IOL Market Size, Share & COVID-19 Impact Analysis, By Type (Monofocal, and Premium (Multifocal, Toric, and Others)), By Material (Polymethylmethacrylate (PMMA) and Foldable (Hydrophobic Acrylic and Silicone & Collamer)), By End-user (Hospitals & Ambulatory Surgery Centers, Specialty Clinics, and Academic & Research Institutes), and Regional Forecast, 2022-2029
The global IOL Market size was valued at USD 3.65 billion in 2021. The market is projected to grow from USD 4.26 billion in 2022 to USD 6.77 billion by 2029, exhibiting a CAGR of 6.8% during the forecast period.
An increasing number of cataract cases and awareness of eye care are expected to boost the demand for IOLs. Growing initiatives and support, and cost-reimbursement policies from governments should drive market growth. New product approvals for products with extended depth of focus are expected to boost market development. Fortune Business Insights™ shares this information in their IOL Market 2022-2029 report.”
This report provides an overview of market share, size, volume and revenue. We also dug deep into Porter's SWOT Analysis and Five Forces Analysis. The report has been prepared through qualitative and quantitative analysis to enhance the strategic approach. Additionally, numerous primary interviews with key stakeholders and suppliers reinforced the importance of the report. Primary data were collected through telephone calls, questionnaires, and emails. The report also includes secondary sources such as SEC filings, government websites, and press releases.
Growing Cataract Surgery to Drive Market Growth
Growth in cataract surgery and cataract prevalence are expected to drive the growth of the IOL market. One of the most common eye procedures is cataract surgery, and the amount of this surgery has increased. According to an article published in 2021 by Cataract and Refractive Surgery Today (CRST), more than 20 million cataract surgeries are performed worldwide each year. Increase in blindness and cataract surgery is expected to drive the market growth.
The launch of various government initiatives and policies is expected to contribute to the market growth.
However, lack of compensation policy for premium products in various countries is expected to hamper the market growth.
Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2021, regions where the company is operating and the key business areas.
Overall revenue for the year 2021 and 2022 is provided in the sub title “Financial Performance” (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers and acquisition, profit or loss in any strategic business unit (SBUs) and others.
Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.
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Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.
The report also covers in-depth explanations, competitive scenarios, and a broad product portfolio with a broad product portfolio of key players in Global Dental Market and SWOT analysis adopted by competitors. This report provides Porter analysis, PESTEL analysis and market appeal to help you better understand macro and microscopic market scenarios.
North America to Lead Market Share Owing to Approvals of Innovative Products
North America is anticipated to head the IOL market share due to demand for novel products such as custom cataract lenses, rapid adoption of these products, and favorable insurance policies. The market reached a valuation of USD 1.24 billion in 2021, owing to growing and frequent approvals for innovative products.
Europe is set to hold the positon for the second-largest market share in 2021 due to the increasing number of cataract surgeries, growing adoption of femtosecond lasers to transect hydrophobic and hydrophilic acrylic lenses for cataract surgeries, and increased preference for toric lenses.
Asia Pacific is a set to develop prominently during the forecast period due to the prevalence of cataracts in the aged population as they are more prone to cataracts.
Table of Content from IOL Market:
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