Intraocular Lens Market Overview:
The global intraocular lens market is expected to rise at a CAGR of 5.17%, with a value of USD 5,067.05 Million over 2022-2030.
An intraocular lens is a medical implant used to replace the focusing power of a natural lens removed during cataract surgery. It is also utilized during vision correction surgery in refractive lens exchange. It is generally made using silicone, acrylic, and other plastic compositions and coated with a unique material to protect the eyes from harmful ultraviolet rays. At present, several manufacturers are offering a wide variety of premium products with different focusing powers based on the axial length of the eyes and curves of the cornea.
With age, proteins in the eye change and lens parts turn cloudy, increasing the risk of developing cataracts. This, in confluence with the significant ageing population, represents one of the key factors catalyzing the demand for intraocular lenses around the world. Moreover, as pediatric cataract cases lead to blindness, the rising concerns among parents about their children's health are positively influencing the market. Additionally, government agencies of numerous countries and non-governmental organizations support free eye examinations and surgery and health reimbursements, propelling the market growth. Apart from this, the leading players are introducing trifocal lenses that eliminate the need for spectacles. They are also investing in research and development activities to provide advanced lenses that help patients with near and distant vision. Such advanced solutions are anticipated to propel intraocular lens market growth.
Intraocular Lens Market Segmentation
The global market has been segmented into type, material and end user. The market, based on type, has been segmented into monofocal intraocular lens, multifocal intraocular lens, accommodating intraocular lens, phakic intraocular lens, and others.
The market, by material, has been segmented into hydrophobic acrylic, hydrophilic acrylic, polymethylmeth-acrylate (PMMA), and others.
The market, by end user has been segmented into hospitals, ophthalmic clinics, ambulatory surgical centers, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada. The European market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Geographically, the Americas is expected to dominate the global intraocular lens market due to the rise in the government initiatives in the region, and the rise in the prevalence of eye diseases favouring the implantation of intraocular lens. For instance, according to the data published in 2015 by the Centers for Disease Control and Prevention (CDC), approximately 20.5 million Americans aged 40 years and older have cataract in one or both eyes. Europe is expected to hold the second largest position in the global market. The market growth in this region owes to the presence of a well-established healthcare system. Asia-Pacific is estimated to be the fastest growing region in the market due to the improved healthcare infrastructure and the rise in awareness among the patients about the advantages of intraocular lens. On the other hand, the Middle East & Africa has the least share of the market due to the less healthcare expenditure.
Global Intraocular Lens Market, by Type
Global Intraocular Lens Market, by Material
Global Intraocular Lens Market, by End User
Global Market, by Region
Global Intraocular Lens Market, by Key Players
In October 2021, Alcon Inc., a division of Novartis, launched the AcrySof IQ Vivity IOL's first and only presbyopia-correcting intraocular lens with wave front-shaping technology in India.
The Year 2021
According to Living Well with low vision by preventing blindness, 2021, the causes of moderate-to-severe vision impairment in people above 50 years are age-related macular degeneration, diabetic retinopathy, inadequate vision correction, glaucoma and cataract.
|Market Size||USD 5,067.05 million|
|CAGR||5.17% (2020 - 2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Material, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alcon, Inc., Aurolab, Bausch + Lomb, Carl Zeiss Meditec, EYEKON MEDICAL, INC., HOYA Corporation, HUMANOPTICS AG., Johnson & Johnson Vision Care, Inc., LENSTEC, INC., NIDEK CO., LTD., Oculentis GmbH, Ophtec BV, PhysIOL, Rayner Intraocular Lenses Limited, STAAR Surgical Company|
|Key Market Opportunities||High rate of adoption of premium intraocular lens technology.|
|Key Market Drivers||
The global intraocular lens market had reached a valuation of USD 3,54 BN in 2017.
The global intraocular lens market is projected to grow at approximately 5.17% CAGR during forecast period (2022-2030).
High rate of adoption of premium intraocular lens technology.
North America holds the largest share in the global intraocular lens market followed by Europe and Asia Pacific, respectively.
Bausch + Lomb, Alcon, Inc., Eyekon Medical, Inc., Johnson & Johnson Vision Care, Inc., Carl Zeiss Meditec, HOYA Corporation, Rayner Intraocular Lenses Limited, STAAR Surgical Company, PhysIOL, Humanoptics AG, Ophtec BV, Lenstec, Inc., Aurolab, Oculentis GmbH, and Nidek Co., Ltd., are some of the major players operating in the Intraocular Lens market.