Intraocular Lens Market Expected to Reach $6.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Intraocular Lens Market," The intraocular lens (IOL) market was valued at $3.8 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

Intraocular lenses are implanted in the eyes to replace the natural lenses that contain the cataract. These lenses are made up of silicone, acrylic, or other plastic compositions. In addition, they are coated with a special material, which protects the eyes from harmful ultraviolet rays. Intraocular lens is able to correct a wider range of vision problems than any other vision correction surgery.

Rise in incidences of cataract drives the IOL market growth. In addition, rise in geriatric population and proactive initiatives taken by government to eliminate avoidable blindness are anticipated to further drive intraocular lens market growth across the globe. Furthermore, technological advancement will be a key intraocular lens market trends in the upcoming years. In addition, a dramatic increase in prevalence of ophthalmic diseases, are probable to create a need for proper diagnosis, treatment, and correction, which is expected to propel the growth of the global intraocular lens market.  However, complications associated with cataract surgery hampers the growth of the intraocular lens market size.

In addition, there is increase in the incidence of people suffering with diabetes mellitus which is expected to reach 366 million by 2030. With rise in incidence of diabetes mellitus, there is high risk of cataract. Therefore, rise in number of diabetes patients is expected to increase the number of ophthalmologic surgeries further fueling the adoption of intraocular lens.

Moreover, development of pharmaceutical and medical device industries and improvement in healthcare spending will speedily drive the growth of the intraocular lens market.

Depending on type, the IOL industry is bifurcated into monofocal and premium intraocular lens. The monofocal intraocular lens segment dominated the market in 2020, and this trend is expected to continue during the forecast period. In addition, monofocal lenses are preferred choice of numerous ophthalmologist and are covered by the insurance providers. However, the premium intraocular lens segment is expected to witness fastest growth during the forecast period, owing to its proficiency in treating patients with intricate retinal issues and improved visualization.  

By 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 and Asia-Pacific are the most lucrative markets. The growth of these markets is mainly due to the rise in geriatric population and increase in prevalence of diabetes mellitus.

In North America, the U.S. has dominant intraocular lens market size, due to the technological advancements and favorable healthcare reimbursement policies. In Asia-Pacific, China and India collectively constitute a large patient base of retinopathy diabetes, which boosts the growth of the intraocular lens industry. In addition, improvement in healthcare infrastructure and growth in medical tourism fuels the growth of the intraocular lens market in this region. Key strategies deployed by major market players to gain intraocular lens market share include product launches/approval and Mergers & Acquisitions.

KEY FINDINGS OF THE STUDY

• By type, the monofocal intraocular lens segment was the highest contributor to the market in 2021.
• By material, the hydrophobic and hydrophilic acrylic materials segment was the highest contributor to the market in 2021.
• By end user, hospitals dominated the growth of the market.
• North America accounted for a majority of the intraocular lens market share in 2021, and is anticipated to remain dominant during the forecast period.