With 6.8% CAGR, Intraocular Lens Market Size to Surpass Around USD 6.77 Billion by 2029

According to Fortune Business Insights, Intraocular Lens Market to Reach USD 6.77 Billion by 2029; Increasing Eye Care Awareness to Boost Market Development

Pune, India, Dec. 07, 2022 (GLOBE NEWSWIRE) — The global intraocular lens (IOL) market size was valued at USD 3.65 billion in 2021 and USD 4.26 billion in 2022. The market is expected to reach USD 6.77 billion by 2029 with a CAGR of 6.8% during the forecast period. Increasing cases of cataracts and eye care awareness are predicted to boost the demand for IOL. Rising initiatives and support along with reimbursement policies by the government are set to drive market growth. New product approvals for extended depth of focus products are expected to propel the market progression. Fortune Business Insights™ shares this information in its report titled “Intraocular Lens (IOL) Market, 2022-2029.”

Key Industry Development

September 2022- SIFI S.p.A launched its Evolux extended monofocal intraocular lens (IOL). The product is made of hydrophobic material and a non-diffractive profile, which provides a better intermediate and equivalent distance vision.


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Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Drivers and Restraints

Increasing Procedures of Cataract to Fuel Market Progression

Increasing cases of cataract procedures and the prevalence of cataract are anticipated to drive the intraocular lens (IOL) market growth. One of the most common ophthalmic procedures is cataract surgery and the volume of this surgery has increased. According to the article published by Cataract Refractive Surgery Today (CRST) in 2021, more than 20.0 million cataract procedures are performed each year globally. Rising cases of blindness and cataracts surgeries is expected to drive market growth. Launch of various government initiatives and policies are expected to push market growth.
However, lack of reimbursement policies for premium products in various countries are anticipated to hamper the market growth.


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COVID-19 Impact:

Decline in Patient Visits Due to COVID-19 Impeded Market Growth

The COVID-19 pandemic led to a drop in the number of cataract and glaucoma surgical procedures. The negative factor which had more of a negative effect was decline in the number of patient visits to ophthalmologists due to coronavirus. Market players operating in the market reported significant decline in sales in terms of revenue for FY 2020. According to the 2020 data published by the National Institutes of Health (NIH), the COVID-19 pandemic significantly impacted the number of cataract procedures in Europe, with a 97.0% reduction between March and April 2020 to 2019.    

Segments

Monofocal Segment to Lead Due to Rising Number of Government Initiatives  

On the basis of type, the market is divided into monofocal and premium. The premium segment is further segmented into multifocal intraocular lens, toric, and others. The monofocal segment is anticipated to have a dominant part due to the rising number of government initiatives for utilizing monofocal lenses for cataract surgeries. The premium segment is also estimated to have widening growth prospects due to various advantages in terms of the treatment of complex vision problems such as presbyopia or astigmatism.


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Foldable Segment to Govern Owing to High Refractive Index

Based on material, the market is categorized into polymethylmethacrylate (PMMA) and foldable. The foldable segment is sub-divided into hydrophobic acrylic, hydrophilic acrylic, and silicone & collamer. The foldable segment is expected to have a major part owing due to its high refractive index and low water content and boosting its preference.

Hospitals & Ambulatory Surgery Centers to Dictate as They are the Prime Centers for Cataract Procedures

Based on end-user, the market is categorized into hospitals & ambulatory surgery centers, specialty clinics, and academic & research institutes. Hospitals & ambulatory surgery centers segment is expected to have a major part as hospitals are one of the prime centers for cataract procedures. Specialty clinics are set to be the second-largest segment due to rise in the number of standalone eye clinics in developed and developing countries.

Regional Insights

North America to Lead Market Share Owing to Approvals of Innovative Products  

North America is anticipated to head the intraocular lens (IOL) market share due to demand for novel products such as custom cataract lenses, rapid adoption of these products, and favorable insurance policies. The market reached a valuation of USD 1.24 billion in 2021, owing to growing and frequent approvals for innovative products.  

Europe is set to hold the positon for the second-largest market share in 2021 due to the increasing number of cataract surgeries, growing adoption of femtosecond lasers to transect hydrophobic and hydrophilic acrylic lenses for cataract surgeries, and increased preference for toric lenses.  

Asia Pacific is a set to develop prominently during the forecast period due to the prevalence of cataracts in the aged population as they are more prone to cataracts.


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Competitive Landscape

Development of Next-generation Products by Key Market Players to Set Market Progression

The key players, such as Alcon Inc. and Johnson & Johnson Vision Care, Inc. and Johnson & Johnson Surgical Vision, Inc. and Alcon Inc., lead the market due to their wide geographical presence. Johnson & Johnson Vision Care, Inc. and Johnson & Johnson Surgical Vision, Inc. have strong market presence in key markets coupled with a strong distribution network. In April 2022, Rayner Intraocular Lenses Limited collaborated with Aston University to develop the next generation of lenses that offers patients a high-quality full range of vision.

List of Key Players Profiled in the Report

  • Alcon Inc. (Switzerland)
  • Johnson & Johnson Vision Care, Inc. and Johnson & Johnson Surgical Vision, Inc. (U.S.)
  • Bausch & Lomb Incorporated (Canada)
  • HOYA (Japan)
  • STAAR SURGICAL (U.S.)
  • Rayner Intraocular Lenses Limited. (U.K)
  • Hanita Lenses (Israel)
  • SIFI S.p.A (Italy)
  • Biotech (Switzerland)


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Some major points from Table of Content:

  • Introduction
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
    • Market Trends
  • Key Insights
    • Number of Cataract Surgery, By Key Countries, 2021
    • Prevalence of Cataract, By Key Countries, 2021
    • Regulatory Scenario, By Key Countries
    • Overview of Government Cataract Initiatives
    • New Product Launches, By Key Players
    • Reimbursement Scenario For Key Countries
    • Key Industry Developments – Mergers, Acquisitions, and Partnerships
    • Impact of COVID-19 on the Global Intraocular Lens (IOL) Market
  • Global Intraocular Lens (IOL) Market Analysis, Insights and Forecast, 2018-2029
    • Market Analysis, Insights and Forecast – By Type
      • Monofocal
      • Premium
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
        • Multifocal 
        • Toric 
        • Others
    • Market Analysis, Insights and Forecast – By Material
      • Polymethylmethacrylate (PMMA)
      • Foldable
        • Hydrophobic Acrylic
        • Hydrophilic Acrylic
        • Silicone & Collamer
  • North America Intraocular Lens (IOL) Market Analysis, Insights and Forecast, 2018-2029
    • Market Analysis, Insights and Forecast – By Type
      • Monofocal
      • Premium
    • Market Analysis, Insights and Forecast – By End-user
      • Hospitals & Ambulatory Surgery Centers
      • Specialty Clinics
      • Academic & Research Institutes
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa
        • Multifocal 
        • Toric 
        • Others
    • Market Analysis, Insights and Forecast – By Material
      • Polymethylmethacrylate (PMMA)
      • Foldable
        • Hydrophobic Acrylic
        • Hydrophilic Acrylic
        • Silicone & Collamer
  • Europe Intraocular Lens (IOL) Market Analysis, Insights and Forecast, 2018-2029
    • Market Analysis, Insights and Forecast – By Type
      • Monofocal
      • Premium
    • Market Analysis, Insights and Forecast – By End-user
      • Hospitals & Ambulatory Surgery Centers
      • Specialty Clinics
      • Academic & Research Institutes
    • Market Analysis, Insights and Forecast – By Country
      • U.S.
      • Canada
        • Multifocal 
        • Toric 
        • Others
    • Market Analysis, Insights and Forecast – By Material
      • Polymethylmethacrylate (PMMA)
      • Foldable
        • Hydrophobic Acrylic
        • Hydrophilic Acrylic
        • Silicone & Collamer
    • Market Analysis, Insights and Forecast – By End-user
      • Hospitals & Ambulatory Surgery Centers
      • Specialty Clinics
      • Academic & Research Institutes
    • Market Analysis, Insights and Forecast – By Country/ Sub-Region
      • Germany
      • France
      • U.K.
      • Italy
      • Spain
      • Scandinavia
      • Rest of Europe

Continued…

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