Global intraocular lens market size is anticipated to reach US$ 6.2 Billion in 2027 from US$ 4.5 Billion in 2021.
Global Intraocular Lens Market is Expanding at a CAGR of 5.49% during 2021-2027:
As the senior population becomes more prone to ocular illnesses, cataract prevalence rises, and governmental efforts to end preventable blindness expand, the global intraocular lens market is anticipated to grow.
Additionally, the use of premium lenses is increasing, which offers advantages like improved visual performance and less astigmatism.
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During the forecast period, better patient acceptance around the globe, more understanding of premium IOLs, and positive recommendations from healthcare professionals are also expected to drive the global intraocular lens market.
Monofocal Intraocular Lens Segment to Dominate Backed by Cost-effective Nature:
According to the product, there are four market segments in this study: Monofocal IOL, Multifocal IOL, Toric, and Accommodative.
The study predicts that for the foreseeable future, the monofocal intraocular lens category will dominate the IOL market share. The majority of monofocal IOL sales can be ascribed to favourable government reimbursement policies and low monofocal lens pricing when compared to premium lenses.
Contrarily, the advantages of multifocal and accommodative IOLs over monofocal lenses, as well as an increased preference for toric lenses, are anticipated to promote growth in the premium intraocular lens market.
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Availability of Free Cataract Surgery to Propel the Expansion of Hospitals Segment:
In terms of market share in 2021, the hospital sector represented the largest percentage of the market. The expansion of government institutions and non-profit organisations offering free cataract procedures, attractive health reimbursement, and rising demand for daycare surgery in hospitals are just a few of the significant IOL market trends driving the segment’s rise.
North America is anticipated to dominate the market for the duration of the projection period. Technology improvements like as custom cataract lenses, Extended Depth of Focus (EDoF), and new product debuts are to blame for the significant North American IOL market share. According to the American Academy of Ophthalmology, 50 million Americans will develop cataracts by 2050. In the United States, demand for an intraocular cataract lens is anticipated to increase as a result throughout the projection period.
The prominent companies in the intraocular lens market are:
• Johnson & Johnson Vision Care, Inc.
• LENSTEC, INC.
• NIDEK CO., LTD.
• Oculentis GmbH
• Alcon, Inc.
• Bausch + Lomb
• Carl Zeiss Meditec
• EYEKON MEDICAL, INC.
• HOYA Corporation
• HUMANOPTICS AG.
• Ophtec BV
• Rayner Intraocular Lenses Limited
• STAAR Surgical Company
Industry Key Players:
A small number of major companies dominate the intraocular lens industry, including Novartis AG, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Johnson and Johnson Vision Care, Inc., Alcon, and Hoya Corporation.
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Global Intraocular Lens Market, by Type
• Monofocal Intraocular Lens
• Multifocal Intraocular Lens
• Accommodating Intraocular Lens
• Phakic Intraocular Lens
Global Intraocular Lens Market, by Material
• Hydrophobic Acrylic
• Hydrophilic Acrylic
• Polymethylmeth- acrylate (PMMA)
Global Intraocular Lens Market, by End User
• Ophthalmic Clinics
• Ambulatory Surgical Centers
Global Intraocular Lens Market, by Region
o North America
o Latin America
o Western Europe
Rest of Western Europe
o Eastern Europe
o South Korea
o Rest of Asia-Pacific
• The Middle East & Africa
o Middle East
The major players are concentrating their efforts on executing acquisitions that will help them strengthen their position in the industry. Significant players also collaborate with charitable organisations to spread knowledge about cataracts and other eye diseases.
In order to maintain a strong product range, manufacturers also show a considerable interest in bringing new products to market.
The Impact of COVID-19 on the Global Intraocular Lens Market:
Due to the COVID-19 outbreak in December 2019, routine medical appointments were postponed globally to stop individuals from contracting the virus. This impacted the market badly in the first half of 2020. Due to the large number of senior patients and increased risk of acquiring COVID-19 symptoms, there was a significant reduction in procedure volumes, which led to lost revenue and the temporary or permanent closure of individual ophthalmic practise units.
Sales of intraocular lenses decreased during the pandemic, but the market is already rebounding and is expected to grow steadily over the course of the projection period. A rise in diagnosed cases of blindness and an increase in the prevalence of cataracts are important market growth drivers. Sales of intraocular lenses will undoubtedly increase as healthcare spending rises and awareness of cataracts grows.
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