Intraocular Lens Market Size, Share, Growth Report 2030

Market Overview      

The global Intraocular Lens market accounted for USD 5.9 Billion in 2020 and is expected to reach USD 10.8 Billion by 2028, growing at a CAGR of 7.9% from 2021 to 2028.      

Intraocular lens is an artificial lens, which is implanted in the eye to replace the natural lens during cataract surgery. Increase in geriatric population susceptible to ocular conditions, rise in prevalence of cataract, and increase in initiatives taken by government to eliminate avoidable blindness are likely to spur the growth of the global intraocular lens market.    

The key players in the market are focusing on launching new product launch, mergers and acquisition, among others. For instance, in 2011, Lions Clubs International Foundation (LCIF) in partnership with Peoples Republic of China initiated a new phase of their campaign in China known as SightFirst China Action (SFCA), which aims at preventing blindness.

COVID-19 Impact Analysis:

The restrictions imposed by various nations to contain COVID had stopped the demand and supply resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and theirs a surge in demand. The market would remain bullish in upcoming year.  The significant decrease in the Global Intraocular Lens market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.  

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Growth Factors  

The significant rise in the prevalence of cataract is the main factor that has been boosting the growth of the worldwide intraocular lens market. Apart from this, the increasing incidence rate of diabetes in people across the world is making them highly prone to cataracts, which is resulting in a high demand for corrective treatments and medical aids, reflecting positively on intraocular lens market. The continual surge in the global geriatric population, which is the most susceptible age group to contract cataract, will also considerably support the growth of the intraocular lens market. In addition, technological advancements and the rising awareness among consumers about the product are expected to propel the intraocular lens market.

The high cost associated with the surgical process, however, may obstruct the growth trajectory of the intraocular lens market in the near future. Nevertheless, the augmenting capacity to spend on healthcare of consumers and the increasing support by various governments, in terms of reimbursement policies and subsidies on treatment propel intraocular lens market progression in the years to come, thereby normalizing the impact of hindrances on the intraocular lens market growth.

Report Scope:

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Type Segment Analysis Preview

The market is segmented into Monofocal IOLs and Premium IOLs. Premium IOLs  is sub-segmented into Multifocal IOLs, Accommodative IOLs, Toric IOLs, Aspheric IOLs, and others. Among them, the demand for monofocal IOLs is relatively higher and the trend is anticipated to remain so over the next few years.

Application Segment Analysis Preview

In the application segment, cataract surgery dominated the intraocular market. Intraocular lens market is majorly driven by the increased prevalence of cataract. Cataract surgery accounted for over 56.1% share of the overall market in 2016. Cataract surgery is the most preferred surgical procedure in developing as well as developed countries. Growing geriatric population susceptible to ocular conditions and the high presence of unmet medical needs especially in emerging and underdeveloped economies is expected to boost the market growth.

Material Segment Analysis Preview

By Material, the market is segmented into Polymethylmethacrylate (PMMA), Silicon, Hydrophobic Acrylic, and Hydrogel. Silicon segment held the major share in the market in 2020 and is likely to remain dominant throughout the forecast period.

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Regional Analysis Preview

North America has been leading the worldwide intraocular lens market and is anticipated to continue on the dominant position in the years to come, states the market study. The high level of awareness among consumers and the continuously increasing per capita expenditure on healthcare is the main factor behind the dominance of the North America intraocular lens market.

Key Market Players & Competitive Landscape

Some of key players in Intraocular Lens market are Rockwell Automation, Alcon, Bausch & Lomb Inc., Aurolab, Carl Zeiss Meditec AG, HOYA Surgical Optics, and EyeKon Medical Inc.

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The global Intraocular Lens market is segmented as follows:    

By Type

• Monofocal IOLs
• Premium IOLs   
  • Multifocal IOLs
  • Accommodative IOLs
  • Toric IOLs
  • Aspheric IOLs
  • Others

By Application

• Cataract Surgery
• Refractive Lens Exchange Surgery
• Trauma Surgery

 By Material

• Polymethylmethacrylate (PMMA)
• Silicon
• Hydrophobic Acrylic
• Hydrogel

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa