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Intraocular lenses or IOLs are artificial lenses that are implanted inside the eye during cataract surgery. These lenses are intended to restore vision lost due to cloudy lenses called cataracts. IOLs are made primarily of plastic and come in a variety of designs including monofocal, multifocal, and toric. They help focus light onto the retina after cataract removal and provide patients vision independence. The growing geriatric population which is highly prone to cataracts is a primary factor driving high adoption of IOLs across the globe.
Global Intraocular Lens Market is estimated to be valued at US$ 5,076.1 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Intraocular Lens market are Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG.
The key opportunity in the Intraocular Lens market is the development and approvals of new strategic partnerships, collaborations, acquisitions, and expansion plans by leading industry players to strengthen their presence. For instance, in 2021, Alcon acquired Aerie Pharmaceuticals’ glaucoma franchise for $230 million to strengthen its glaucoma product portfolio. Also, growing awareness about cataract surgery and technological innovations in IOL design present lucrative prospects.
Globally, the Intraocular Lens market is expected to witness high growth with increasing adoption in emerging economies like China, India, Brazil, and Mexico. This is attributed to the rising disposable incomes, improving healthcare infrastructure, and increasing number of eye care professionals in these countries. For e.g., in India, nearly 12 million people undergo cataract surgery annually with 90% of them opting for IOL implantation indicating huge potential. Moreover, development of ASCs and specialty eye care centers further augment the market expansion outside developed markets.
Market drivers
The key driver for the Intraocular Lens market is the increasing number of cataract surgeries being performed globally each year. As per estimates, over 30 million cataract procedures are carried out worldwide annually and this number is only expected to rise sharply with the growing geriatric population who are more susceptible to cataracts. The high success and safety associated with cataract surgery along with technological advancements in IOL design and materials have instilled confidence among patients and eye care professionals. This has led to an increase in preference for surgical treatment over corrective lenses thus driving robust demand for Intraocular Lenses.
PEST Analysis
Political: The intraocular lens market is experiencing regulations from regulatory bodies like FDA which regulates the approval of new intraocular lens design and materials.
Economic: The economic growth in emerging countries is driving the demand in intraocular lens market. Rise in disposable income allows people to spend more on eye care.
Social: There is an increase in awareness about eye care and vision correction. People are willing to spend on cataract surgery and intraocular lens implantation for better vision quality.
Technological: Advancements in intraocular lens material and design allow to correct vision in more efficient way. Foldable intraocular lenses have gained popularity as they require smaller incision for implantation compared to conventional lenses.
North America holds the major share of intraocular lens market in terms of value. This can be attributed to high adoption of premium intraocular lenses, technological advancements, and strategic investments by key players. Asia Pacific is projected to grow at the fastest rate during the forecast period. Rapidly growing geriatric population, increasing awareness about eye care, and improving healthcare infrastructure are driving the market in Asia Pacific.
Many developed markets in Europe and North America are nearing saturation for intraocular lens. Whereas, emerging countries in Asia Pacific and Latin America offer lucrative growth opportunities. Countries like China, India, Brazil and Mexico are expected to provide high growth opportunities owing to rising awareness, improving healthcare infrastructure and increasing procedural volumes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
