Intraocular Lens Market Insights:
Intraocular Lens market is projected to be worth USD 6.35 Billion by 2030, registering a CAGR of 4.7% CAGR during the forecast period (2022-2030), the market was valued at USD 4.20 Billion in 2021. The multifocal intraocular lenses market segment accounted for more than 50.0% of total revenue in 2021 owing to the advantages such as high accuracy and better visualization. The hospital sector dominated the market with a revenue share of over 50.0% in 2021, due to the bulk of cataract and vision correction surgeries being carried out in hospitals. In 2021, North America held a commanding 34.4% revenue share of the global intraocular lens market.
Intraocular Lens Market Dynamics:
A tiny artificial lens for the eye is called an intraocular lens (or IOL). Intraocular Lens are used when a cataract is removed during surgery. The lens aids in seeing by bending (refracting) light rays as they enter the eye.
Driver:
The increased use of sophisticated premium intraocular lenses, increased prevalence of cataract surgery, and the development of innovative intraocular lenses by a significant number of important players all contribute to the growth of the worldwide IOL market. In addition, the aging population’s increased prevalence of disorders including diabetes mellitus and an increase in ophthalmic problems are the factors driving the intraocular lens market’s expansion.
Restraint:
The market’s expansion is hampered by poor reimbursement policies for premium lenses and postoperative issues such as refractive errors. Further, expensive treatment procedure are expected to hamper the growth of the market during the forecast period.
Opportunities
Intraocular lens market opportunity is anticipated to arise from technological advancements. For instance, the AcrySof IQ Vivity IOL, the very first and only presbyopia-correcting intraocular lens with wavefront influencing technology in India, was introduced in October 2021 by Alcon Inc., a division of Novartis. Increased product approvals will open up more attractive chances for the growth of the intraocular lens market globally.
COVID-19 Analysis of Intraocular Lens Market:
The global intraocular lens market’s expansion was negatively impacted by the COVID-19 epidemic. Patients were very reluctant to undergo elective procedures like cataracts and reconstructive surgery as a result of the COVID-19 pandemic. As only urgent surgeries were carried out, trips to eye clinics and hospitals substantially decreased. Access to Eye Care during the COVID-19 Pandemic, published by the National Center of Biotechnology Information in 2021, reports a 3.5% decrease in the number of patients accessing eye care hospitals. Numerous ophthalmologists had to temporarily close their practices as a result of the pandemic.
Intraocular Lens Market Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 6.35 Billion |
| CAGR (2022-2030) | 4.7% |
| By Product | Monofocal Intraocular Lens, Multifocal Intraocular Lens, Toric Intraocular Lens, Accommodative Intraocular Lens |
| By End Use | Hospitals, Ophthalmic Clinics, Ambulatory Surgery Centers, Eye Research Institutes |
| By geography | North America– (U.S., Canada, Mexico)
Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe) Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific) Latin America- (Brazil, Argentina, Chile, Rest of Latin America) The Middle East and Africa- (GCC, Turkey, Israel, Rest of MEA) |
| Key Players | Alcon, Inc., Johnson and Johnson Vision Care, Inc., Bausch & Lomb Incorporated, Carl Zeiss Meditec AG (ZEISS International), Rayner, EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical Company, HOYA CORPORATION |
Intraocular Lens Market Segment Analysis:
By Product
The multifocal intraocular lenses market segment accounted for 49.0% of total revenue in 2021 owing to the advantages such as high accuracy and better visualization. Additionally, as multifocal intraocular lenses offer three distinct visual zones, multifocal intraocular lenses are effective in treating individuals with complicated diseases and numerous retinal problems. Compared to conventional mono-focal lenses, these vision zones give patients better and more accurate vision at near, moderate, and far distances.
By End Use
The hospital segment dominated the market with a revenue share of over 50.0% in 2021, due to the majority of cataract and vision correction surgeries being carried out in hospitals. Individual ophthalmology clinics have significantly increased in number in emerging areas. There are no hospitals connected to these clinics. The competition among service providers is anticipated to expand with the growth of eye care professionals and clinics. Patients are anticipated to choose to receive treatment from these clinics in greater numbers due to the availability of services at affordable costs, which will accelerate the segment’s expansion.
Governmental and non-governmental groups have recently shifted their attention to doing ophthalmic research. The goal is to create cutting-edge technologies and intraocular lenses that have the ability to significantly better meet the needs of the patient population. Therefore, it is projected that increased investment in intraocular lens research and development will increase demand for intraocular lenses at academic and research institutions.
By Region
In 2021, North America held a commanding 34.4% revenue share of the global intraocular lens market. Throughout the prediction, it is anticipated to be the dominant region. This is brought on by the increased prevalence of ophthalmic conditions like cataracts. Additionally, the market in this region is expanding due to clearly defined regulatory standards and reimbursement procedures for cataract surgery. Further, during the projection period, Asia Pacific is anticipated to experience the quickest growth. The prevalence of a sizable geriatric and diabetic population—who are susceptible to cataracts and other ocular disorders—is significantly boosting the market in this area. Additionally, the industry is expanding as a result of rising awareness of cutting-edge treatment choices and a surge in patients from wealthy nations looking for low-cost healthcare.
Intraocular Lens Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), Product innovation, various business strategies, and Product & Service launches have accelerated the growth of the Intraocular Lens market. Key players in the market include-
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG (ZEISS International)
- Rayner
- EyeKon Medical, Inc.
- Lenstec, Inc.
- HumanOptics AG
- STAAR Surgical Company
- HOYA CORPORATION
- Alcon, Inc.
- Johnson and Johnson Vision Care, Inc.
Recent Development
- Alcon, Inc. declared in November 2021 that it intended to buy Ivantis, a business that creates and produces glaucoma surgery tools for minimally invasive procedures. Alcon’s commitment to enhancing its already superior array of products for refractive, retinal, cataract, and glaucoma conditions is reaffirmed by the planned acquisition.
- To educate the public about cataract symptoms, causes, and treatment choices during the month of cataract awareness in June 2021, Bausch & Lomb teamed together with the nonprofit group Prevent Blindness.
Table of Content
- Introduction
- Market Introduction
- Market Research Methodology
- Research Process
- Primary Research
- Secondary Research
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Limitations of the Study
- Product Picture of Intraocular Lens
- Global Intraocular Lens Market: Classification
- Geographic Scope
- Years Considered for the Study
- Research Methodology in brief
- Parent Market Overview
- Overall Intraocular Lens Market Regional Demand
- Research Programs/Design
- Market Breakdown and Data Triangulation Approach
- Data Source
- Secondary Sources
- Primary Sources
- Primary Interviews
- AverEnd Use primary breakdown ratio
- Market Dynamics
- Drivers
- Drivers
- Restraints
- Restraints
- Opportunity
- Impact forces on market dynamics
- Impact forces during the forecast years
- Industry Value Chain
- Upstream analysis
- Downstream analysis
- Therapeutic
- Direct Channel
- Indirect Channel
- Potential Customers
- Manufacturing/Operational Cost Analysis
- Pricing Analysis by Region
- Key Product Landscape
- Regulatory Analysis
- Porter’s Analysis
- Supplier Power
- Buyer Power
- Substitution Threat
- Threat from New Entry
- Competitive Rivalry
- PESTEL Analysis
- Political Factors
- Economic Factor
- Social Factors
- Technological Factor
- Environmental Factors
- Legal Factor
- Covid-19 impact on Global Economy
- Covid-19 impact on Intraocular Lens Market demand
- Post-Covid Impact on Intraocular Lens Market Demand
- Impact Analysis of Russia-Ukraine Conflict
- Drivers
- Global Intraocular Lens Market Segmentation, Revenue (USD Billion), (2022-2030)
- By Product
- Monofocal Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Accommodative Intraocular Lens
- By End Use
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgery Centers
- Eye Research Institutes
- By Product
- By Global Intraocular Lens Market Overview, By Region
- North America Intraocular Lens Market Revenue (USD Billion), by Countries, (2022-2030)
- US
- By Product
- By End Use
- Canada
- Mexico
- US
- Europe Intraocular Lens Market Revenue (USD Billion), by Countries, (2022-2030)
- France
- UK
- Spain
- Russia
- Italy
- BENELUX
- Asia Pacific Intraocular Lens Market Revenue (USD Billion), by Countries, (2022-2030)
- China
- Japan
- Australia
- South Korea
- India
- ASEAN
- North America Intraocular Lens Market Revenue (USD Billion), by Countries, (2022-2030)
- Latin America Intraocular Lens Market Revenue (USD Billion), by Countries, (2022-2030)
- Brazil
- Argentina
- Chile
- Middle East and Africa Intraocular Lens Market Revenue (USD Billion), by Countries, (2022-2030)
- GCC
- Turkey
- South Africa
- Global Intraocular Lens Market Revenue: Competitive Analysis, 2021
- Key strategies by players
- Revenue (USD Billion and %), By manufacturers, 2021
- Player Positioning by Market Players, 2021
- Competitive Analysis
- AbbVie, Inc.
- Business Overview
- Business Financials (USD Billion)
- Product Category, Source, and Specification
- Main Business/Business Overview
- Geographical Analysis
- Recent Development
- Swot Analysis
- Alcon, Inc.
- Johnson and Johnson Vision Care, Inc.
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG (ZEISS International)
- Rayner
- EyeKon Medical, Inc.
- Lenstec, Inc.
- HumanOptics AG
- STAAR Surgical Company
- HOYA CORPORATION
- AbbVie, Inc.
- Market Research Findings & Conclusion
Disclaimer
Research Methodology
The Market Research Community offers numerous solutions and its full addition in the research methods to be skilled at each step. We use wide-ranging resources to produce the best outcome for our customers. The achievement of a research development is completely reliant on the research methods implemented by the company. We always faithful to our clients to find opportunities by examining the global market and offering economic insights.Market Research Community are proud of our widespread coverage that encompasses the understanding of numerous major industry domains. Company offers consistency in our research report, we also offers on the part of the analysis of forecast across a range of coverage geographies and coverage. The research teams carry out primary and secondary research to carry out and design the data collection methods.