Intraocular Lens Market Size, Share, Growth Analysis, By Type (Hydrophobic Acrylic Iol, Hydrophilic Acrylic Iol), By Material (Monofocal IOLs, Premium IOLs), By Application (Cataract Surgery, Presbyopia), By End User (Hospitals, Ophthalmology Clinics), By Region - Industry Forecast 2024-2031

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).

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.