The global intraocular lens market was estimated at USD 3.9 billion in 2020 and is predicted to hit around USD 6.1 billion by 2030 with a CAGR of 4.7% during the forecast period 2022 to 2030.
The global intraocular lens market was estimated at USD 3.9 billion in 2020 and is predicted to hit around USD 6.1 billion by 2030 with a CAGR of 4.7% during the forecast period 2022 to 2030.
Growth Factors
The rise in the geriatric and diabetic population, which is prone to develop cataracts and other visual disorders, is expected to foster market growth. In addition, rising awareness regarding visual disorders, increase in healthcare spending, and government support to improve the healthcare infrastructure are some of the significant factors boosting the growth of the market.
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Despite the drop in sales of the intraocular lens during the pandemic, the market is recovering and is expected to grow steadily during the forecast period. Factors such as a rise in the incidence of cataracts and an increase in the number of diagnosed cases of blindness are major factors that are boosting the growth of the market. In addition, increasing awareness regarding cataracts and a rise in healthcare spending are expected to drive the sales of intraocular lenses.
Report Coverage
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Report Scope |
Details |
|
Market Size |
US$ 6.1 billion by 2030 |
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Growth Rate |
CAGR of 4.7% From 2022 to 2030 |
|
Largest Market |
North America |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Product, End use |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Companies Mentioned |
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 |
By Product Analysis
The multifocal intraocular lens segment held the largest revenue share of over 50.0% in 2021 owing to the benefits that multifocal intraocular lenses offer including high precision and improved visualization.
These vision zones help the patients to see far, intermediate, and near distances efficiently with improved and higher precision as compared to traditional mono-focal lenses.
The toric intraocular lens segment emerged as the second-largest segment in 2021 and is expected to witness lucrative growth over the forecast period as it is beneficial specifically for patients with moderate to high astigmatism.
Toric intraocular lenses are specifically designed to treat such patients. Furthermore, toric IOLs are designed to eliminate the need for incision implants required traditionally during astigmatism surgical procedures, thereby increasing its preference among individuals.
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By End-use Analysis
The hospitals segment dominated the market with a revenue share of over 50.0% in 2021 owing to the majority of cataract and vision repair surgeries being performed in the hospitals. In the developing regions, there is a substantial increase in individual ophthalmic clinics.
Government and non-government organizations are focusing on carrying out research in the ophthalmic domain. This is with an aim to develop technologically advanced products and intraocular lenses that represent the potential to serve the needs of the patient population in a much more effective manner.
By Regional Analysis
North America dominated the market for intraocular lenses in 2021 with a revenue share of over 35.0%. It is expected to continue being the dominant region throughout the forecast period. This is due to the rising incidence of cataracts and other ophthalmic disorders.
Asia Pacific is expected to witness the fastest growth during the forecast period. The presence of a large geriatric and diabetic population, which is prone to cataracts and other ophthalmic disorders, is majorly contributing to the growth of the market in this region.
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
Market Segmentation
- 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
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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