The global Intraocular Lens Market valued at US$ 4.1 billion in 2022 is projected to surge to US$ 6.7 billion by the end of 2032. Sales of intraocular lenses are slated to rise at a steady 5% CAGR over the next ten years.
An increasing number of cataract removal surgeries being performed across the world is anticipated to be a key driver for the global intraocular lenses market across the forecast period. Rising geriatric population, adoption of advanced ophthalmic products, high incidence of diabetes, and introduction of favorable reimbursement policies are other factors that are expected to uplift market growth.
Click here to get a Sample Report (Including Full TOC, Table & Figures):
Key manufacturers of intraocular lenses are focusing on the expansion of their business scope to gain a competitive edge over other market players.
- In January 2022, Rayner, a U.K.-based IOL manufacturer announced the expansion of its product portfolio. The RayOne product portfolio features RayOne Hydrophobic BLF, which is the first blue light-filtering intraocular lens made to protect the retina from harmful blue light.
- In July 2021, Johnson & Johnson Vision, a subsidiary of Johnson & Johnson announced that it had received FDA approval for its new intraocular lenses. Tecnis Synergy and Tecnis Synergy Toric II were the two lenses that were approved by the U.S. Food and Drug Administration.
Key Takeaways from Market Study
- At present, the global intraocular lenses market is valued at US$ 4.1 billion.
- Sales of intraocular lenses are estimated to progress at a 5% CAGR over the next ten years.
- Revenue from the intraocular lenses market is slated to reach US$ 6.7 billion by 2032.
- Lack of insurance coverage for postoperative issues and the absence of proper reimbursement for premium intraocular lenses are projected to hamper market growth.
- China, Japan, and India are anticipated to lead the demand for intraocular lenses in the Asia Pacific region owing to the high incidence of diabetes and rising number of cataract surgeries being performed.
- Monofocal intraocular lenses accounted for nearly 50% share of the global market in 2021 and a similar trend is expected for the forecast period.
“Increasing incidence of diabetes and rising patient pool for cataracts are expected to be crucial to intraocular lenses market evolution,” says a Fact.MR analyst
The United States presents a highly attractive market for suppliers of intraocular lenses due to several compelling factors:
- Large and Aging Population: The U.S. has a sizable and continuously growing elderly population. With age, the incidence of cataracts and other vision-related conditions increases, leading to a higher demand for intraocular lenses (IOLs) for cataract surgery and vision correction.
- Advanced Healthcare Infrastructure: The country boasts a well-developed and advanced healthcare infrastructure, including state-of-the-art ophthalmic clinics and surgical centers. This infrastructure supports the adoption of advanced IOL technologies and procedures.
- Technological Advancements: The U.S. is a hub for medical research and innovation, fostering continuous advancements in IOL technology. Suppliers offering cutting-edge IOLs with enhanced features and improved visual outcomes are likely to find a receptive market in the country.
- High Healthcare Spending: The U.S. has one of the highest healthcare expenditures globally, indicating a willingness to invest in advanced medical treatments, including premium IOLs. Patients in the U.S. often seek high-quality products and procedures, providing an opportunity for premium IOL suppliers.
- Insurance Coverage and Medicare Support: Medicare and private health insurance plans typically cover cataract surgery and basic IOLs, making the procedure accessible to a broad population. Medicare Advantage plans may also cover premium IOLs, allowing for wider adoption.
- Increasing Prevalence of Cataracts: The rising prevalence of age-related cataracts in the U.S. is driving the need for cataract surgeries and IOL implantations. This trend is expected to continue as the population continues to age.
- Focus on Vision Correction: Beyond cataract surgery, there is a growing trend of patients seeking vision correction procedures like refractive lens exchange (RLE) or implantable collamer lenses (ICLs) for reducing dependence on glasses and contact lenses.
- Favorable Regulatory Environment: The U.S. Food and Drug Administration (FDA) maintains rigorous standards for medical devices, including IOLs. Suppliers that meet the regulatory requirements can gain credibility and trust among patients and healthcare providers.
- Competitive Market: While the U.S. market is competitive, there is room for innovative products and niche offerings. Suppliers with unique and specialized IOLs that cater to specific patient needs can find opportunities for market penetration.
- Growing Awareness and Education: Patients in the U.S. are increasingly proactive about their eye health. Increased awareness about the benefits of advanced IOLs and growing patient education efforts contribute to higher adoption rates.
- By Type:
- Monofocal Intraocular Lens
- Premium Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Accommodative Intraocular Lens
- By Material:
- Hydrophobic Acrylic
- Hydrophilic Acrylic
- Polymethylmethacrylate (PMMA)
- By End User :
- Ophthalmic Clinics
- Ambulatory Surgical Centers
- Eye Research Institutes
- By Region :
- North America
- Latin America
Intraocular lens manufacturers are investing in research and development of novel lenses to fast-track their launch and advance their sales potential. Suppliers of intraocular lenses are also expected to focus on the expansion of their business scope through various collaborations, partnerships, and mergers across the forecast period.
A detailed account of all market strategies adopted by key players as well as new entrants has been profiled in this latest intraocular lenses market research report by Fact.MR, a market research and competitive intelligence provider.
Companies in the intraocular lens market are expected to focus on acquisitions, mergers, collaborations, and partnerships that help them strengthen their global market presence.
- In January 2022, Alcon, a leading eye care brand announced the completion of its acquisition of Ivantis, known for its novel Hydrus® Microstent designed to lower eye pressure for open-angle glaucoma patients. Alcon planned to bring Ivantis’s novel minimally invasive glaucoma surgery (MIGS) device to the international markets and gain a competitive edge.
Key manufacturers of intraocular lenses are also focusing on getting approval for their new products from regulatory authorities to commercialize them and propel sales potential.
- In July 2022, Lenstec Inc., a leading designer and manufacturer of lenses, announced that its Lenstec SBL-3 IOL has been approved by the U.S. FDA. It is a next-gen asymmetric multifocal refractive intraocular lens with a patented design that provides improved contrast sensitivity and minimizes glare and halo that are associated with traditional intraocular lenses.
Check out more related studies published by Fact.MR Research:
Artificial Eye Lenses Market– Artificial eye lens or Psuedophakos is also known as the intraocular lens that is used to treat patients suffering from cataract. The artificial eye lens is implanted in the eye by replacing the natural lens. A lens helps focus light into your eye retina, the layer of light-sensitive tissue in the back of your eye.
Colored Contact Lenses Market– The global coloured lenses market in 2022 is valued at USD 5403.28 Million. This market is projected to grow with a CAGR of 9.92% in the forecast duration. The coloured contact lenses market is expected to surpass a valuation of USD13,913 Million by the end of 2032. The major growth in the market is likely due to a surge in eye disorders.
Cataract Disposable Products Market– Cataract disposable products are used for treating cataract, in which the damaged lens are replaced with artificial lens to make the vision clear and sharp. Use of cataract disposable products have increased in the recent years owing to the increasing number of ophthalmic surgeries. Use of cataract disposable products improves the patients safety by reducing the disease transmission and contamination.