Intraocular Lens Market
Number of pages: 100 | Report Format: PDF | Published date: February 07, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market Size Value in 2021 |
US$ 4.2 billion |
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Revenue Forecast in 2030 |
US$ 6.9 billion |
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CAGR |
4.6% |
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Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Type, Material, End-User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global intraocular lens market was valued at US$ 4.2 billion in 2021 and is expected to register a revenue CAGR of 4.6% to reach US$ 6.9 billion by 2030.
Intraocular Lens Market Fundamentals
Intraocular lenses are artificial implants that are installed in the eye to replace natural focusing power and restore vision as a treatment for myopia and cataracts. Natural lenses are replaced or overlapped with an intraocular lens. Cataracts are commonly seen in elderly patients. Cloudy patches are developed in the eye lens resulting in vision becoming progressively affected and, thereby, loss of vision. The global intraocular lens market is expected to expand at a significant revenue CAGR during the forecast period, owing to the increasing geriatric population, the need for novel treatments, and rising demand for precise surgical procedures.
According to the International Agency for the Prevention of Blindness (IAPB), in 2020, the estimated number of people with vision loss was about 54 million. Of these, 3.1 million people were blind. Globally 1.1 billion individuals have vision loss, and nearly 600 million and 510 million are far- and near-sighted, respectively. The number of vision loss cases is estimated to reach 1.7 billion by 2050.
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Intraocular Lens Market Dynamics
The global intraocular lens market is mainly driven by an increased geriatric population, the rising prevalence of eye diseases, and the availability of advanced treatment solutions for eye surgery (robot-assisted surgery and laser surgery). Additionally, increase in government support and regulations on the price of intraocular lenses, technological advancements in the manufacturing of intraocular lenses, and adoption of premium intraocular lenses are contributing to the revenue growth of the market.
However, lack of awareness in rural populations, high cost of surgery, lack of reimbursement policies for premium intraocular lenses, and risk of postoperative refractive error are hindering revenue growth of the market to a certain extent.
Intraocular Lens Market Ecosystem
The global intraocular lens market has been analyzed from four perspectives: type, material, end-user, and region.
Intraocular Lens Market by Type
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Based on the type, the global intraocular market has been segmented into monofocal intraocular lens, multifocal intraocular lens, toric intraocular lens, and accommodative intraocular lens.
The monofocal intraocular lenses segment accounts for the highest market revenue share owing increased geriatric population, the prevalence of diabetes and eye diseases, and the availability of advanced technology for eye surgery. Low cost as compared to premium lenses, a large number of manufacturers, and affordable surgery costs are pushing the monofocal intraocular lens segment revenue growth.
Intraocular Lens Market by Material
Based on material, the global intraocular lens market has been segmented into acrylic, silicone, and polymethyl methacrylate.
The acrylic segment leads the global intraocular lens market. The acrylic segment is further sub-segmented into hydrophilic and hydrophobic acrylic lenses. Demand for acrylic intraocular lenses is rising owing to their high refractive index, transparency, and resistance to breakage and elasticity. Moreover, the Low cost of acrylic lenses, improved mechanical stability, and government reimbursement policies are among the important factors driving this segment’s revenue growth.
Intraocular Lens Market by End User
Based on end user, the market has been segmented into hospitals & clinics and eye research institutes.
The hospitals & clinics segment is expected to dominate the global intraocular lens market with the highest revenue share during the forecast period. The segment's revenue growth can be attributed to increase in patients’ visits to hospitals for diagnosis and surgical procedures (for implementation of intraocular lenses). Additionally, the prevalence of eye diseases, the increased number of eye surgeries, and government policies for hospital bill reimbursement contribute to the segment’s revenue growth.
Intraocular Lens Market by Region
The global intraocular lens market has been segmented based on region into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America dominated the global intraocular lens market. The large share of North America in the global market can be attributed to technological advancements, presence of favorable government reimbursement policies, and the availability of high-tech infrastructure. Furthermore, a high geriatric population, increase in the number of patients with eye diseases and diabetes, and advanced healthcare infrastructure have played a crucial role in the growth of this region in the global intraocular lens market. In Aug 2020, BVI launched the first fully preloaded aspheric intraocular lens in the U.S.
The market in Europe is also expected to show the highest revenue growth in the next few years, owing to the increase in the geriatric population, the prevalence of eye disorders in this population base, and the availability of advanced healthcare infrastructure. Also, regulatory approvals of new intraocular lenses are contributing to the revenue growth of the Europe market. In Sep 2020, Rayner launched Rayone EMV in the European market. They are preloaded nor-diffractive intraocular lenses, which provide an extended depth of vision.
The market in Asia Pacific is expected to register revenue growth at a significant pace during the forecast period due to the increasing incidence of eye disorders, the growing elderly population, and rising awareness about vision correction procedures in this region. The expanding medical tourism industry in emerging countries, such as India and Thailand, is also contributing to the revenue growth of the market in the region. China and Japan are among the largest markets for intraocular lenses in the Asia Pacific region. The market in the region is competitive, with the presence of a large number of international and local players.
The intraocular lens market in Africa is still in its developing stages, with a limited number of players operating in the region. However, the market is expected to grow in the coming years due to increasing awareness about vision correction procedures and rising disposable incomes in the region. The lack of well-established healthcare infrastructure and limited access to quality eye care services remain the major challenges for the revenue growth of the market in the region. The intraocular lens market in Africa is dominated by a few international players, and local manufacturers are limited in number.
Intraocular Lens Market Competitive Landscape
The prominent players operating in the global intraocular lens market are:
The intraocular lens market is highly competitive, with a large number of players operating globally. The market is dominated by a few established players, such as Johnson & Johnson, Alcon, Novartis, Bausch + Lomb, and HOYA Corporation. These players compete on the basis of product quality, innovation, and pricing. There are also several smaller players that offer specialized intraocular lenses and cater to niche segments of the market. Some of these players are focusing on R&D activities and product innovations to differentiate their products and gain a competitive edge. The market is expected to witness an increase in product launches and technological advancements, which would further intensify competition in the coming years. Mergers, acquisitions, and partnerships are also common strategies employed by players to expand their product portfolios and strengthen their market positions.
Intraocular Lens Market Strategic Developments
Intraocular lenses are artificial implants that are installed in the eye to replace natural focusing power and restore vision as a treatment for myopia and cataracts. Natural lenses are replaced or overlapped with an intraocular lens.
Increased geriatric population, the rising prevalence of eye diseases, and the availability of advanced treatment for eye surgery (robot-assisted surgery and laser surgery) are propelling revenue growth in the global market. Additionally, government support and regulations on the price of intraocular lenses, technological advancements in the manufacturing of intraocular lenses, and adoption of premium intraocular lenses are contributing to the market’s revenue growth.
Johnson & Johnson Vision Care Inc., Staar Surgical Company, Rayner Intraocular Lenses Limited, PhysIOL S.A., and Ophtec B.V. are among the top players operating in the global market.
Lack of awareness in rural population, high cost of surgery, absence of reimbursement policies for premium intraocular lenses, and risk of postoperative refractive error are restricting revenue growth in the market to a certain extent.
The intraocular lens market is expected to register a revenue CAGR of 4.6% during the forecast period.
*Insights on financial permanence is subject to availability of information in public domain