Intraocular Lens Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global intraocular lens market, valued at US$4.0 billion in 2022, is forecasted to grow at a robust CAGR of 6.3%, reaching US$4.2 billion in 2023 and an impressive US$6.0 billion by 2029. Increasing in the number of cataract surgeries, growing awareness of minimally invasive surgeries, growing number of old age population, and rise in the technological advancement in IOLs are the major factor driving the growth of this market. Manufacturers of intraocular lenses continuously develop cutting-edge, new technology that is safer, more efficient, and more effective than existing lenses. Additionally, they are creating new technology that will enable surgeons to more precisely and successfully identify and treat cataract surgeries with intraocular lenses. Manufacturers of intraocular lens are connecting with a broader international market and supplying globally with their products. This is contributing to the expansion of the global intraocular lens market.

Intraocular Lens Market – Global Forecast and Growth Insights to 2029

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Intraocular Lens Market – Global Forecast and Key Opportunities to 2029

Intraocular Lens Market Dynamics to 2029

Driver: Surge in the old age population

The market for intraocular lenses (IOLs) is significantly driven by the world's aging population, which is growing at an accelerated rate. The incidence of age-related eye diseases, especially cataracts, increases sharply as life expectancy increases. The need for more cataract surgeries due to this aging population has increased demand for the IOLs placed during these procedures. Beyond simply cataract procedures, there is a spike in demand for IOLs. Growth in the market is further supported by new applications, including as IOLs for treating age-related macular degeneration (AMD) and presbyopia (age-related near vision loss).

Restraint: Rising The Cost of Intraocular Lenses

There may be fewer competitors in the IOL market due to the dominance of certain numbers of large manufacturers, which could result in higher costs. Innovative IOL designs may result in exclusive patents that provide manufacturers with temporary monopolies and the power to impose higher prices. Insurance plans might restrict the use of some premium or advanced lenses, resulting in patients paying out-of-pocket expenses even while they cover a portion of the cost of the IOL. For patients, especially those in low-income regions or with limited insurance coverage, high IOL expenses can be an important hurdle. Treatment postponements, less access to cutting-edge IOL technologies, and possible visual damage may negatively impact the intraocular lens market.

Opportunity: Emerging market with untapped opportunities

The intraocular lens (IOL) market has significant growth and expansion potential in emerging economies and can present promising opportunities. People in developing countries have more money to spend as their economies progress. Thus, they will be able to pay for more medical procedures, such as intraocular lenses (IOLs) and cataract surgery. The IOL market in these areas is expanding rapidly in large part because of this increasing spending.

Challenge: A shrinking in the workforce and skilled surgeons in intraocular lens industry

An increasing aging and expanding worldwide population on the one hand, and a shortage of trained ophthalmologists on the other, present contradictory challenges to the eye care business. This is having more of an impact, particularly in developing countries where millions of people lack access to necessary eye care. A major problem is the increasing gap in the number of ophthalmologists entering and leaving the field. This problem can be resolved by increasing financing for ophthalmology-related training programs and scholarships, developing telemedicine and remote surgical assistance technologies in remote areas of emerging countries.

Intraocular Lens Market Map & Ecosystem Overview

The ecosystem of the Intraocular lens market comprises elements present in this market and defines these elements with a demonstration of the bodies involved. It includes manufacturers, distributors, research & product developers, and end users.

Monofocal IOLs segment accounted for the largest share around 55% of the intraocular lens market

The Monofocal IOLs market register the highest market share of the global intraocular lens market. Cost-effectiveness of monofocal IOLs compare to other IOLs, High usage of Monofocal IOLs in most of the common eye surgeries, and continuous improvements in materials and design are some of the factors driving monofocal IOLs in the intraocular lens market

Hydrophobic Acrylic IOLs segment in material segment accounted for the largest share around 60% of the intraocular lens market

Hydrophobic acrylic materials hold the largest market share in the IOL industry as Hydrophobic acrylic materials can be used to create various IOL designs, including monofocal, multifocal, and toric lenses, catering to diverse patient needs. Also, Compared to other IOL materials like silicone it offer a more cost-effective option while maintaining high quality. Hydrophobic acrylic is a water-resistant material. Hence, it does not readily absorb water, preventing the build-up of protein deposits on the IOL's surface and prevent the clouding and vision problems over time.

Cataract surgery is the major application in the intraocular lens market

Cataract surgery in Application segment results fastest growing segment in intraocular lens market. Rising prevalence of catracts, the growing demand for cataract surgery due to ageing population, and advantages of the extremely effective and safe cataract surgery treatment are the factors responsible for the segment to expand with faster rate in the intraocular lens market.

North America is expected to account for the largest share of the intraocular lens market

Geographically, the intraocular lens market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market for intraocular lens was dominated by North America. The growing number of cataract surgeries, rising healthcare costs, and the expansion of insurance coverage are all responsible for this region's significant growth. The second-largest market for intraocular lenses is found in Europe, which is characterized by a rise in the number of cataracts, well-organized healthcare infrastructure, and insurance coverage.

Intraocular Lens Market by Region – Forecast to 2029

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The prominent players in the intraocular lens market are Alcon Inc. (US), Johnson & Johnson Vision Care, Inc. (US), Carl Zeiss Meditec AG (Germany), Hoya Corporation (Japan), Bausch & Lomb (US), STAAR Surgical (US), Santen Pharmaceutical Co., Ltd. (Japan), NIDEK Co., Ltd. (Japan), LENSTEC, Inc. (US), Rayner Group (England), Beaver-Visitec International (US), Ophtec B.V. (Netherlands), SAV-IOL SA (Switzerland), Appasamy Associates Private Limited (India), Atia Vision, Inc. (US), Biotech vision care (Switzerland), Teleon Surgical BV (Netherlands), OMNI Lens Pvt. Ltd. (India), EyeKon Medical, Inc. (US), Humanoptics Holding AG (Germany), Care Group (India), SIFI S.p.A. (Italy), Hanita Lenses Ltd (Israel), Excellent Hi-Care Pvt Ltd. (India), and Advin Health Care (India)

Intraocular Lens Market Report Scope and Insights

Intraocular Lens Market Segmentation and Analysis

By Type

• Monofocal IOLs
• Premium IOLs
• Phakic IOLs
• Others

By Material

• Hydrophobic Acrylic IOLs
• Hydrophilic Acrylic IOLs
• PolyMethylMethAcrylate
• Silicone IOLs
• Others

By Application

• Cataract Surgery
• Presbyopia
• Corneal Disorders
• Others

By End User

• Hospitals
• Ophthalmology Clinics
• Eye Research Institutes
• Others

Intraocular Lens Market Recent Developments and Insights

• In September 2023 Carl Zeiss Meditec AG launched AT ELANA 841P IOL, a single-piece hydrophobic acrylic implant which is based on the optical design of the single-piece, four point-haptic AT LISA tri 839MP.
• In January 2023, Bausch & Lomb (US) acquired AcuFocus (US) which is an ophthalmic medical device company that has delivered breakthrough small aperture intraocular technology to address diverse unmet needs in eye care.
• In March 2022, Alcon Inc. launched of Clareon Portfolio in the U.S. to strengthen leadership in IOL innovation. Clareon offers sharp vision, and it is designed to help reduce glare and posterior capsular opacification. The lens’ proven STABLEFORCE Haptics provide superior axial and rotational stability.
• In March 2022, STAAR surgical received product approval from USFDA for EVO+ Visian Implantable Collamer Lens for the correction of myopia and myopia with astigmatism.

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