The intraocular lens market was valued $3,777.16 million in 2021 and is expected to reach $6,535.51 million by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
Intraocular lenses are type of ophthalmic implants, which are used in eye surgeries. Intraocular lenses are synthetic lenses implanted inside the eye that substitute the focusing power of a natural lens, which are surgically removed. These are used to treat myopia, astigmatism, or cataracts.
Increase in prevalence of cataract and rise in initiatives taken by government to eliminate avoidable blindness drive the growth of the global intraocular lens market. Moreover, rise in adoption of premium lens, owing to their enhanced visual performance ensures reduced rates of astigmatism, further propel the growth of the intraocular lens market. Multiple types of intraocular lenses such as traditional monofocal lens and premium lens are used to restore the vision of the eye after the cataract is removed. Although standard monofocal lens provides good distance vision, reading glasses are still required for near or immediate work. This, in turn, has led to the increased adoption of the premium lens, which highly reduces the dependency on glasses after the surgery. However, monofocal lens are used to correct the vision at certain distance, while premium IOLs have the ability to correct both distance and close-up vision which has further increased the demand for premium intraocular lens. Furthermore, standard monofocal IOLs are ineffective in treating patients with astigmatism while on the other hand, premium lenses have the ability to reduce astigmatism or presbyopia, thereby allowing the patients to see clearly across all focal points and distances. All these factors cumulatively have increased the demand for premium intraocular lens However, unfavorable reimbursement scenario for premium lens and postoperative complications such as refractive errors hinder the market growth.
Key industry players are undertaking initiatives such as agreement, partnership, acquisitions, and product launch to strengthen their market presence. For instance, in July 2021, Johnson & Johnson received approval from the US FDA for its Tecnis Synergy and Tecis Synergy Toric II intraocular lenses.
Moreover, according to the National Eye Institute, 2020 there were about 7.7 million diabetic retinopathy cases and 24 million cataract cases in U.S. leading to increase in demand for intraocular lens further driving the growth of the market.
In addition, the demand for intraocular lens has increased over the years, due to surge in cases of diabetic retinopathy and congenital cataract. With rise in incidence of diabetes mellitus, there is high risk of cataract. Furthermore, higher glucose levels in the eye fluid result in swelling of the lens, which, in turn, affects the clarity of vision. Moreover, the lens also has an enzyme called sorbitol, which upon getting accumulated, causes the lens to become less clear, and thus increases the risk of cataract. According to the article published by the National Center for Biotechnology Information (NCBI) in 2020, cataract occurs 2-5 times more frequently in patients with diabetes. In addition, the article stated that more than 20% of all cataract procedures are performed for diabetic patients.
The intraocular lens market is segmented on the basis of type, end user, and region. Depending on the type, the market is bifurcated into monofocal and premium intraocular lens. The premium intraocular lens segment is sub-segmented into toric, multifocal, and accommodating. By material, the market is categorized into polymethylmethacrylate (PMMA), silicone, and hydrophobic & hydrophilic acrylic materials. According to end user, it is categorized into hospitals, ambulatory surgical centers, ophthalmology clinics, and eye research institutes.
Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
The key players operating in the intraocular lens market include Alcon (Novartis AG), Bausch Health Inc., Carl Zeiss Meditech, EyeKon Medical Inc, Humanoptics, Hoya Corporation, Johnson & Johnson, Lenstec Inc., Rayner Intraocular Lens Ltd, and STAAR Surgical Company.
Intraocular lenses are type of ophthalmic implants, which are used in eye surgeries. Intraocular lenses are synthetic lenses implanted inside the eye that substitute the focusing power of a natural lens, which are surgically removed. These are used to treat myopia, astigmatism, or cataracts.
Increase in prevalence of cataract and rise in initiatives taken by government to eliminate avoidable blindness drive the growth of the global intraocular lens market. Moreover, rise in adoption of premium lens, owing to their enhanced visual performance ensures reduced rates of astigmatism, further propel the growth of the intraocular lens market. Multiple types of intraocular lenses such as traditional monofocal lens and premium lens are used to restore the vision of the eye after the cataract is removed. Although standard monofocal lens provides good distance vision, reading glasses are still required for near or immediate work. This, in turn, has led to the increased adoption of the premium lens, which highly reduces the dependency on glasses after the surgery. However, monofocal lens are used to correct the vision at certain distance, while premium IOLs have the ability to correct both distance and close-up vision which has further increased the demand for premium intraocular lens. Furthermore, standard monofocal IOLs are ineffective in treating patients with astigmatism while on the other hand, premium lenses have the ability to reduce astigmatism or presbyopia, thereby allowing the patients to see clearly across all focal points and distances. All these factors cumulatively have increased the demand for premium intraocular lens However, unfavorable reimbursement scenario for premium lens and postoperative complications such as refractive errors hinder the market growth.
Key industry players are undertaking initiatives such as agreement, partnership, acquisitions, and product launch to strengthen their market presence. For instance, in July 2021, Johnson & Johnson received approval from the US FDA for its Tecnis Synergy and Tecis Synergy Toric II intraocular lenses.
Moreover, according to the National Eye Institute, 2020 there were about 7.7 million diabetic retinopathy cases and 24 million cataract cases in U.S. leading to increase in demand for intraocular lens further driving the growth of the market.
In addition, the demand for intraocular lens has increased over the years, due to surge in cases of diabetic retinopathy and congenital cataract. With rise in incidence of diabetes mellitus, there is high risk of cataract. Furthermore, higher glucose levels in the eye fluid result in swelling of the lens, which, in turn, affects the clarity of vision. Moreover, the lens also has an enzyme called sorbitol, which upon getting accumulated, causes the lens to become less clear, and thus increases the risk of cataract. According to the article published by the National Center for Biotechnology Information (NCBI) in 2020, cataract occurs 2-5 times more frequently in patients with diabetes. In addition, the article stated that more than 20% of all cataract procedures are performed for diabetic patients.
The intraocular lens market is segmented on the basis of type, end user, and region. Depending on the type, the market is bifurcated into monofocal and premium intraocular lens. The premium intraocular lens segment is sub-segmented into toric, multifocal, and accommodating. By material, the market is categorized into polymethylmethacrylate (PMMA), silicone, and hydrophobic & hydrophilic acrylic materials. According to end user, it is categorized into hospitals, ambulatory surgical centers, ophthalmology clinics, and eye research institutes.
Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
The key players operating in the intraocular lens market include Alcon (Novartis AG), Bausch Health Inc., Carl Zeiss Meditech, EyeKon Medical Inc, Humanoptics, Hoya Corporation, Johnson & Johnson, Lenstec Inc., Rayner Intraocular Lens Ltd, and STAAR Surgical Company.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the intraocular lens market analysis from 2021 to 2031 to identify the prevailing intraocular lens market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the intraocular lens market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global intraocular lens market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Monofocal Intraocular Lens
- Premium Intraocular Lens
By Material
- Polymethylmethacrylate
- Silicone
- Hydrophobic and Hydrophilic Acrylic Materials
By End User
- Hospitals
- Ambulatory Surgery Centers
- Ophthalmology Clinics
- Eye Research Institutes
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Alcon
- Bausch Health Inc.
- Carl Zeiss Meditech
- EyeKon Medical Inc
- Humanoptics
- Hoya Corporation
- Johnson & Johnson
- Lenstec Inc.
- Rayner Intraocular Lens Ltd
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INTRAOCULAR LENS MARKET, BY TYPE
CHAPTER 5: INTRAOCULAR LENS MARKET, BY MATERIAL
CHAPTER 6: INTRAOCULAR LENS MARKET, BY END USER
CHAPTER 7: INTRAOCULAR LENS MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Intraocular Lens Market,' the intraocular lens (IOL) market was valued at $3.8 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.Intraocular lenses are implanted in the eyes to replace the natural lenses that contain the cataract. These lenses are made up of silicone, acrylic, or other plastic compositions. In addition, they are coated with a special material, which protects the eyes from harmful ultraviolet rays. Intraocular lens is able to correct a wider range of vision problems than any other vision correction surgery.
Rise in incidences of cataract drives the IOL market growth. In addition, rise in geriatric population and proactive initiatives taken by government to eliminate avoidable blindness are anticipated to further drive intraocular lens market growth across the globe. Furthermore, technological advancement will be a key intraocular lens market trends in the upcoming years. In addition, a dramatic increase in prevalence of ophthalmic diseases, are probable to create a need for proper diagnosis, treatment, and correction, which is expected to propel the growth of the global intraocular lens market. However, complications associated with cataract surgery hampers the growth of the intraocular lens market size.
In addition, there is increase in the incidence of people suffering with diabetes mellitus which is expected to reach 366 million by 2030. With rise in incidence of diabetes mellitus, there is high risk of cataract. Therefore, rise in number of diabetes patients is expected to increase the number of ophthalmologic surgeries further fueling the adoption of intraocular lens.
Moreover, development of pharmaceutical and medical device industries and improvement in healthcare spending will speedily drive the growth of the intraocular lens market.
Depending on type, the IOL industry is bifurcated into monofocal and premium intraocular lens. The monofocal intraocular lens segment dominated the market in 2020, and this trend is expected to continue during the forecast period. In addition, monofocal lenses are preferred choice of numerous ophthalmologist and are covered by the insurance providers. However, the premium intraocular lens segment is expected to witness fastest growth during the forecast period, owing to its proficiency in treating patients with intricate retinal issues and improved visualization.
By end user, the hospitals segment dominated the market in 2021, due to increase in number of cataract procedures performed in inpatient settings and latest medical technologies used in these settings. However, the ophthalmology clinics segment is expected to witness considerable growth during the forecast period, owing to increase in number of discrete ophthalmic clinics, reduced length of stay, and ease of scheduling appointments.
Region wise, North America and Asia-Pacific are the most lucrative markets. The growth of these markets is mainly due to the rise in geriatric population and increase in prevalence of diabetes mellitus.
In North America, the U.S. has dominant intraocular lens market size, due to the technological advancements and favorable healthcare reimbursement policies. In Asia-Pacific, China and India collectively constitute a large patient base of retinopathy diabetes, which boosts the growth of the intraocular lens industry. In addition, improvement in healthcare infrastructure and growth in medical tourism fuels the growth of the intraocular lens market in this region. Key strategies deployed by major market players to gain intraocular lens market share include product launches/approval and Mergers & Acquisitions.
Key findings of the Study
- By type, the monofocal intraocular lens segment was the highest contributor to the market in 2021.
- By material, the hydrophobic and hydrophilic acrylic materials segment was the highest contributor to the market in 2021.
- By end user, hospitals dominated the growth of the market.
- North America accounted for a majority of the intraocular lens market share in 2021, and is anticipated to remain dominant during the forecast period.
Companies Mentioned
- Alcon
- Bausch Health Inc.
- Carl Zeiss Meditech
- EyeKon Medical Inc
- Humanoptics
- Hoya Corporation
- Johnson & Johnson
- Lenstec Inc.
- Rayner Intraocular Lens Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | May 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 3777.16 million |
| Forecasted Market Value ( USD | $ 6535.51 million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
