Intraocular Lens Market Analysis & Forecast 2024-2034: Market By Product; By Material; By End-user; and By Region

The global intraocular lens (IOL) market size was estimated to be USD 4.55 billion in 2023 and is expected to reach at USD 9.82 billion by 2034 with a CAGR of 7.25% during the forecast period 2024-2034. Growing prevalence of ophthalmic disorders such as cataract, increasing adoption of advanced premium intraocular lens, rising focus on development of new intraocular lens by major market players, surge in geriatric population, growing technological innovations in intraocular lens, increasing product approvals by regulatory authorities, and rising launch of innovative intraocular lens products are some of the key factors boosting the market growth.

Rising launch of innovative intraocular lens products is predicted to boost the market growth during the forecast period. A synthetic lens called an intraocular lens (IOL) is introduced into the eye during cataract and glaucoma procedures. The demand for these operations has increased as a result of the rising frequency of cataracts, and this, together with the introduction of technologically highly improved products. For instance, in March 2022, Alcon introduced the Clareon range of intraocular lenses (IOLs), including Clareon Monofocal, Clareon PanOptix, and Clareon Vivity IOLs, to the US market.

By product, monofocal intraocular lens was the highest revenue-grossing segment in the global intraocular lens (IOL) market in 2023 owing to rising research & development activities, increasing prevalence of ophthalmic disease, surge in regulatory approvals for new lenses, and growing launch of new products. For instance, in September 2022, SIFI S.p.A has introduced the Evolux extended monofocal Intraocular Lens, which utilizes a hydrophobic material and a non-diffractive design to enhance both intermediate and equivalent distance vision. Additionally, premium intraocular lens segment is predicted to grow at fastest CAGR during the forecast period owing to their skill in treating individuals with complex retinal conditions and enhanced vision, growing technological advancements, and increasing introduction of advanced products.

By material, hydrophobic & hydrophilic acrylic materials was the highest revenue-grossing segment in the global intraocular lens (IOL) market in 2023 owing to the increasing employment of this lens material due to its superior biocompatibility, foldability, & suitability for microsurgery, surge in launch of advanced products, and rising initiatives by market players. For instance, in January 2023, Rayner Group has launched Peer2Peer: The Podcast, a clinical education platform aimed at providing surgeons with knowledge about their toric intraocular lenses (IOLs). These toric IOLs can be constructed from flexible materials like Alcon's AcrySof Toric IOL. Additionally, silicone is predicted to grow at fastest CAGR during the forecast period owing to the rising technological advancements in refractive quality, growing approvals by regulatory bodies, and increasing introduction of new products.

By end-user, hospitals was the highest revenue-grossing segment in the global intraocular lens (IOL) market in 2023 owing to the surge in number of cataract procedures performed in inpatient settings, rising adoption of advanced medical technologies used in these settings, increasing approvals by regulatory bodies, and growing launch of advanced products. For instance, in January 2022, In India, Alcon Inc. has introduced the AcrySof IQ Vivity IOL (Vivity), which stands out as the sole presbyopia-correcting intraocular lens (PC-IOL) featuring wavefront-shaping technology. Additionally, ophthalmology clinics is predicted to grow at fastest CAGR during the forecast period owing to a rise in the number of independent ophthalmology clinics, shorter hospital stays, and simpler appointment scheduling.

North America region is anticipated for the highest revenue share during the forecast period owing to the rising in vision-related disorders such as presbyopia & cataract issues, increasing adoption of new technologies, growing demand for better healthcare facilities, surge in product launches by market players. For instance, in March 2022, In the United States, Alcon Inc. has introduced the Clareon family of intraocular lenses (IOLs), incorporating the most cutting-edge material available. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in prevalence of ophthalmic disorders, increasing geriatric population susceptible to cataract, rising awareness regarding advanced treatment options, and growing launch of new products within the region. For instance, in December 2022, Johnson & Johnson Vision, a prominent figure in eye health on a global scale and a division of the Johnson & Johnson Medical Devices Companies, announced the release of TECNIS Synergy Toric II OptiBlue PC-IOL (intraocular lens) for individuals in India dealing with astigmatism.

Segmentation: Intraocular Lens (IOL) Market Report 2022 - 2033

Intraocular Lens (IOL) Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)

• Accommodative Intraocular Lens
• Monofocal Intraocular Lens
• Multifocal Intraocular Lens
• Premium Intraocular Lens
• Toric Intraocular Lens

Intraocular Lens (IOL) Market Analysis & Forecast by Material 2023 - 2034 (Revenue USD Bn)

• Hydrophobic & Hydrophilic Acrylic Materials
• Polymethylmethacrylate
• Silicone

Intraocular Lens (IOL) Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)

• Ambulatory Surgery Centers
• Eye Research Institutes
• Hospitals
• Ophthalmology Clinics

Intraocular Lens (IOL) Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

North America

• U.S.
• Canada

Europe

• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC

Latin America

• Brazil
• Mexico
• Argentina
• Rest of LATAM

Middle East & Africa

• South Africa
• GCC
• Rest of MEA