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Global Intraocular Lens Market to Grow at a CAGR of 5% in the Forecast Period of 2022-2027, Aided by the Growing Cases of Cataracts in Diabetic Population

According to a new report by EMR titled, ‘Global Intraocular Lens Market Report and Forecast 2022-2027’, the global intraocular lens industry is expected to grow at a CAGR of 5% in the forecast period of 2022-2027.

The global intraocular lens market is primarily driven by the rise in ageing population. As more paediatric cataract cases result in blindness, parents' concerns about their children's health are having a favourable impact on the market. Also, governments and non-governmental organisations (NGOs) in several countries are supporting free eye exams and surgery, and health reimbursements, which is pushing the industry forward. Increased ocular difficulties and occurrences of cataracts in the diabetic population are also driving the market. Due to overly active social media platforms, rapid digitalisation, and increased usage of electronic devices such as mobile phones, computers, tablets, and laptops, among others, are leading to a high risk to their eyesight ability. In addition, a large fraction of adults over 60 are likely to be impacted by chronic ocular disorders that necessitate eye adjustments. As a result of this unhealthful tendency, the need for intraocular lens treatment is increasing.

Companies' increasing focus on emerging markets provides considerable growth prospects for intraocular lens market players, promoting market growth. For instance, Johnson & Johnson (NYSE: JNJ) Vision's Tecnis Synergy and Tecnis Synergy Toric II intraocular lenses were approved by the United States Food and Drug Administration in July 2021. Such developments are likely to continue bolstering the market growth in the forecast period.

Market Analysis by Product, End-Use, and Regions:

  • Based on product, the market is segmented into monofocal, multifocal, toric, and accommodative, among others.
  • The end-uses of the market are hospitals, ophthalmic clinics, ambulatory surgery centres, and eye research institutes, among others.
  • The regional markets for intraocular lens include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Various technological advancements are propelling the market growth forward.
  • Rising government initiatives to treat blindness caused by cataracts is expected to boost the market growth.
  • Increasing investment in research and development (R&D) activities to provide advanced lenses that help patients with near and distant vision are also augmenting the market growth.
  • This treatment offers more precise solutions and varied options for physicians, increasing the demand for intraocular lens.

Key Offerings of the report:

  • The EMR report gives an overview of the global intraocular lens market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for products, end-use, and major regions of the intraocular lens.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global intraocular lens market are Johnson and Johnson Vision Care, Inc., Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, EyeKon Medical, Inc., and HumanOptics AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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