Intraocular Lens Market Size Forecast Report 2024-2032

• Posted by Renub Research Oct 29 Filed in Business #Intraocular Lens Market  9 views
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  Overview of the Intraocular Lens Market

  According to Renub Research, the Intraocular Lens Market is projected to expand from USD 4.23 billion in 2023 to USD 6.11 billion by 2030. Intraocular lenses (IOLs) are essential medical devices that replace the eye's natural lens, aiding vision by focusing light. Commonly used in cataract surgery or refractive lens exchange, these lenses help correct various vision issues such as myopia, hyperopia, presbyopia, and astigmatism.

  The global demand for intraocular lenses is driven by rising cataract cases, leading to an increased need for corrective surgeries. Technological advancements, government support, and insurance policies have also fueled this growth. Efforts to reduce cataract surgery backlogs and raise eye care awareness across major regions are expected to propel market expansion during the forecast period.

  Projected Growth and Key Market Drivers

  The intraocular lens market is anticipated to grow at a compound annual growth rate of 5.39% from 2024 to 2030. In the U.S., for instance, myopia affects roughly 25% of the population, according to the American Academy of Ophthalmology. By 2050, it is projected that nearly 5 billion people globally will experience myopia, and around 1 billion will have high myopia, which may lead to severe complications such as glaucoma, retinal detachment, and myopic macular degeneration. This rising prevalence is a key driver of the IOL market's growth.

  Increasing diabetes rates are also contributing to the market’s expansion, as diabetes can lead to cataracts and other eye disorders. According to the International Diabetes Federation, approximately 537 million people were living with diabetes worldwide in 2021, a number expected to rise to 643 million by 2030 and 783 million by 2045. Given the higher cataract risk among diabetics, the demand for intraocular lenses is set to increase.

  Technological innovations in IOLs are further fueling market growth. Alcon Inc., for example, introduced the AcrySof IQ Vivity IOL in India, the first presbyopia-correcting lens with wavefront-shaping technology. Regulatory approvals of such products are likely to create new market opportunities, though challenges remain, such as inadequate reimbursement for premium lenses and postoperative complications like refractive errors.

  Major Growth Drivers in the Intraocular Lens Market

  Aging Population and Eye Health

  The growing elderly population is a significant driver of the IOL market, as older adults are more susceptible to cataracts and other eye issues that require surgical intervention. According to the World Health Organization, cataracts are the leading cause of blindness globally. As life expectancy rises, demand for corrective eye surgeries, such as those involving IOLs, continues to increase. Investments in advanced and minimally invasive surgeries by hospitals also support market growth, especially as more people undergo cataract procedures to maintain vision health.

  Advancements in Lens Technology

  Ongoing innovations in IOL technology are also advancing the market. Newer IOL designs improve post-surgical vision, potentially eliminating the need for corrective glasses or contacts. Multifocal and accommodating lenses, for example, allow for better vision across multiple ranges, while toric lenses specifically address astigmatism. Additionally, premium IOLs that enhance night vision and reduce glare have increased demand globally. Techniques such as laser-assisted cataract surgery improve surgical precision and outcomes, further boosting IOL adoption.

  Growing Awareness and Eye Care Access in Emerging Markets

  Rising awareness about eye health and better access to eye care services are other crucial factors driving IOL market growth, particularly in emerging economies. Government and non-governmental campaigns promoting early intervention for cataracts and other eye conditions have significantly raised demand for IOLs in regions like Asia and Latin America. Improved healthcare spending, combined with a growing middle-aged and elderly population, has enabled more individuals to afford quality eye care.

  Product Segment: Monofocal and Multifocal IOLs Lead the Market

  By product, the intraocular lens market includes monofocal, multifocal, toric, and accommodative lenses. Multifocal IOLs have gained market share due to their unique ability to provide clear vision at various distances, minimizing dependence on glasses or contacts. This advantage has made them a preferred choice for patients seeking more comprehensive vision correction.

  Material Segment: Acrylic Materials Dominate

  In terms of materials, the market is segmented into polymethyl methacrylate, silicone, hydrophobic and hydrophilic acrylic, among others. Acrylic materials, both hydrophobic and hydrophilic, are widely used because of their compatibility with microsurgery, a critical feature in ophthalmology. Their flexibility and biocompatibility make them highly popular among surgeons and patients alike.

  End User Segment: Hospitals and Ophthalmology Clinics

  In terms of end users, hospitals hold the largest market share, with most cataract and vision-correction surgeries conducted in these facilities. However, the number of ophthalmology clinics is also rising, especially in developing regions where standalone eye care centers provide specialized services. Increased competition in these regions has spurred providers to offer more affordable treatments, benefiting patients and driving market growth.

  Regional Market Highlights

  Europe’s Intraocular Lens Market

  Europe’s intraocular lens market is witnessing rapid growth due to an aging population and technological advancements in ophthalmology.

  Germany: Known for its advanced healthcare sector, Germany has one of the largest IOL markets in Europe, with a high volume of cataract surgeries and a preference for premium IOLs, such as multifocal and toric lenses, among its elderly population. Emphasis on R&D and cutting-edge surgeries, including laser-assisted cataract procedures, has helped Germany lead in adopting new IOL technologies.

  France: As another major European market, France has a high awareness of eye health and strong government support for cataract surgeries. Patients increasingly opt for premium IOLs that offer better post-surgery vision, driving market growth.

  China’s Rapidly Expanding IOL Market

  Among global regions, China is expected to experience the fastest growth in the IOL market. The country's large elderly and diabetic population, along with a growing awareness of advanced treatment options, is driving demand for ophthalmic treatments, including IOLs. Moreover, China attracts medical tourists seeking affordable healthcare, further supporting market expansion.

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  Product – Market has been covered from 4 viewpoints:

  1.    Monofocal IOL

  2.    Multifocal IOL

  3.    Toric IOL

  4.    Accommodative IOL

   

   

  Material – Market has been covered from 4 viewpoints:

  1.    Polymethyl meth Acrylate Material

  2.    Silicone Material

  3.    Hydrophobic and Hydrophylic Acrylic Material

  4.    Other Material

   

   

  End User – Market has been covered from 4 viewpoints:

  1.    Hospitals

  2.    Ambulatory Surgery Centers

  3.    Ophthalmology Clinics

  4.    Eye Research Institutes

   

   

  Country – Market has been covered from 18 Country Intraocular Lens Industry

  1.    Americas

   

  1.1    United States

  1.2    Canada

  1.3    Mexico

  1.4    Brazil

   

  2.    Europe

   

  2.1    United Kingdom

  2.2    Germany

  2.3    France

  2.4    Italy

  2.5    Spain

  2.6    Netherlands

   

  3.    Asia – Pacific

   

  3.1    China

  3.2    Japan

  3.3    India

  3.4    South Korea

  3.5    Australia

   

  4.    Middle East & Africa

   

  4.1    United Arab Emirates

  4.2    South Africa

   

  5.    Rest of the World

   

   

  Company Insights:

  •    Overview

  •    Recent Development

  •    Financial Insight

   

   

  Companies Covered:

  1.    Alcon Inc.

  2.    Bausch Health Companies Inc.

  3.    Hoya Corporation

  4.    Johnson & Johnson

  5.    STAAR Surgical Company

  6.    Carl Zeiss Meditec AG (Carl-Zeiss-Stiftung)

  7.    Novartis AG

   

  About the Company: 

  Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.