Latest News- Intraocular Lens Market in India: Monofocal intraocular lens is expected to lead the Product segment during 2024-2028

The Intraocular Lens Market in India is being driven by Increasing prevalence of ophthalmic diseases

The Intraocular Lens Market in India is expected to grow at a CAGR of 10.87% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 131.8 million. Medical tourism is a burgeoning industry where patients from developed nations seek affordable, high-quality healthcare in developing countries, such as India. The Medical Tourism Association (MTA), a global non-profit trade organization, plays a pivotal role in facilitating this trend. With accredited hospitals, skilled medical professionals, and cost-effective treatments, India attracts patients from the US, Canada, and other developed countries. The MTA's primary objective is to promote sustainable medical tourism, offering low-cost treatment options without compromising on quality. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Monofocal intraocular lens
  • Multifocal intraocular lens
  • Toric intraocular lens
  • Accommodative intraocular lens
• End-user
  • Hospitals
  • Ophthalmic clinics
  • Ambulatory surgery centers
• Geography
  • India

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of ophthalmic diseases
• Technological advances
• Initiatives to create awareness about benefits and advances in ophthalmic lenses

However, the market also witnesses some limitations, which are as follows:

• Intense competition among manufacturers of intraocular lens
• High cost of intraocular lens
• Post-surgical complications

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Market Scope in Intraocular Lens Market in India Research Report

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Research Analysis Overview

The Intraocular Lens (IOL) market in India is witnessing significant growth due to innovation in IOL design, leading to improved surgical outcomes and patient satisfaction. Cost-effectiveness, material durability, and technology advancements are key factors driving the market. IOL safety profile, clinical effectiveness, and optical clarity are crucial considerations. Haptic design, UV protection, biometrics, and surgical precision are essential features. Complications management, infection control, and device selection require rigorous training and clinical guidelines. Market dynamics, industry collaboration, and regulatory landscape are shaping the future of the IOL industry.

Market Research Overview

The Intraocular Lens (IOL) market in India is a significant segment of the global healthcare supplies industry. IOLs are advanced medical devices used during cataract surgery to replace the natural lens of the eye. Factors driving growth in the Indian IOL market include the increasing prevalence of cataracts, advancements in IOL material properties for enhanced visual acuity, and the adoption of Phakic IOL implantation and Posterior Chamber IOLs for presbyopia correction. IOL power calculation techniques have also advanced, ensuring precise lens selection for individual patients. The IOL optic design continues to evolve, with multifocal and toric lenses offering improved visual outcomes. The Indian market is poised for growth, given the expanding geriatric population and increasing healthcare expenditure.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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