The intraocular lens market Size was recorded at USD 4.43 billion in 2022 and is projected to grow from USD 4.76 Billion in 2023 to USD 7.95 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.72% during the forecast period (2023 - 2032). The increasing prevalence of cataracts has led to an intense need for these medical products. This is just one of the few market drivers that are enhancing the market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising prevalence of eye diseases is participating in the market growth of the Intraocular Lens. Eye diseases such as macular degradation, glaucoma, and cataracts lead to vision problems. An Intraocular lens is an unnatural lens related to the eye. It substitutes the eye's natural lens that has been removed during cataract surgery. Technological benefits in intraocular lenses are a key trend gaining popularity in the Intraocular Lens market. A study in the Scientific Reports in January 2022 stated that cataracts and blepharoptosis are common ophthalmic problems in adults in Korea; the prevalence of blepharoptosis in middle-aged to older people is over 10%, and cataract is 15%. Thus, the increasing prevalence of ophthalmic disease boosts market growth over the study period. The rise in the burden of diabetes is one of the reasons causing vision impairment, which is anticipated to promote the market growth of the Intraocular Lens. Furthermore, the rise in the geriatric population leads to various types of diseases, such as diabetes mellitus, and an increase in the number of ophthalmic issues are additional factors that fuel the market growth of the Intraocular Lens. Furthermore, technological innovations in intraocular lenses are expected to open Intraocular Lens market opportunities in forthcoming years. Due to busy lifestyles, cases of vision loss have been increasing globally. The increasing prevalence of eye diseases will drive the market of Intraocular Lens. Thus, this factor is driving the market CAGR.
Figure 1: Intraocular LensConsumption around the globe
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Additionally, the growing number of cases of cataracts in the diabetic population is caused by various elements, such as the use of electrical things for a longer duration and, increased screen time for hours of online work and other activities. Rapid digitalization and the increasing use of electronic devices like mobile phones, laptops, computers, and tablets, among others, owing to excessive engagement on social media platforms, are adding to a high risk for their vision capacity irrespective of their age. A pool of senior citizens is often very likely to be affected by many kinds of ophthalmic issues that are incurable and demand eye corrections. As a repercussion of this unhealthy habit, there is a rise in the call for the treatment of intraocular lenses. Since this treatment provides more detailed ways and solutions and a variety of options for physicians, there is definitely a growth in the demand for intraocular lenses. Further, this market is attributed to the rapid growth of the growing prevalence of eye diseases, eye disorders, and diabetes across the globe, technological advancements, and rising government strategies to treat blindness caused by cataracts. Thus, it is anticipated that this aspect will fuel the Intraocular Lens market revenue globally.
The market segmentation of Intraocular Lens, based on type, includes mono-focal intraocular lens, multifocal intraocular lens, accommodating intraocular lens, phakic Intraocular Lens, and others. The mono-focal segment held the majority share according to theIntraocular Lens market data, owing to the cheaper rates than the multifocal or premium products. Besides, the increasing number of government initiatives for employing mono-focal lenses for cataract surgeries has crucially propelled the segment's growth. According to the National Institutes of Health article in 2022, mono-focal lenses are amongst the most commonly implanted products. Further, as these products are more favorably compensated, the popularity of these products amongst the common population also contributes to their growth prospects.
However, the multifocal and other segments are projected to witness growth during the study period. This is owing to some major benefits to the premium segment in terms of complex vision problems' treatment, such as astigmatism or presbyopia. Also, Rising technological progress in the lenses to make them more worthy and easily accessible to final users at an affordable price is adding to the segmental growth.
Figure 2:Intraocular Lens market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The market segmentation of Intraocular Lens, based on material, includes Hydrophobic Acrylic, Hydrophilic Acrylic, Polymethylmethacrylate (PMMA), and others. The Hydrophobic Acrylic and Hydrophilic Acrylic segments dominated the market growth in 2022 and are expected to be the faster-growing due to their high deflective index and less water content and raising their preference. Additionally, the products composed of hydrophobic acrylic and hydrophilic acrylic materials can be put through small cuts and can be more widely employed in cataract surgeries.
However, the polymethylmethacrylate (PMMA) segment is also anticipated to have the second-largest market share during the forecast period. It was one of the first materials utilized for making intraocular lenses. PMMA is notably used in Europe and the rest of the world because of its low-cost compared to acrylic products.
Intraocular Lens End User Insights
According to Intraocular Lens market data end-users market is segmented into hospitals & ambulatory surgery centers, ophthalmic clinics, and others. The hospitals & ambulatory surgery centers segment dominated the market revenue of Intraocular Lens and is anticipated to rise as hospitals are prime centers for taking care of cataract processes. Further, approved government policies for cataract approaches and an increase in the count of government hospitals are a few of the reasons for the growth of this segment while the forecast period.
However, the ophthalmic clinic category holds the second-largest market share in the year 2021. The rise in autonomous eye clinics in developing and developed regions is expected to add to the segment's growth.
By region, the study states the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American intraocular lenses market accounted for USD 3.7 billion in 2022 and is anticipated to show a significant CAGR (5.17%) growth during the forecast period. This is owing to an increase in vision-related disorders, the increased adoption of advanced technologies and more product launches in the healthcare sector, and the demand for better healthcare facilities.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Intraocular Lens Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s Intraocular Lens market accounts for the second-largest market share. This is due to the growing number of cataract surgeries, the increasing adoption of femtosecond lasers to transect hydrophilic and hydrophobic acrylic lenses for surgeries, and the rising preference for toric lenses. Moreover, the UK market of Intraocular Lens held the largest market share, and the Germany market of Intraocular Lens was the fastest-growing market in the region.
Asia Pacific Intraocular Lens market is anticipated to grow at the fastest CAGR from 2023 to 2032. It is owing to the rising geriatric population, a common participant in the final prevalence of cataracts in the region since the aged crowd is prone to cataracts. Further, the China market of Intraocular Lens held the largest market share, and the India market of Intraocular Lens was the fastest-growing market in the region.
Intraocular Lens Key Market Players & Competitive Insights
Major market players are making huge investments in R&D to grow the market for their products, which will assist the market of Intraocular Lens is rising even more. Market participants are making strategies to leave their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, partnerships, huge investments, and collaboration with other organizations. participants in the Intraocular Lens industry must offer low-cost products to enlarge and survive in a highly competitive and growing market environment.
One of the primary strategies for businesses adopted by producers in the global Intraocular Lens industry to advance clients and expand the market is to produce locally to lower operating costs. In recent years, the Intraocular Lens industry has offered medicine with some of the most significant benefits. The Intraocular Lens markets major players such as HOYA Corporation, Alcon Inc. Aurolab, Bausch + Lomb, Carl Zeiss Meditec, and others.
HOYA Corporation was established in November 1941, headquartered in Tokyo, Japan. It is a med-tech company, and a top supplier of new high-tech and medical products, globally. Hoya is vigorous in the fields of IT and healthcare, providing endoscopes, intraocular lenses, eyeglasses, and optical lenses, as well as major components for LCD panels, HDDs, and semiconductor devices.
Alcon was founded in 1947 in Fort Worth as a small ophthalmic pharmaceutical business, the company (Alcon) is engaged in the maturing and production of devices in the field of ophthalmology. The company’s portfolio encircles contact lenses and surgical products, including consumables, surgical equipment, and implantables. The company's products are referred for the treatment of various medical conditions such as retinal diseases, glaucoma, cataracts, and refractive errors.
Key Companies in the market of Intraocular Lens include
Intraocular Lens Industry Developments
January 2020: HOYA announced its distributor partnership with GeMax. The organization GeMax is a specialty marketing service provider of IOLs with a strong marketplace and a professional reputation in China, showing more than 630 major hospitals in 32 provinces.
March 2022: Alcon Inc. introduced the Clareon family of intraocular lenses in the U.S. by utilizing the most beneficial material.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 4.43 billion |
| Market Size 2023 | USD 4.76 billion |
| Market Size 2032 | USD 7.95 billion |
| Compound Annual Growth Rate (CAGR) | Â 5.72% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018 – 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Materials, and End Users |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | HOYA Corporation, Alcon Inc. Aurolab, Bausch + Lomb, Carl Zeiss Meditec |
| Key Market Opportunities | ·        Limitations associated with the multifocal Intraocular, Lenssuch as near-distance clarity and blurred vision, hamper the market. |
| Key Market Dynamics | ·        Increasing evolution of new intraocular lens |
Intraocular Lens Market Highlights:
Frequently Asked Questions (FAQ) :
TheIntraocular Lens market size was valued at USD 4.43 Billion in 2022.
The global market is projected to grow at a CAGR of 5.72% during the forecast period 2023-2032.
North America has held the largest share of the global market
The key players in the market are HOYA Corporation, Alcon Inc. Aurolab, Bausch + Lomb, and Carl Zeiss Meditec.
The mono-focal intraocular lens category dominated the market in 2022.
Boh hydrophobic acrylic and hydrophilic acrylic had the largest share of the global market.
Which end-users had the largest market share in the Intraocular Lens market?
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Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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