Intraocular Lens Market is predicted to reach a valuation of US$ 5069.5 Mn by 2024

An intraocular lens is an implant that is made inside the eye of the patient which is a type of synthetic and artificial lens. This intraocular lens replaces the natural lens of the eye and aids in the process of focusing power. The natural lens of the eye may be surgically removed due to cataract. When the natural lens of the eye is removed, it loses the ability to focus on any object. In order to restore vision and bring back the ability of focusing power, the intraocular lens is inserted in the eye. There is an increasing demand for intraocular lenses and this is mainly because of increasing prevalence and incidence of cataracts and other age related eye disorders. Other factor responsible for a steady growth of the global intraocular lens market is the increasing risk of cataracts among diabetic population. Besides, there are increasing technological advancements in the premium intraocular lens segment, boosting the growth of this market.

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Increasing incidences of ophthalmic and ocular conditions and a rising geriatric population fuelling the global intraocular lens market growth

The incidence and prevalence of ophthalmic and ocular conditions across the world are increasing at alarming levels, affecting millions of people. As per the data provided by National Eye Institute, 7.7 million Americans are suffering from diabetic retinopathy presently, a number which is estimated to swell up to 11.3 million by 2030. On similar lines, presently, 24 million Americans are suffering from cataract, and this figure is likely to reach 38.7 million in 2030. As per the American Association of Ophthalmology (AAO), cataract is one of the major causes of visual impairment and blindness globally, whereas age related eye disorders are becoming a major problem in the developed countries. Such increasing incidences of ophthalmic and ocular conditions is likely to a major factor boosting the growth of the intraocular lens market during the period of assessment.

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The global geriatric population is increasing at a steady rate. The factors contributing to the rise in the geriatric population are decreasing fertility rates, increased life expectancy due to improved access to better healthcare facilities across the world and a rising awareness about chronic diseases. According to the United Nations (UN) and the U.S. Census Bureau statistics, the global geriatric population rose from 562 million in 2012 (8% of total population) to 617 million in 2015 (8.5% of total population), and is expected to reach a staggering 1.4 billion by 2030. Due to such factors, the number of vision correction procedures being performed such as LASIK, cataract surgeries and other procedures driven by a rising number of age related eye disorders is increasing. Hence, the increasing number of aging population and a rising number of vision correction procedures are responsible for the steady growth of the global intraocular lens market.

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Types of Intraocular lenses

Monofocal intraocular lens aid in the restoration of vision for only one area of focus. Such type of lenses are used generally to re-establish distance vision. However, even after an implant of monofocal intraocular lens, the patient may still need glasses or bifocals even post-surgery. Multifocal intraocular lenses are used to restore high-quality vision at a number of distances. With the aid of such type of lens, the vision of the patient can be restored for distance, for proximity and everything in between. Multifocal intraocular lenses are superior to monofocal lenses as they are able to provide great quality vision to patients for every situation, not just for distance vision. Another type of intraocular lenses are toric intraocular lenses, which can cure both astigmatism and nearsightedness as well as farsightedness.

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