Global Intraocular Lens Market

Global Intraocular Lens Market Size, Share, Growth Analysis, By Type(Monofocal Intraocular Lens, Premium Intraocular Lens), By Material(Polymethylmethacrylate (PMMA), Foldable), By End User(Hospitals & Ambulatory Surgery Centers, Specialty Centers) - Industry Forecast 2022-2028


Report ID: SQMG35D2030 | Region: Global | Published Date: November, 2022 | Pages: 165

Global Intraocular Lens Market Insights

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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Global Intraocular Lens Market Segmental Analysis

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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Global Intraocular Lens Market Regional Insights

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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Global Intraocular Lens Market Dynamics

Driver

  • One of the most frequent ophthalmic procedures performed worldwide is cataract surgery. The number of cataract surgeries performed globally has increased as a result of the rising prevalence of cataract and the blindness linked to cataract. Our research indicates that 4.5 million cataract operations were carried out in EU member states. During the forecast period, it is expected that the growing number of cataract procedures will drive the IOL market revenue.

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.

Restraint 

  • The growth of the global intraocular lens market is anticipated to be hampered by the limitations associated with multifocal IOLs. Patients may need reading glasses for closely held reading material because there aren't many multifocal lens models that concentrate on intermediate and distance vision. Similar to this, some patients who use multifocal IOLs have trouble developing halos and glares on lights after dark. Therefore, it is anticipated that these factors will limit market growth.

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Global Intraocular Lens Market Competitive Landscape

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

Recent Developments

  • In November 2021, Ivantis, a business that creates and produces tools for minimally invasive glaucoma surgery, was acquired by Alcon, Inc.
  • In October 2021, Ocumetics Technology Corp. announced the phase of a clinical trial programme for Bionic Lens. It replaces the need for corrective lenses with an expandable intraocular lens that fits inside the eye's lens compartment.
  • In June 2021, Bausch & Lomb collaborated with the nonprofit organization Prevent Blindness to inform the public about the signs, causes, and available cataract treatments during the month-long campaign for cataract awareness.

Global Intraocular Lens Key Market Trends

  • Despite the pandemic's negative impact on intraocular lens sales, the market is now stabilizing and is anticipated to expand steadily over the coming years. Major factors boosting the market's growth include factors like an increase in cataract incidence and an increase in the number of diagnosed cases of blindness. Sales of intraocular lenses are also anticipated to be boosted by rising healthcare spending and increased awareness of cataracts.

Global Intraocular Lens Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 3.7 billion
Market size value in 2028 USD 5.38 billion
Growth Rate 5.5%
Base year 2021
Forecast period 2022-2028
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Monofocal Intraocular Lens, Premium Intraocular Lens
  • Material
    • Polymethylmethacrylate (PMMA), Foldable
  • End User
    • Hospitals & Ambulatory Surgery Centers, Specialty Centers, Academic & Research Institutes
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)
Companies covered
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Intraocular Lens Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Intraocular Lens Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

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.

Regional Analysis: Further analysis of the Global Intraocular Lens Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

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).

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.'Alcon (Switzerland)','Bausch Health Inc. (Canada)','Carl Zeiss Meditech (Germany)','EyeKon Medical Inc (US)','Humanoptics (Germany)','Hoya Corporation (Japan)','Johnson & Johnson (US)','Lenstec Inc. (US)','Rayner Intraocular Lens Ltd (UK)','STAAR Surgical Company(US)'

One of the most frequent ophthalmic procedures performed worldwide is cataract surgery. The number of cataract surgeries performed globally has increased as a result of the rising prevalence of cataract and the blindness linked to cataract. Our research indicates that 4.5 million cataract operations were carried out in EU member states. During the forecast period, it is expected that the growing number of cataract procedures will drive the IOL market revenue.

Despite the pandemic's negative impact on intraocular lens sales, the market is now stabilizing and is anticipated to expand steadily over the coming years. Major factors boosting the market's growth include factors like an increase in cataract incidence and an increase in the number of diagnosed cases of blindness. Sales of intraocular lenses are also anticipated to be boosted by rising healthcare spending and increased awareness of cataracts.

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.

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Global Intraocular Lens Market

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