According to Arizton, in 2022, revenue from the premium IOL Industry was estimated to be $1.5 billion, accounting for close to 30% of the global intraocular lens market share, due to high lens pricing and increased procedures.
Arizton’s latest research report states that the intraocular lens market will grow at a CAGR of 7.25% from 2022 to 2028.
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INTRAOCULAR LENS MARKET REPORT SCOPE
| Report Attributes | Details |
| Market Size (2028) | USD 7.82 Billion |
| Market Size (2022) | USD 5.11 Billion |
| CAGR (2022-2028) | 7.25% |
| Base Year | 2022 |
| Forecast Year | 2023-2028 |
| Market Segments | Product, Material, End-User, and Geography |
| Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
| Countries Covered | The US, Canada, the UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, and Turkey |
| Key Vendors | Alcon, Bausch & Lomb, HOYA, Johnson & Johnson, ZEISS, AcuFocus, Aurolab, Biotech Healthcare Group, BVI, Care Group, Excellent Hi-Care, Eyekon Medical, Hanita Lenses, HumanOptics, Lenstec, NIDEK, Omni Lens, Ophtec, Rayner Group, RXSIGHT, SAV-IOL, SIFI S.p.A, STAAR SURGICAL, TELEON, and ZARACCOM LENSES |
| Market Dynamics | Rising Prevalence of Vision Impairments
Strengthening of R&D and Product Launches Advances in IOL Materials and Surface Modification in Cataract Surgery |
For more details read the latest report: https://www.arizton.com/market-reports/intraocular-lens-market
In addition, the global premium IOL market is projected to grow significantly faster as global cataract procedure volumes return to pre-COVID-19 levels. The global market for premium IOLs is expected to grow at a significant CAGR compared with the CAGR growth of the global traditional IOL market, according to Arizton. The adoption of advanced cataract lasers and the increase in cataract procedures will increase the demand for IOLs, driving the global intraocular lens market growth in the upcoming years.
Vendors, especially global players, increasingly pursue inorganic growth strategies to expand their presence, enhance their product portfolio, and improve their market expertise. Such inorganic initiatives will complement vendors’ organic growth strategies, gaining traction among end-users. Most acquisitions provide significant opportunities for both parties in terms of advances in the product portfolio, market expansion, penetration in existing and newer markets, and market share.
Vendors are focusing on Product Innovation and Next-Generation IOL
Vendors in the intraocular lens market are focused on using innovative technology platforms to increase the comfort and ease of use for IOLs. Technological enhancements to existing product lines and innovations in new products have markedly improved the product entrenchment of IOLs in the recent past. Intraocular lens (IOLs) has undergone tremendous advances, especially over the last 5-10 years. Modern-day cataract surgery mostly consists of phacoemulsification for cataract removal and implantation of an IOL. Advances in lens technology have included toric lenses for astigmatism correction and multifocal, trifocal, and extended-depth-of-focus lenses for presbyopia correction.
Rapidly Evolving Cataract Surgical Technology
The prevalence of cataracts aged 40 years and older is approximately 11.8% to 18.8%. Currently, cataract surgery is a widely adopted way to treat cataracts. Cataract surgery has evolved from vision restoration to refractive surgery. It led to the era of refractive cataract surgery, where premium intraocular lenses (IOLs) such as toric IOLs, multifocal IOLs, and extended-depth-of-focus IOLs are increasingly being used to meet the needs of patients. In addition to intraocular lens calculation and design, improving operation technology may also play a decisive role in further improving the visual effect after the operation.
More than 80% of Impaired Vision Cases are Preventable
Globally, more than 80% of impaired vision cases are preventable with early diagnosis and treatment. As the world population ages, the need for quality vision care is expanding and evolving with the availability of a diverse range of IOLs for several vision impairments. By 2030, the number of people worldwide aged 60 years and over is estimated to increase from 962 million (2017) to 1.4 billion, while those over 80 years will increase from 137 million (2017) to 202 million. It has been projected to increase 1.3 times between 2020 (76 million) and 2030 (95.4 million), and those with age-related macular degeneration, 1.2 times between 2020 (195.6 million) and 2030 (243.3 million).
Strengthening of R&D and Product Launches
Vendors are also strategically focusing on developing and commercial launches of their vision care products for treating visual impairment disorders such as presbyopia, myopia, hypermetropia, astigmatism, aphakia, cataract, and keratoconus. New product approvals/launches and R&D activities help vendors expand their presence, enhance growth, and sustain their position in the intraocular lens market. Vendors are launching innovative devices to penetrate and tap the huge growth potential prevailing in the industry.
Advances in IOL Materials and Surface Modification in Cataract Surgery
Advances in IOL include materials and structural design. In the optical structure design, multiple foci were achieved by refraction, diffraction, or combining two surface structures, resulting in sharp images at multiple distances. Extended depth-of-focus (EDOF) IOLs, Toric IOLs, and Aspheric IOLs are designed to improve the quality of vision. Regarding the non-optical part, square-edge IOLs effectively inhibit cell proliferation and reduce postoperative side effects. There are many advances in IOL materials today. The intraocular lens (IOL) market has evolved from rigid materials to foldable and soft materials, and currently, commercially available IOLs are mainly made of various acrylics. Materials have been improved to reduce the size of the IOL, prevent side effects after IOL implantation and surgery, improve biocompatibility, provide adaptability, and filter specific light. In the future, it is hoped that IOLs will more closely resemble the original lens.
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The report considers the present scenario of the global intraocular lens market and its market dynamics for 2023−2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the industry. It also profiles and analyzes leading companies and several other prominent companies operating in the industry.
KEY COMPANY PROFILES
- Alcon
- Bausch & Lomb
- HOYA
- Johnson & Johnson
- ZEISS
- AcuFocus
- Aurolab
- Biotech Healthcare Group
- BVI
- Care Group
- Excellent Hi-Care
- Eyekon Medical
- Hanita Lenses
- HumanOptics
- Lenstec
- NIDEK
- Omni Lens
- Ophtec
- Rayner Group
- RXSIGHT
- SAV-IOL
- SIFI S.p.A
- STAAR SURGICAL
- TELEON
- ZARACCOM LENSES
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MARKET SEGMENTATION
Product : Traditional/Monofocal IOL, Premium IOL, and Phakic IOL
Material: Hydrophobic Acrylic, Hydrophilic Acrylic, Silicone, and PMMA
End-user: Standalone Eye Care Centers & ASCs, Hospitals, and Eye Research Institutes
Geography: North America (The US, Canada), Europe (The UK, Germany, France, Italy, Spain) APAC (China, Japan, India, South Korea, Australia), Latin America (Brazil, Mexico, Argentina) and Middle East & Africa (South Africa, Saudi Arabia, Turkey)
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