Intraocular Lens Market
According to Renub Research, the size of the intraocular lens market is anticipated to increase from US$ 4.23 billion in 2023 to US$ 6.11 billion by 2030. From 2024 to 2030, the industry is expected to expand at a compound annual growth rate of 5.39%. A growing aging population with a Intraocular Lens Market higher incidence of cataracts, ongoing technological advancements improving IOL designs, and increased global awareness and accessibility to eye care are all driving the market’s steady growth and creating demand for more sophisticated surgical interventions, which in turn is driving market expansion.
GROWTH FACTORS FOR THE INTRAOCULAR LENS (IOL) MARKET
Over the course of the forecast period, an increase in the number of cataract surgeries will propel market growth.
Since cataract surgery is one of the most popular ocular treatments performed worldwide, demand for it is growing. The rising incidence of cataracts and the resulting visual impairments are driving the market’s rise.
The National Programme for Control of Blindness and Visual Impairment (NPCBVI) released data in August 2023 indicating that around 83,44,824 cataract procedures were carried out in India in FY 2022–2023. Over the course of the projected period, these trends are expected to propel the global market revenue.
Furthermore, a major factor propelling the market has been the increased prevalence of age-related cataracts due to the aging population.
The Association for Research in Vision and Ophthalmology estimates that 15.2 million adults over 50 were blind in 2020, while an additional 78.8 million had cataracts. These figures are projected to support market growth throughout the course of the projection period. Therefore, the aforementioned reasons are expected to be major drivers of the global market’s growth throughout the forecast period.
Product – Market has been covered from 4 viewpoints:
- Monofocal IOL
- Multifocal IOL
- Toric IOL
- Accommodative IOL
Material – Market has been covered from 4 viewpoints:
- Polymethyl meth Acrylate Material
- Silicone Material
- Hydrophobic and Hydrophylic Acrylic Material
- Other Material
End User – Market has been covered from 4 viewpoints:
- Hospitals
- Ambulatory Surgery Centers
- Ophthalmology Clinics
- Eye Research Institutes
Analysis of the Intraocular Lens Market by Material
Hydrophilic acrylic, hydrophobic acrylic, silicone and collamer make up the remaining segments of the foldable market. The foldable sector is expected to take a sizable chunk of the market because of its low water content and high refractive index, which are increasing consumer desire. Furthermore, intraocular cataract lenses are used increasingly commonly in cataract surgery due to their flexible construction and ability to be placed through small incisions. It is anticipated that this trend in the intraocular lens market would help the foldable segment grow throughout the forecast period.
Polymethylmethacrylate (PMMA) was initially used to construct the intraocular lens. In Europe and other areas of the world, intraocular cataract lenses based on PMMA are commonly utilized. This is anticipated to encourage the segment of the polymethylmethacrylate (PMMA) market to develop over the projection period as the prevalence of cataracts rises.
Overview of the Intraocular Lens Industry
The nature of the intraocular lens market is semi-consolidated. In order to increase revenue share and broaden their product portfolios, major intraocular lens makers are making investments in mergers and acquisitions. Thus, firms in the market have a lot of room to grow as a result of the increasing attention that businesses are paying to emerging markets and the steady transition to new technologies. Alcon, Hoya Corporation, Carl Zeiss AG, Bausch Health Companies Inc., and EyeKon Medical Inc. are a few of the leading industry participants.
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Country – Market has been covered from 18 Country Intraocular Lens Industry
Americas
- United States
- Canada
- Mexico
- Brazil
Europe
United Kingdom
Germany
France
Italy
Spain
Netherlands
Asia – Pacific
- China
- Japan
- India
- South Korea
- Australia
Middle East & Africa
- United Arab Emirates
- South Africa
Rest of the World
Company Insights:
- Overview
- Recent Development
- Financial Insight
Companies Covered:
- Alcon Inc.
- Bausch Health Companies Inc.
- Hoya Corporation
- Johnson & Johnson
- STAAR Surgical Company
- Carl Zeiss Meditec AG (Carl-Zeiss-Stiftung)
- Novartis AG
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