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).

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 2024-2031

Report ID: SQMIG35E2014 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 88 | Figures: 76

Global Intraocular Lens Market Insights

Intraocular Lens Market size was valued at USD 3.8 billion in 2019 and is poised to grow from USD 4.01 billion in 2023 to USD 6.55 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

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.

US Intraocular Lens Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Intraocular Lens Market Report Snapshots

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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'

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 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 2024-2031

Global Intraocular Lens Market Insights

Global Intraocular Lens Market Report Snapshots

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