Intraocular Lens Market

Intraocular Lens Market Research, 2031

The global Intraocular Lens (IOL) Market was valued at $3.8 billion in 2021, and is projected to reach $6.5 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. An intraocular lens is a replacement for the natural lens in the eye that performs image focusing. The intraocular lens similar to natural lens that focuses light inside the eye. Intraocular lens is commonly used for vision correction as part of cataract surgery or refractive lens exchange. They can be used to correct hyperopia, myopia, presbyopia, and astigmatism.

The COVID-19 outbreak had a negative impact on the growth of the global intraocular lens market. The COVID-19 pandemic made patients extremely hesitant to seek elective health care, including cataract and reconstructive surgery. The visits to eye clinics or hospitals reduced drastically as only emergency procedures were performed. According to National Center of Biotechnology Information 2021, titled “Access to Eye Care during the COVID-19 pandemic”, it has been observed that the patient numbers visiting to eye care hospitals declined by 3.5%. The pandemic caused many ophthalmologists to temporarily close their practices.

Growth of the global IOL market is majorly driven by rise in prevalence of cataract surgery, rise in adoption of advanced premium intraocular lens, and development of new intraocular lens by large number of key players. According to the International Diabetes Federation, in 2021, approximately 537 million adults were living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2045. Thus, rise in burden of diabetes is one of the reasons causing vision impairment, which is anticipated to foster the growth of the intraocular lens market. Furthermore, rise in geriatric population leads to various types of diseases, such as diabetes mellitus and increase in the number of ophthalmic issues are additional factors that fuel the growth of the intraocular lens market. Furthermore, technological innovations in intraocular lens is expected to open intraocular lens market opportunity in upcoming years. For instance, in October 2021, Alcon Inc., a division of Novartis launched the AcrySof IQ Vivity IOL , the first and only presbyopia correcting intraocular lens with wave front shaping technology in India. Increase in number of product approvals will further provide lucrative opportunities for the expansion of the global intraocular lens market. However, unfavorable reimbursement situation for premium lens and postoperative problems such as refractive errors hinder the market growth.

The intraocular lens market is segmented into type, material, end user, and region. By type, the market is categorized into monofocal intraocular lens and premium intraocular lens. By material the market is fragmented into polymethylmethacrylate (PMMA), silicone, and hydrophobic and hydrophilic acrylic materials. On the basis of end user the market is classified into hospitals, ambulatory surgical centers, ophthalmology clinics, and eye research institute.

Region wise, the IOL industry is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Depending on type, the monofocal intraocular lens segment dominated the marke in 2021, and will also continue dominating intraocular lens market size during the forecast period. Monofocal lens is preferred choice of numerous ophthalmologist and is also covered by the insurance providers. However, the premium intraocular lens segment is expected to witness fastest intraocular lens market growth during the forecast period, owing to their proficiency in treating patients with intricate retinal issues and improved visualization.

By material, hydrophobic and hydrophilic acrylic materials segment had the largest intraocular lens market share in 2021, owing to rise in usage of this lens material as it is easy to fold and ideally suited for microsurgery along with their excellent biocompatibility. However, silicone segment is considered to be the fastest growing segment during the intraocular lens market forecast period, due to technological improvements in refractive quality. Silicone material can be used with preloaded injectors that allow implantation through incisions smaller than 2.8 mm.

Depending on end user, the hospitals segment dominated the market in 2021, due to increase in number of cataract procedures performed in inpatient settings and latest medical technologies used in these settings. However, the ophthalmology clinics segment is expected to witness considerable growth during the forecast period, owing to increase in number of discrete ophthalmic clinics, reduced length of stay, and ease of scheduling appointments.

Region wise, North America garnered the major share in the intraocular lens market in 2021, and is expected to continue to dominate intraocular lens market size during the forecast period, owing to rise in cases of ophthalmic disorders and favorable reimbursement policies for cataract treatment. However, Asia-Pacific is expected to register the highest CAGR from 2022 to 2031, owing to large geriatric population base susceptible to cataract, with China and India leading this trend and budding awareness regarding advanced treatment options.

The key players that operate in the global intraocular lens industry include Alcon (Novartis AG), Bausch Health Inc., Carl Zeiss Meditech, EyeKon Medical Inc, Humanoptics, Hoya Corporation, Johnson & Johnson, Lenstec Inc., Rayner Intraocular Lens Ltd, and STAAR Surgical Company.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the intraocular lens market analysis from 2021 to 2031 to identify the prevailing intraocular lens market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the intraocular lens market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global intraocular lens market trends, key players, market segments, application areas, and market growth strategies.

 Intraocular Lens Market Report Highlights