A newly-released industry analysis report by Future Market Insights reveals that the global intraocular lens (IOL) market achieved sales of USD 4.3 billion in 2021. The market is on a growth trajectory, with projections indicating a compound annual growth rate (CAGR) of 6% from 2022 to 2032. By the end of this period, the market is expected to reach a valuation of approximately USD 8.2 billion.
The report highlights that multifocal intraocular lenses are anticipated to drive the highest revenue growth within the sector. These lenses are projected to grow at a CAGR of 6.1% from 2022 to 2032, reflecting increasing demand for advanced vision correction solutions that enhance quality of life for patients.
As the IOL market continues to expand, advancements in lens technology and rising awareness of vision care are expected to contribute significantly to this growth. Multifocal lenses, in particular, are gaining traction due to their ability to provide improved vision at multiple distances, catering to the evolving needs of patients worldwide.
This comprehensive report not only provides invaluable insights into the current dynamics of the Intraocular Lens market but also offers a glimpse into its future prospects. It stands as an essential resource for both established and emerging market players, equipping them with crucial information to make informed decisions.
COVID-19 Impact Analysis on Intraocular Lens Industry
The recent outbreak of COVID-19 has turned the spotlight on the healthcare industry and subsequently impacted the Intraocular Lens industry. Severe shortages of critical medical supplies and a rapid rise in the number of COVID-19 cases have resulted in a revolution rather than an evolution in the healthcare ecosystems. Consequently, the impact is noticeable in the Intraocular Lens market.
Following government measures, particularly social distancing norms and stay-at-home orders, doctors are delaying or postponing elective surgeries unless critical to prevent the spread of the virus to individuals with comorbidities or chronic conditions. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for market players, leading to severe product shortages in the global marketplace.
The FMI’s report includes an interesting chapter on the preliminary impact of COVID-19 on the Intraocular Lens market. This allows both leading and emerging market players to understand the market scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge.
Intraocular Lens Industry: Competition Analysis
The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the Intraocular Lens industry. Competitive information detailed in the Intraocular Lens market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Intraocular Lens market report.
Key players covered in the report include:
Alcon, Inc. (a Novartis AG division), Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, EyeKon Medical, Inc., Lenstec, Inc., Human Optics AG and Physiol
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Intraocular Lens Industry: Segmentation
Valuable information covered in FMI’s Intraocular Lens market report has been segregated into key segments and sub-segments.
By Product Type:
- Monofocal Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Accommodative Intraocular Lens
By End-User:
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgery Centers
- Eye Research Institutes
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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