CHICAGO, Dec. 14, 2023 /PRNewswire/ -- Intraocular Lens Market in terms of revenue was estimated to be worth $4.2 billion in 2023 and is poised to reach $6.0 billion by 2029, growing at a CAGR of 6.3% from 2023 to 2029 according to a new report by MarketsandMarkets. The major driving factors for the growth of intraocular lens market include a growing global aging population, rising prevalence of cataracts, improving awareness regarding minimally invasive operations, and advancements in IOL technology. The intraocular lens market will be increasing in the emerging economies such as India and China due to increase in the population of cataract patients and hence it offers a significant growth opportunity for players in the intraocular lens market.
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Intraocular Lens Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $4.2 billion |
Estimated Value by 2029 | $6.0 billion |
Growth Rate | Poised to grow at a CAGR of 6.3% |
Market Size Available for | 2021 - 2029 |
Forecast Period | 2023 - 2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Material, Application, End user, and Region |
Geographies Covered |
|
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emerging market with untapped opportunities |
Key Market Drivers | Surge in the old age population |
Premium IOLs is accounted for the fastest growing segment of the global intraocular lens market
Types of Intraocular lens market further segmented into Monofocal IOLs, Premium IOLs, Phakic IOLs, and others. Premium IOLs accounted for the fastest growing segment in the Intraocular lens market. IOLs with functionalities beyond simple vision correction are becoming increasingly popular among patients. They are looking for lenses that can improve near and intermediate vision, treat astigmatism, and manage presbyopia. Exquisite IOLs that meet these requirements and produce better visual results include multifocal, toric, and extended depth of focus (EDOF) lenses. Premium IOLs contribute to this by offering faster visual recovery, better vision quality, and improved quality of life. This emphasis on patient satisfaction further strengthens the demand for premium IOLs.
Aspheric Monofocal IOLs segment is accounted for the highest share of the mono-focal intraocular lens market
IOLs come in several types and aspheric monofocal IOLs holds a significant share in the intraocular lens market. Because of their non-spherical design, aspheric IOLs decrease the effect of spherical aberration, a common optical flaw that can result in haze and blurred vision. When compared to conventional spherical lenses, certain aspheric mono focal IOLs provide a greater depth of focus. Patients may benefit from improved eyesight at intermediate distances, which will improve their capacity to conduct everyday tasks.
Hospitals accounted for highest share in the end user segment of the intraocular lens market
In End user segment, intraocular lens market is segmented into Hospitals, Ophthalmology Clinics, Eye Research Institutes, and Others. Hospital segments hold the highest market share in intraocular lens market. Factors such as large number of cataract surgeries performed, high adoption of novel technology in eye surgeries related to intraocular lenses, and comprehensive patient care, including pre-operative consultations, surgery, and post-operative follow-up helps the highest market share of the segment.
Asia Pacific is expected to grow at a significant CAGR during the forecast period
The population of Asia Pacific is the largest in the world, and a considerable proportion of that population is in the age range where cataracts are most likely to occur. There is a significant patient population for cataract surgery and IOL implantation due to the high frequency of cataracts. Families and individuals now have more discretionary income thanks to the Asia-Pacific area. Because of their increased purchasing power, more people are now able to purchase high-quality IOL alternatives and cataract surgery.
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Intraocular Lens Market Dynamics:
Drivers:
- Surge in the old age population
Restraints:
- Rising The Cost of Intraocular Lenses
Opportunities:
- Emerging market with untapped opportunities
Challenge:
- A shrinking in the workforce and skilled surgeons in intraocular lens industry
Key Market Players of Intraocular Lens Industry:
The prominent players in the intraocular lens market are Alcon Inc. (US), Johnson & Johnson Vision Care, Inc. (US), Carl Zeiss Meditec AG (Germany), Hoya Corporation (Japan), Bausch & Lomb (US), STAAR Surgical (US), Santen Pharmaceutical Co., Ltd. (Japan), NIDEK Co., Ltd. (Japan), LENSTEC, Inc. (US), Rayner Group (England), Beaver-Visitec International (US).
Following is a list of the major players (supply-side) in the intraocular lens market that this study refers to:
- By Company Type: Tier 1- 60%, Tier 2- 30%, and Tier 3- 10%
- By Designation: Director Level-30%, C-level- 50%, and Others- 20%
- By Region: North America-35%, Europe-20%, Asia Pacific-25%, Latin America- 15%, and Middle East and Africa-5%
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Intraocular Lens Market Recent Developments:
- In September 2023 Carl Zeiss Meditec AG launched AT ELANA 841P IOL, a single-piece hydrophobic acrylic implant which is based on the optical design of the single-piece, four point-haptic AT LISA tri 839MP.
- In January 2023, Bausch & Lomb (US) acquired AcuFocus (US) which is an ophthalmic medical device company that has delivered breakthrough small aperture intraocular technology to address diverse unmet needs in eye care.
- In March 2022, Alcon Inc. launched of Clareon Portfolio in the U.S. to strengthen leadership in IOL innovation. Clareon offers sharp vision, and it is designed to help reduce glare and posterior capsular opacification. The lens' proven STABLEFORCE Haptics provide superior axial and rotational stability.
- In March 2022, STAAR surgical received product approval from USFDA for EVO+ Visian Implantable Collamer Lens for the correction of myopia and myopia with astigmatism.
Intraocular Lens Market - Key Benefits of Buying the Report:
Analysis of key drivers (Growing number of old age population, increasing in the number of cataract surgeries, and Rise in the technological advancement in IOLs), restraints (rising the cost of intraocular lenses) opportunities (Potential growth opportunities in emerging countries), and challenges (shrinking in the workforce and skilled surgeons in intraocular lens industry) influencing the growth of the intraocular lens market.
- Product Development/innovation: Comprehensive details on new technologies, R&D initiatives, and product and service launches for intraocular lens market.
- Market Development: Comprehensive data on attractive markets, and the research analyzes the global intraocular lens market.
- Market Diversification: Detailed information on emerging products and services, unexplored regions, current trends, and investments in the intraocular lens market.
- Competitive Assessment: Comprehensive analysis of market shares, growth plans, and service offerings of major companies operating in the intraocular lens market like Alcon Inc. (US), Johnson & Johnson Vision Care, Inc. (US), Carl Zeiss Meditec AG (Germany), Hoya Corporation (Japan), Bausch & Lomb (US), STAAR Surgical (US), Santen Pharmaceutical Co., Ltd. (Japan), NIDEK Co., Ltd. (Japan), LENSTEC, Inc. (US), Rayner Group (England), Beaver-Visitec International (US), Ophtec B.V. (Netherlands), SAV-IOL SA (Switzerland), Appasamy Associates Private Limited (India), Atia Vision, Inc. (US), Biotech vision care (Switzerland), Teleon Surgical BV (Netherlands), OMNI Lens Pvt. Ltd. (India), EyeKon Medical, Inc. (US), Humanoptics Holding AG (Germany), Care Group (India), SIFI S.p.A. (Italy), Hanita Lenses Ltd (Israel), Excellent Hi-Care Pvt Ltd. (India), and Advin Health Care (India)
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