The global intraocular lens market was valued at USD 6,887.0 million in the year 2019 and is anticipated to grow at a CAGR of 5.9% over the forecast period of 2020 to 2026. Growth in number of cataract patients coupled with other medical conditions such as diabetes causing retinopathy is anticipated to drive the global market for intraocular lenses in coming years.
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U.S. dominates the intraocular lens market across the North American region and is anticipated to grow at a CAGR of 5.3% over the forecast period. The market is forecasted to surpass mark of USD 2.5 billion by the year 2026. The rise in the number of technological advancements such as extended depth of focus and custom cataract lens from the manufacturers has proliferated the demand for the intraocular lens in the North America market.
Diabetic patients are prone to diabetes retinopathy, macular degeneration, and cataract disease. Therefore, a risk to the increase in the diabetic population results in an increased need for intraocular lenses. According to the International Diabetes Federation, India had a diabetic population of 50.8 million while the Eastern and Western regions of the Asia Pacific accounted for 59 million and 77 million diabetic patients, respectively.
The medical tourism industry and the massive pool of patients in the region are some of the other factors contributing highly to growth of the market. Increasing government and non-governmental organizations initiatives to deliver affordable and effective eye care facilities in the Asia-Pacific region are also projected to augur market growth over the forecast period.
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In terms of material, hydrophobic acrylic segment accounted for 59.2% of revenue and is anticipated to grow at a CAGR of 6.2% over the forecast period. On the other hand, Hydrophilic acrylic segment is anticipated to grow with the fastest CAGR of 6.7% compared to counterparts by 2026.
Monofocal intraocular lens are the most commonly used lens in a majority of the cases. Similar opinion is also shared by a majority of ophthalmic surgeons worldwide. Ease of use, and consistency in surgical outcomes form the key factors for high preference by surgeons to monofocal intraocular lens. Some popular brands in this space are the Alcon IQ Aspheric IOL, J&J Vision Tecnis one-piece lens, B+L enVista, SofPort AO, and Akreos AO. The lens mostly fold slowly, have acrylic material and thus have less chances of causing inflammation or interference with silicone oil retinal procedures. Monofocal lens are more preferred as they are mostly fully covered by insurance.
The global intraocular lens market is consolidated in nature with major players accounting for over 60% of the overall market share. Key players within the market include Alcon, Inc., Johnson & Johnson, Bausch & Lomb, Inc., and Carl Zeiss Meditec AG. Key players are concentrating on new product launches and acquisitions to expand their presence. For instance, in October 2019, Johnson & Johnson Vision Care launched TECNIS Eyhance™ monofocal intraocular lens in India to deliver high-quality distance vision along with better low-light contrast. Furthermore, In December 2019, Bausch & Lomb launched a new product VYZULTA® (latanoprostene bunod ophthalmic solution, 0.024%) under the Ontario Public Drug Benefit (ODB) Program, which will help to reduce intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. Such strategies is likely to increase the penetration of global leaders in untapped markets.
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Key Segments of Global Intraocular Lens Market
Product Overview, 2014-2026 (USD Million)
- Monofocal Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Accomodative Intraocular Lens
Material Overview, 2014-2026 (USD Million)
- Hydrophobic acrylic
- Hydrophilic acrylic
End Use Overview, 2014-2026 (USD Million)
- Ophthalmic Clinics
- Ambulatory surgery Centers
- Research and Academia
Regional Overview, 2014-2026 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central and South America
- Rest of Central and South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Table of Content:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Market Outlook
Chapter 4 Intraocular lens Market, by Product Type
Chapter 4 Intraocular lens Market, by End Use
Chapter 5 Intraocular lens Market, by Region
Chapter 6 Company Profiles
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