Increase in prevalence of cataract surgery, surge in adoption of advanced premium intraocular lens, and development of new intraocular lens by the large number of key players drive the growth of the global intraocular lens market.
PORTLAND, Ore., June 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Intraocular Lens Market by Type (Monofocal Intraocular Lens, Premium Intraocular Lens), by Material (Polymethylmethacrylate, Silicone, Hydrophobic and Hydrophilic Acrylic Materials), by End User (Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics, and Eye Research Institutes): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global intraocular lens market size generated $3.8 billion in 2021, and is expected to reach $6.5 billion by 2031, witnessing a CAGR of 5.6% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
Increase in prevalence of cataract surgery, surge in adoption of advanced premium intraocular lens, and development of new intraocular lens by the large number of key players drive the growth of the global intraocular lens market. However, unsupportive reimbursement scenario for premium lens and postoperative issues such as refractive errors restrain the market growth. On the other hand, technological innovations and rise in number of product approvals create new opportunities in the coming years.
Covid-19 Scenario
- During the Covid-19 pandemic, patients suffering from cataract and other eye-related issues were hesitant to seek immediate care due to possibility of cross-contamination in hospitals and clinics. Many ophthalmologists had to close their practices temporarily.
- The visits to eye clinics or hospitals lowered down significantly. According to the study conducted by National Center of Biotechnology Information in 2021, the patient visits to eye care hospitals reduced by 3.5% during the pandemic. This, in turn, reduced the demand for intraocular lens and impacted the intraocular lens market negatively.
The monofocal intraocular lens segment to maintain its leadership status during the forecast period
Based on type, the monofocal intraocular lens segment accounted for the highest market share in 2021, contributing to more than three-fifths of the global intraocular lens market, and is expected to maintain its leadership status during the forecast period. This type of lens is the preferred choice of numerous ophthalmologists, which, in turn, led to the dominance in terms of revenue for this segment. However, the premium intraocular lens segment is expected to witness the highest CAGR of 7.2% from 2022 to 2031, owing to their proficiency in treating patients suffering from intricate retinal issues.
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The hospitals segment to maintain its lead position during the forecast period
Based on end user, the hospitals segment held the highest market share in 2021, accounting for more than half of the global intraocular lens market, and is expected to maintain its lead position during the forecast period. This is due to surge in number of cataract procedures performed in inpatient settings. However, the ophthalmology clinics segment is projected to manifest the fastest CAGR of 6.8% from 2022 to 2031. This is attributed to rise in number of discrete ophthalmic clinics.
North America to maintain its dominance in terms of revenue by 2031
Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global intraocular lens market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to favorable reimbursement policies for cataract treatment in this region. However, Asia-Pacific is projected to manifest the fastest CAGR of 6.9% during the forecast period. This is attributed to surge in awareness regarding advanced treatment options and huge geriatric population base susceptible to cataract.
Leading Market Players
- Alcon
- Bausch Health, Inc.
- Carl Zeiss Meditech
- EyeKon Medical, Inc.
- Humanoptics
- Hoya Corporation
- Johnson & Johnson
- Lenstec, Inc.
- Rayner Intraocular Lens Ltd.
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