premium intraocular lenses (IOLs) such as multifocal IOLs, toric IOLs, & extended-depth-of-focus IOLs. Technological developments in intraocular lenses and a rise in government initiatives to prevent and treat cataract-related blindness. Players in the intraocular lens market have tremendous growth potential thanks to companies’ increasing attention to emerging markets and their gradual transition to newer technology. It also examines potential revenue pockets, regulatory changes, strategic market growth analysis, market size, category market expansions, application niches and dominance, product approvals, and product launches.
Download Your Free PDF Sample: Unlock Key Market Insights @ https://cognizancemarketresearch.com/request/intraocular-lens-market/
Global Intraocular Lens Market Amid COVID-19 Pandemic
The global intraocular lens market faced adverse effects from the COVID-19 pandemic, with patients avoiding elective procedures like cataract surgeries due to pandemic-related concerns. This led to deferred surgeries and a reduction in visits to eye clinics and hospitals. A report revealed a 3.5% decrease in eye care hospital visits during the pandemic, and many ophthalmologists were suspended.
Despite the pandemic’s impact, the intraocular lens market is rebounding and expected to grow consistently. Factors driving growth include the increasing prevalence of cataracts, rising cases of diagnosed blindness, higher healthcare spending, and greater awareness of cataracts. However, the high cost of surgeries could temporarily hinder the market. Yet, the market is anticipated to progress due to increased healthcare spending and government support through reimbursement policies, which are expected to mitigate barriers.
During the pandemic’s early stages, routine medical appointments were postponed, leading to revenue loss and temporary closures of ophthalmic practices. The pandemic’s lasting effects include changes in treatment practices, with ambulatory surgery facilities and specialty clinics gaining prominence.
Governments’ vaccination efforts, increased research and development investment, and vaccine distribution are contributing to the market’s recovery and potential for substantial profits in the forecast period.
Download Free PDF: Sample Our Market Research @ https://cognizancemarketresearch.com/request/intraocular-lens-market/
Increasing the Prevalence of the geriatric population along with the Population with chronic diseases, investment in technologies to Boost the Intraocular lens market
The primary driver behind the global growth of the intraocular lens market is the significant increase in the prevalence of cataracts. The rising vulnerability of individuals with diabetes to cataract development has also contributed to the demand for medical devices and interventions like intraocular lenses. The market is expected to experience substantial expansion due to the growing elderly population worldwide, particularly susceptible to cataracts. Technological advancements and increased consumer awareness about intraocular lenses are further boosting the market’s growth.
Manufacturers of intraocular lenses are witnessing significant growth opportunities, driven by their focus on emerging markets and the adoption of innovative technology. Government investment in promoting the use of these solutions is also influencing the market’s trajectory. The intraocular lens market is benefiting from increased healthcare spending, improvements in infrastructure, and strong demand for extended healthcare services.
A notable shift has occurred in cataract surgery, moving from simply restoring vision to focusing on refractive surgery. This has led to the rise of refractive cataract surgery, where premium intraocular lenses like multifocal, toric, and extended-depth-of-focus IOLs are addressing evolving patient needs. The market’s growth is supported by technological advancements in intraocular lenses and government initiatives to prevent and treat cataract-related blindness.
However, the high cost of surgical procedures could temporarily hinder the market’s growth. Nonetheless, in the years to come, the market is expected to advance due to increased consumer spending on healthcare and government support through reimbursement procedures and treatment subsidies. This support is anticipated to alleviate barriers and facilitate the normalization of market growth challenges.