The Intraocular Lens Market size is expected to grow from US$ 4.23 Billion in 2023 to US$ 6.11 Billion by 2030, according to the report. Intraocular lens is a medical device that could replace the natural lens of the eye, which facilitates focus on the light that enters the eye. This lens is commonly used for correcting vision and prescient during cataract surgical operation or refractive lens exchange. It can deal with several vision troubles, including hyperopia, myopia, presbyopia, and astigmatism.
Global Intraocular Lens market is anticipated to grow drastically due to different factors, which includes the rising incidence of cataracts, which has led to a surge in demand for cataract surgeries. Product developments, government assistance and reimbursement regulations have additionally contributed to the market's growth. The utilization of those lenses has expanded attributable to these factors. Moreover, initiatives to reduce the backlog of cataract surgeries and raise consciousness about eye care in essential worldwide locations are also anticipated to expand market throughout the forecast period.
Moreover, the growing incidence of diabetes is other vast driver of market expansion. Diabetes can cause various eye problems, including cataracts. According to the International Diabetic Federation (IDF), 537 million people international could be dwelling with diabetes in 2021, and the number is anticipated to rise to 643 million with the aid of 2030 and 783 million by using 2045. As the diabetic population is more vulnerable to be afflicted by cataracts, the market is anticipated to grow over the forecast period.
The worldwide market for intraocular lenses is anticipated to grow in the coming years, thanks to technological advancements. With the release of the AcrySof IQ Vivity IOL with the aid of Alcon Inc., a division of Novartis, the market has seen the introduction of the first presbyopia-correcting intraocular lens with wavefront shaping technology in India. As more products receive regulatory approvals, enlargement opportunities are predicted to arise. Despite this wonderful outlook, several factors, along with unfavorable reimbursement policies for premium lenses and postoperative problems like refractive errors, hinder market increase.
One of the key factors on this growth is the prevalence of a substantial elderly and diabetic population. These people are more at risk of growing cataracts and different ophthalmic problems, driving the demand for related treatment and strategies. Furthermore, the market growth is likewise attributed to the extended cognizance of advanced treatment alternatives, leading to higher patient demand. Additionally, there has been an inflow of patients from developed countries in search of low-priced healthcare solutions, which is also contributing to the enlargement of the market in China.
Global Intraocular Lens market is anticipated to grow drastically due to different factors, which includes the rising incidence of cataracts, which has led to a surge in demand for cataract surgeries. Product developments, government assistance and reimbursement regulations have additionally contributed to the market's growth. The utilization of those lenses has expanded attributable to these factors. Moreover, initiatives to reduce the backlog of cataract surgeries and raise consciousness about eye care in essential worldwide locations are also anticipated to expand market throughout the forecast period.
Intraocular Lens market is projected to grow at a compound annual growth rate of 5.39% from 2024 to 2030
According to the American Academy of Ophthalmology, myopia influences an estimated 25% of Americans, making it a vast and well-known disorder. Furthermore, high myopia can cause doubtlessly blinding complications including glaucoma, retinal detachment, and myopic macular degeneration. Research shows that myopia and high myopia are expected to grow in incidence globally, affecting almost 5 billion humans and 1 billion people, respectively, by 2050, which is predicted to drive the thriving of the Intraocular Lens market.Moreover, the growing incidence of diabetes is other vast driver of market expansion. Diabetes can cause various eye problems, including cataracts. According to the International Diabetic Federation (IDF), 537 million people international could be dwelling with diabetes in 2021, and the number is anticipated to rise to 643 million with the aid of 2030 and 783 million by using 2045. As the diabetic population is more vulnerable to be afflicted by cataracts, the market is anticipated to grow over the forecast period.
The worldwide market for intraocular lenses is anticipated to grow in the coming years, thanks to technological advancements. With the release of the AcrySof IQ Vivity IOL with the aid of Alcon Inc., a division of Novartis, the market has seen the introduction of the first presbyopia-correcting intraocular lens with wavefront shaping technology in India. As more products receive regulatory approvals, enlargement opportunities are predicted to arise. Despite this wonderful outlook, several factors, along with unfavorable reimbursement policies for premium lenses and postoperative problems like refractive errors, hinder market increase.
Monofocal IOL segment held the most important market percentage inside the Intraocular Lens Industry
By Product, Global Intraocular Lens market is segmented into Monofocal IOL, Multifocal IOL, Toric IOL and Accommodative IOL. The segment of multifocal intraocular lenses has won substantial market share in recent years because of the exquisite benefits they offer. Multifocal intraocular lenses are specific and offer improved visualization. They are proficient in treating patients with complicated issues and a multiple retinal issue by providing three vision zones. These vision zones assist the patients see far, intermediate, and near distances successfully and efficaciously. Multifocal intraocular lenses are a substantial improvement from traditional mono-focal lenses as they offer higher precision and accuracy in vision correction, leading to higher patient results. Additionally, multifocal intraocular lenses are designed to lessen the dependence on glasses or contact lenses after cataract surgical operation, that is a large advantage for patients who want to improve their vision without the hassle of glasses or contacts.Hydrophobic and Hydrophilic acrylic material segment dominates the worldwide intraocular lens market
By Materials, the Global Intraocular Lens market is divided into Polymethyl meth Acrylate Material, Silicone Material, Hydrophobic & Hydrophilic Acrylic Material and Other Materials. The intraocular lens market has seen a substantial surge in hydrophobic and hydrophilic acrylic substances section usage. This can be attributed to the fact that those lens substances are easy to fold and perfectly suited for microsurgery, which is a crucial component in ophthalmology. Additionally, those materials have wonderful biocompatibility, making them a favored preference for lots of patients. The hydrophobic and hydrophilic acrylic materials sector has the biggest share in the intraocular lens market, indicating its developing reputation amongst ophthalmologists and patients.Hospitals have large market share, and Ophthalmology Clinics will hold its dominance inside the industry
By End Users, the Global Intraocular Lens market is classified into Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics and Eye Research Institutes. The healthcare market has witnessed a huge upward thrust in the range of ophthalmic clinics, particularly in growing regions that are not affiliated with hospitals. These clinics basically consciousness on treating vision-related illnesses and catering to individuals' primary eye care needs. Human are increasingly opting for these clinics for primary follow ups and eye health treatment. These trends have led to upward push in competition among service providers, that is expected to drive the growth of the ophthalmic health center segment. Furthermore, providing competitive expenses is anticipated to attract more patients to these clinics. However, despite the competition, hospitals nonetheless dominate the market, as maximum cataract and vision restore surgical procedures are completed in hospitals.China intraocular lens market is predicted to quickest growth in upcoming years
The global intraocular lens market is categorized by country into North America (including the United States, Canada, and Mexico), Latin America (including Brazil), Europe (including the United Kingdom, Germany, France, Italy, Spain, and the Netherlands), Asia Pacific (including China, Japan, India, South Korea, and Australia), Middle East & Africa (including South Africa and the United Arab Emirates), and Rest of the World. In the upcoming years, it's far predicted that China will experience the speediest growth in the ophthalmic market.One of the key factors on this growth is the prevalence of a substantial elderly and diabetic population. These people are more at risk of growing cataracts and different ophthalmic problems, driving the demand for related treatment and strategies. Furthermore, the market growth is likewise attributed to the extended cognizance of advanced treatment alternatives, leading to higher patient demand. Additionally, there has been an inflow of patients from developed countries in search of low-priced healthcare solutions, which is also contributing to the enlargement of the market in China.
Key Players
Alcon Inc., Bausch Health Companies Inc., Hoya Corporation, Johnson & Johnson, STAAR Surgical Company, Carl Zeiss Meditec AG (Carl-Zeiss-Stiftung) and Novartis AG are the few most important players holding the majority revenue proportion inside the intraocular lens market.Product - Market has been covered from 4 viewpoints:
- Monofocal IOL
- Multifocal IOL
- Toric IOL
- Accommodative IOL
Material - Market has been covered from 4 viewpoints:
- Polymethyl meth Acrylate Material
- Silicone Material
- Hydrophobic and Hydrophylic Acrylic Material
- Other Material
End User - Market has been covered from 4 viewpoints:
- Hospitals
- Ambulatory Surgery Centers
- Ophthalmology Clinics
- Eye Research Institutes
Country - Market has been covered from 18 Country Intraocular Lens Industry
- Americas
- United States
- Canada
- Mexico
- Brazil
Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Netherlands
- Asia - Pacific
- China
- Japan
- India
- South Korea
- Australia
Middle East & Africa
- United Arab Emirates
- South Africa
Rest of the World
Company Insights:
- Overview
- Recent Development
- Financial Insight
Companies Covered:
- Alcon Inc.
- Bausch Health Companies Inc.
- Hoya Corporation
- Johnson & Johnson
- STAAR Surgical Company
- Carl Zeiss Meditec AG (Carl-Zeiss-Stiftung)
- Novartis AG
Table of Contents
1. Introduction2. Research & Methodology3. Executive Summary5. Global Intraocular Lens Market
4. Market Dynamics
6. Market Share - Global Intraocular Lens Analysis
7. Products - Global Intraocular Lens Market
8. Materials - Global Intraocular Lens Market
9. End Users - Global Intraocular Lens Market
10. Country - Global Intraocular Lens Market
11. Porter’s Five Analysis - Global Intraocular Lens Market
12. SWOT Analysis - Global Intraocular Lens Market
13. Company Analysis
List of Figures
List of Tables
Companies Mentioned
- Alcon Inc.
- Bausch Health Companies Inc.
- Hoya Corporation
- Johnson & Johnson
- STAAR Surgical Company
- Carl Zeiss Meditec AG (Carl-Zeiss-Stiftung)
- Novartis AG
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 170 |
| Published | January 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 4.23 Billion |
| Forecasted Market Value ( USD | $ 6.11 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
