What is the global market size of Intraocular Lens Market?

Intraocular Lens Market size was valued at USD 3.8 billion in 2021 and is poised to grow from USD 4.01 billion in 2022 to USD 6.55 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).

Who are the key vendors in the Global Intraocular Lens Market?

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, Inc.', 'Bausch & Lomb Incorporated', 'Johnson & Johnson Vision', 'Carl Zeiss Meditec AG', 'Rayner Intraocular Lenses Limited', 'HOYA Corporation', 'HumanOptics AG', 'PhysIOL SA', 'Oculentis GmbH', 'Eyekon Medical, Inc.', 'Lenstec, Inc.', 'Mediphacos', 'Aurolab', 'C.S. Optics, Inc.', 'Omni Lens Pvt. Ltd.', 'Ophtec BV', 'Santen Pharmaceutical Co., Ltd.', 'STAAR Surgical Company', 'Seiko Optical Products Co., Ltd.', 'Hanita Lenses'.

What is the key driver of Global Intraocular Lens Market?

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.

What is the key market trend for Global Intraocular Lens Market?

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.

Which region accounted for the largest share in Global Intraocular Lens Market?

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.

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.

Intraocular Lens Market Report Snapshots

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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. '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)'

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.

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.

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.

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Intraocular Lens Market Insights

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What is the global market size of Intraocular Lens Market?

Who are the key vendors in the Intraocular Lens Market?

What is the key driver of Intraocular Lens Market?

What is the key market trend for Intraocular Lens Market?

Which region accounted for the largest share in Intraocular Lens Market?

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