Product ID: SQMG35D2030
Report ID: SQMG35D2030 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Intraocular Lens Market was valued at USD 3.7 billion in 2021, and it is expected to attain a value of USD 5.38 billion by 2028, at a CAGR of 5.5% over the forecast period (2022-2028).
One of the most common reasons for blindness is a cataract. According to estimates, cataract surgery is the most popular ocular procedure worldwide. During cataract surgeries, an artificial lens called the intraocular lens is put in the eye. A growing number of individuals are having cataract surgery as a result of significant government assistance and excellent reimbursement. The use of an intraocular cataract lens has increased as a result. A growing number of NGOs offering free eye exams and treatment as well as initiatives to reduce the occurrence of cataract are having a beneficial effect on the industry.
The producers have been forced to engage in research and development operations as a result of the enormous demand for intraocular cataract lenses in order to provide cutting-edge lenses that would benefit patients with both near and far vision. The development of trifocal, toric, and aspheric lenses that do not require the use of spectacles is the current focus of several players. For instance, Johnson & Johnson Vision announced the US release of Tecnis Toric II, an intraocular cataract lens for astigmatism correction in cataract patients. Furthermore, it is expected that the demand for IOLs would multiply many times over with the development of femtosecond laser-assisted cataract surgery.
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The global intraocular lens market is segmented based on type, material, end-user and regions. Based on type the market is further sub segmented into monofocal intraocular lens and premium intraocular lens segments. On the basis of material, the market can be bifurcated into Polymethylmethacrylate (PMMA), foldable segments. Based on end-users the market can be further segregated into hospitals & ambulatory surgery centers, specialty centers, academic & research institutes sub segments. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Analysis by Type
Multifocal intraocular lenses, toric intraocular lenses, and other intraocular lenses are subcategories of the premium intraocular lens market. Throughout the projection period, the monofocal intraocular lens segment is expected to dominate the IOL market share. The leading share of monofocal IOLs is mostly due to the low cost of monofocal lenses compared to premium ones and the favorable government reimbursement regulations.
In contrast, monofocal IOLs have greater penetration than premium IOLs. Additionally, a lot of government-sponsored insurance plans do not pay for the price of premium IOLs; as a result, the patient must pay out of pocket. Moreover, the advantages of the premium lenses over monofocal and the increasing preference for toric lenses are anticipated to drive the premium intraocular lens segment.
Analysis by Material
The foldable market is further subdivided into silicone and collamer, hydrophilic acrylic, and hydrophobic acrylic. Due in large part to its high refractive index and low water content, which are boosting consumer preference, the foldable sector is predicted to capture a significant piece of the market. Additionally, because intraocular cataract lenses are constructed of flexible material and can be implanted through tiny incisions, they are more frequently employed in cataract surgery. During the projection period, it is projected that this intraocular lens market trend will support the expansion of the foldable segment.
The intraocular lens was first created using polymethylmethacrylate (PMMA). PMMA-based intraocular cataract lenses are widely used in Europe and other parts of the world. This is projected to promote the growth of the polymethylmethacrylate (PMMA) segment during the projection period, along with the increasing prevalence of cataract.
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The industry is forecasted to be dominated by North America throughout the entire forecast period. The strong North American IOL market share is mostly due to technological advancements like Extended Depth of Focus (EDoF) and bespoke cataract lenses. By 2050, the American Academy of Ophthalmology predicts that 50 million Americans will develop cataracts. In the United States, demand for intraocular cataract lenses is anticipated to increase as a result during the projected period.
The intraocular lense market is expected to grow in Europe as more people undergo cataract surgery, femtosecond lasers are being used more frequently, and toric lenses are becoming more popular. According to Eurostat, there were 10, 9, and 7 cataract operations conducted per 1,000 people in Germany, Italy, and Spain, respectively. The market for an intraocular cataract lens is predicted to increase as a result of this and the existence of numerous manufacturers in Europe.
The Asia Pacific market is predicted to grow because of the increased rates of diabetes and cataracts. The market for intraocular cataract lenses is anticipated to grow as a result of rising cataract surgery rates and strong government support. Our research indicates that India saw more than 6.4 million surgical procedures. It is anticipated that the number of cataract surgeries performed in India, China, and Japan will increase the size of the Asia Pacific IOL market. It is expected that the intraocular lens market share in Latin America, the Middle East, and Africa will increase as a result of increased governmental efforts to reduce the cataract surgical rate (CSR), an increase in ophthalmologists, and the quick uptake of teleophthalmology.
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Another important factor influencing the market's growth is the increasing incidence of cataract and blindness. The growth of the IOL market is anticipated to be aided by the WHO's estimate that cataracts account for 47% of global blindness.
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Key market players are implementing business development strategies like collaboration, which is anticipated to fuel market expansion over the forecast period. For instance, the Italian ophthalmic company SIFI and the Indian pharmaceutical company Zydus Cadila collaborated to market intraocular lenses in India. The Indian Central Drugs Standards Control Organization (Directorate General of Health Services) and Ministry of Health & Family Welfare have given their approval to SIFI's intraocular lenses. As a result, the partnership will provide surgeons with cutting-edge technology to enhance patients' quality of life and vision.
Top Players in the Global Intraocular Lens Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global intraocular lens market is segmented based on type and distribution channel. The majority of the market share was occupied by the category of prescription medications. Due to a growth in patient visits and the sales of prescription medications for weight reduction, the hospital pharmacy segment currently has the greatest share in the world. The North American market has a value of US$ 964.8 million. This region’s dominance can be attributed to the US's strong players and the rising popularity of obesity control products.
|Market size value in 2021||USD 3.7 billion|
|Market size value in 2028||USD 5.38 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Intraocular Lens Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Intraocular Lens Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Intraocular Lens Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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