USD 3.8 billion
Intraocular Lens Market Size, Share, Growth Analysis, By Type(Hydrophobic Acrylic Iol, Hydrophilic Acrylic Iol, Polymethylmethacrylate, Silicone Iol), By Material(Monofocal IOLs, Premium IOLs, Phakic IOLs, and Others), By Application(Cataract Surgery, Presbyopia, Corneal Disorders, and Others), By End User(Hospitals, Ophthalmology Clinics, Eye Research Institutes, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35E2014 |
Region:
Global |
Published Date: October, 2024
Pages:
165
|Tables:
88
|Figures:
76
Intraocular Lens Market Insights
Global Intraocular Lens Market size was valued at USD 3.95 billion in 2022 and is poised to grow from USD 4.20 billion in 2023 to USD 6.85 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).
The prevalence of visual impairment is increasing worldwide. The increasing burden of eye diseases is a key driver for the market, as these conditions often require surgeries such as cataracts removal, lens replacement etc. Lost vision is not only restored due to cataract though but corrects refractive errors such as myopia, hyperopia, astigmatism and presbyopia.
Technological advancements, continuous R&D, and the introduction of new IOL products drive the intraocular lens market growth. Advances in the IOL materials and surface modifications are increasing the performance and comfort of IOLs, driving IOL adoption. Marketers use strategies such as mergers, acquisitions and expansion to enter new markets. For example, in February 2024, Johnson & Johnson MedTech launched the TECNIS PureSee presbyopia-correcting intraocular lens (IOL) in Europe. This pure-refractive lens offers improved vision, reduce visual symptoms, and improve outcomes for patients and surgeons, optical elements or the speaker’s eyes.
According to the WHO, approximately 2.2 billion people are visually impaired, with at least 1 billion preventable or untreated cases worldwide. Major conditions that cause nearsightedness or blindness come with cataracts (94 million), age-related macular degeneration (8 million), glaucoma (7.7 million), and diabetic retinopathy (3.9 million).
US Intraocular Lens Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
monofocal intraocular lens
Fastest Growth
Monofocal Intraocular Lens
Growth Rate
5.6% CAGR
Global Intraocular Lens Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Intraocular Lens Market Segmental Analysis
Global Intraocular Lens Market is segmented on the type, material, application, end user, and region. By type, market is segmented into Hydrophobic Acrylic Iol, Hydrophilic Acrylic Iol, Polymethylmethacrylate, Silicone Iol, and Others. By material, market is segmented into Monofocal IOLs, Premium IOLs, Phakic IOLs, and Others. By application, market is segmented into Cataract Surgery, Presbyopia, Corneal Disorders, and Others. By end user, market is segmented into Hospitals, Ophthalmology Clinics, Eye Research Institutes, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Intraocular Lens Market Analysis by Product
The multifocal intraocular lens segment held the largest intraocular lens market share at 53.56% in 2023 and is predicted to be due to their efficacy in preventing complex retinal problems and providing clear vision at various distances to patients. These lenses offer close, intermediate and telescopic accuracy and precision, and made them a favorite for patients who are seeking full vision development. In addition to product approvals, new product launches and R&D for new innovations contributed to dominance. For example, in July 2022, the FDA approved Lensec Inc.’s SBL-3 multifocal intraocular lens for cataract surgery. Such moves by industry players further consolidated the market share of the segment.
The toric intraocular lens segment is expected to exhibit rapid growth during the forecast period owing to the ability to correct astigmatism, a common refractive error Increasing demand for astigmatism correction. Advancements inside the toric lens generation become hastily growing this phase. Toric IOLs is designed to correct astigmatism by incorporating cylindrical optical talents into the lens to assist consciousness mild at the retina as it should be and improve vision. Traditional IOLs commonly deal with only glaucoma-associated troubles, however toric IOLs provide two solutions, making them notably desirable for sufferers looking for superior remedy.
Intraocular Lens Market Analysis by End-Use
The hospitals segment is dominating the market. The hospitals segment has a significant market share of 54.27% in 2023 due to its role as a major focus in the cataract and vision restoration surgery. Hospitals prefer cataract surgery to eye clinics, ambulatory surgery centers, and optometry research institutes because of their advanced services, specialized staff, advanced equipment, and ability to manage internal cases. It is difficult to address correctly so hospitals provide an extensive variety of medical specialties, emergency departments and advanced centers. Patients benefit from a multidisciplinary approach, get admission to specialized sources, and a high trend of care in clinicals, making it the favored choice for cataract surgery.
As per intraocular lens market outlook, the eye research institute segment is estimated to post the fastest growth during the forecast period. These companies impose innovation through dedicated studies, educating optometrists in superior strategies, participating with enterprises to expand products, and using authorities offers. For instance, the WVU Eye Institute in April 2024 with a $233.5 million funding Morgantown Facilities the new facility, with a view to enlarge its medical, instructional and research efforts. It will significantly enhance the exam rooms and operating rooms to better serve the patients of West Virginia and the surrounding areas. With specialized geographic locations and focus on cutting-edge technologies, ophthalmology research institutes are at the forefront of developing IOL technologies.
Global Intraocular Lens Market Size By Type , 2021(%)
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Intraocular Lens Market Regional Insights
As per intraocular lens market analysis, North America, especially the US, plays a dominant role driven by rising healthcare costs, a large elderly population, and strong acceptance of premium IOLs. Advanced, high-quality health care benefit from patient expertise, as well as a strong billing system, which allows IOL systems to have several key players. North America's focus on innovation is also reflected in higher R&D spending, contributing to the development of next-generation IOLs that improve vision, provide more functionality, and meet specific conditions.
Asia-Pacific is emerging as a high-growth region in the intraocular lens market, with rapidly aging population, increasing healthcare investment and increased awareness of cataract and vision correction solutions. Countries such as Japan and South Korea represent important market opportunities due to their growing populations and cataracts and other age-related eye conditions. Many parts of Asia seek vision care solutions significantly less expensive, leading to government programs and private investments aimed at increasing vision surgery and other eye care. Asia Pacific is also seeing increasing adoption of premium IOLs as disposable income increases. Local manufacturers emerge to prioritize improving patient quality of life, and global players expand their operations and distribution systems in the region to meet the growing demand. The region’s improving healthcare infrastructure and favorable regulatory environment further supports the growth of the market
Global Intraocular Lens Market By Geography, 2021 - 2028
- Largest
- Fastest
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Intraocular Lens Market Dynamics
Intraocular Lens Market Driver
Rising Incidence of Cataracts
- The increasing prevalence of glaucoma, a condition where the eye's natural lens becomes cloudy, is a key driver for the market. Globally in the elderly population, glaucoma is one of the leading causes of blindness one of these, necessitating eye surgery. As the global population ages, the use of lenses for cataract surgery and by extension contact lenses has risen. Advances in surgical techniques and the availability of high-quality lenses enable people in developed and emerging markets to access IOL.
Technological Advances in IOLs
- Technological improvements in design and materials of eyewear make contributions notably to the expansion of the market. These innovations beautify sufferers’ vision and improve high-quality of existence after surgery. Modern IOLs are being manufactured with superior substances along with polyfocal lenses, adaptive lenses, and toric lenses designed to accurate astigmatism. The shift closer to exquisite IOLs that offer higher visible acuity and less reliance on lenses is often using the marketplace. As era advances, the accuracy and durability of IOLs is increasing, making them extra attractive to patients and surgeons.
Intraocular Lens Market Restraints
High Cost of High Quality IOLs
- Despite the increasing demand for advanced contact lenses, the high cost of high-quality lenses remains an important limitation. This limits access to patients in low-income areas. Despite its potential for improved visibility, the cost of these lenses can be prohibitive, limiting their widespread use. Healthcare professionals and patients often face financial constraints that may hamper the growth of the IOL market, especially for high-quality options.
Complications and Risks Associated with Surgery
- While cataract surgical operation is typically secure and powerful, headaches which include posterior chondrocyte occlusion (PCO), lens displacement, and ocular inflammation may deter a few patients. In addition, there are intraoperative risks related to the IOL implantation, together with contamination and bleeding, that could have an impact on marketplace growth influence. These complications may cause individuals considering cataract surgery and IOL implantation to hesitate to fear adverse outcomes. Despite advances in surgical techniques and patient safety, risks this significantly restrains the growth of the intraocular lens industry.
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Intraocular Lens Market Competitive Landscape
The intraocular lens market is highly competitive, with many strong players such as Alcon, Johnson & Johnson Vision, Bausch & Lomb, and Carl Zeiss Meditec leading the way. These companies maintain an inside market position and build strength through constant product innovation, extensive product portfolios, and global distribution networks. Demand for IOLs is driven by the prevalence of glaucoma worldwide and an aging population, in addition to the increasing availability of advanced, high-resolution IOLs such as multifocal and toric lenses.
Top Players in the Global Intraocular Lens Market
- Alcon, Inc. (Switzerland)
- Johnson & Johnson Vision Care, Inc. (US)
- Bausch & Lomb (US)
- Carl Zeiss Meditec AG (Germany)
- Hoya Surgical Optics (Japan)
- STAAR Surgical Company (US)
- Santen Pharmaceutical Co., Ltd. (Japan)
- Nidek Co., Ltd. (Japan)
- Lenstec, Inc. (US)
- Rayner Group (UK)
- BVI (US)
- Ophtec B.V. (Netherlands)
- SAV-IOL SA (Switzerland)
- Appasamy Associates Private Limited (India)
- Atia Vision, Inc. (US)
- Biotech (Country not specified)
- Teleon Surgical BV (Netherlands)
- Omni Lens Pvt. Ltd. (India)
- Eyekon Medical (US)
- HumanOptics Holding AG (Germany)
- Care Group (India)
- SIFI S.p.A. (Italy)
- Hanita Lenses Ltd. (Israel)
- Excellent Hi-Care Pvt Ltd. (India)
- Advin Health Care (India)
Intraocular Lens Market Recent Developments
- November 2023- Oftech announced Precizon Go, hybrid acrylic IOL to improve distance and improve central vision.
- October 2023- Bausch & Lomb Incorporated announced the U.S. launch of enVista Aspire monofocal and toric intraocular lenses (IOLs).
- January 2023- Centricity Vision Inc.’s ZEPTO IOL Positioning System has improved the accuracy and precision of cataract surgery and is preferred for office-based surgery (OBS).
Intraocular Lens Key Market Trends
- Increase in Minimally Invasive Cataract Surgery: The pace of non-invasive cataract surgery is increasing in the intraocular lens market. Techniques such as phacoemulsification, which use smaller incisions and faster healing times, are becoming increasingly popular. This intraocular lens market trend makes cataract surgery more attractive to patients due to reduced risk of complications and shorter postoperative recovery time. Modern techniques are preferred because they promise faster healing, less discomfort and fewer scars there will be, helping to create a positive outlook for the market.
- Expansion of the Market in Emerging Economies: Increasing adoption of cataract surgery in emerging markets is another major trend in the IOL market. Parts of Asia-Pacific, Latin America and Africa will see an increase in cataract surgery due to improved healthcare, greater awareness and affordable options. Local manufacturers and international companies are expanding their presence in these markets, offering low-cost but high-quality IOLs to meet the growing demand, thereby boosting the market.
Intraocular Lens Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, intraocular lens market is characterized by rapid growth, increasing incidence of eye diseases such as cataracts in older population, technological advancements in IOLs. Some of the major factors is that there are many elites who compete through innovation and acquisition strategies. While the intraocular lens market is gaining traction due to increasing glaucoma prevalence, technological advancements and increasing demand for advanced visual quality IOLs. The market faces costly and surgical challenges especially if access is limited to developing areas. The trend in IOL technology is likely to be cataract surgery improved availability will support market expansion, making it a dynamic and rapidly growing segment in the global healthcare landscape.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.95 billion |
| Market size value in 2031 | USD 6.85 billion |
| Growth Rate | 6.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 | Free report customization with purchase. Customization includes:-
|
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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 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
- Exhibit: Impact analysis of DROC, 2021
- 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 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the 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 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 Intraocular Lens Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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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