Intraocular Lens (IOL) Market - Global Forecast to 2022

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Dublin, March 13, 2018 (GLOBE NEWSWIRE) -- The report has been added to offering.

The intraocular lens (IOL) market is projected to reach to USD 4.56 billion by 2022 from estimated USD 3.50 billion in 2017.

The growing geriatric population and associated eye disorders, rising prevalence of eye diseases & diabetes across the globe, technological advancements in intraocular lenses, and increasing government initiatives to control and treat blindness caused by cataract are factors driving this market. However, the lack of awareness and low accessibility to eye care in low-income economies may hinder the growth of this market.

On the basis of type, the intraocular lens market is segmented into traditional/monofocal IOLs, premium IOLs, and phakic IOLs. The premium IOLs segment is expected to witness the highest growth during the forecast period. The growth of this segment is attributed to the wide range of benefits associated with their use, such as enhanced visual performance and reduced astigmatism.Based on the type, the traditional/monofocal IOLs segment is further classified into aspheric monofocal IOLs and spheric monofocal IOLs. The aspheric monofocal IOLs segment is expected to grow at the highest CAGR during the forecast period. Growth in this market segment can largely be attributed to the higher utilization of these lenses by cataract surgeons and patients owing to their added advantages over spheric monofocal IOLs. Aspheric monofocal IOLs are easy to insert, induces limited or zero spheric aberration, and create very effective contrast sensitive optical image for patients.On the basis of type of material, the market is segmented into foldable IOLs and PMMA IOLs. During the forecast period, the foldable IOLs segment is expected to grow at the highest CAGR. The high growth of this segment can be attributed to the advantages offered by foldable IOLs over the PMMA IOLs, such as suitability for manufacturing three-piece IOLs and IOL haptics, high biocompatibility, high light transmissibility, good center placement, resistance to tilting inside the eye, and UV-absorbing property.Asia Pacific is expected to witness the highest growth during the forecast period (2017 to 2022). The region's large geriatric population, large cataract patient population, improving healthcare infrastructure, and rising demand for advanced intraocular lenses and related technologies are driving the growth of this market.

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Globe Newswire: 15:39 GMT Tuesday 13th March 2018

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