Intraocular Lens Market Scope
Global Intraocular Lens Market trends report has recorded the industry size at USD 3.7 billion in 2022 and is projected to grow from USD 3.8 Billion in 2023 to USD 5.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.17% during the forecast period (2023 – 2030).
Growth Boosters and Deterrents
Cataract is identified as a common ocular disorder across the globe and its prevalence rate is exceptionally high in developed nations where the geriatric population is quite large. The statistics are noted to be quite alarming and are prompting several technological innovations for better patient outcomes. These factors are acting in favor of the global intraocular lens industry and can mean higher demand in the years ahead.
Laser surgery for cataract has become quite popular over the years, which involves the use of optical coherence tomography images by surgeons to create specific and precise laser incisions in the cornea as well as the capsule. Robotic surgery, in addition to eye-tracking technology, three-dimensional imaging and femtosecond lasers, has emerged as a highly notable technology. Innovations in this field have turned cataract surgery the go to treatment option. Moreover, considering the cost-effectiveness, technological advances in line with supportive reimbursement schemes, IOLs are witnessing escalating demand worldwide.
The market for intraocular lens has been extensively covered in the MRFR report, and has therefore, been segmented with respect to type, material, and end user to present a more detailed layout.
The different types of intraocular lenses are multifocal intraocular lens, monofocal intraocular lens, phakic intraocular lens, accommodating intraocular lens, and more.
The materials covered in the report include polymethylmeth-acrylate (PMMA), hydrophilic acrylic, hydrophobic acrylic, and others.
Some of the top end users are ambulatory surgical centers, ophthalmic clinics, hospitals, and others.
The intraocular lens industry has been regionally considered for APAC/Asia Pacific, MEA/Middle East & Africa, America as well as Europe.
America seems to be making the highest progress in the global market and has secured the lead, given the supportive reimbursement scenario as well as the large-scale spending on healthcare. The rapid uptake of the latest technologies by the healthcare industry in the country also adds to the intraocular lens market’s value. Companies expending large amounts on conducting vigorous R&D activities to design more innovative devices with better features also ensure America’s sustained growth throughout the review period.
Europe is placed second in the global industry, given the escalating use of the latest intraocular lenses, a thriving healthcare industry in line with the mounting cases of cataract cases in the region. A substantially large pool of skilled and well-trained ophthalmologists and the availability of advanced devices, soaring number of cataract surgeries and the strong presence of world-renowned manufacturers also facilitate market growth in the region. Growing government intervention for spreading awareness about visual impairment and the resultant rise in the number of people coming forward to seek treatment should catapult the market position further in the coming years.
Asia Pacific is all set to exhibit the fastest growth trajectory between 2022 and 2030, thanks to the exploding population, rising disposable income, and the surge in patient awareness about eye care. The burgeoning geriatric populace prone to cataract contributes to the market growth as well. Substantial increase in the efforts given by the government to curb the escalation in vision impairment cases coupled with the solid growth witnessed by the healthcare industry in conjunction with the improving economic conditions also benefit the APAC industry.
Rayner Intraocular Lenses Limited, Nidek Co., Ltd., Eyekon Medical, Inc., Bausch + Lomb, STAAR Surgical Company, PhysIOL, Humanoptics AG, Ophtec BV, Lenstec, Inc., Alcon, Inc., Aurolab, Oculentis GmbH, Johnson & Johnson Vision Care, Inc., Carl Zeiss Meditec, HOYA Corporation, are identified as the strong contenders holding the intraocular lens market share.
Companies are setting aside huge budgets for the purpose of research and development focused on product innovation as well as new launches, with the aim to foster their worldwide reach. A few other strategies taken up by the vendors include acquisitions, collaborations, expansions, joint ventures, and FDA approvals.
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