Intraocular Lens Market by Type (Monofocal, Premium, Phakic), Material (Hydrophobic, Hydrophilic, Silicone) Application (Cataract, Presbyopia, Corneal Disorder), End User, Unmet Need, Buying Criteria, Re-imbursement - Global Forecast to 2029
Updated on : Aug 22, 2024
The intraocular lens market in terms of revenue was estimated to be worth $4.2 billion in 2023 and is poised to reach $6.0 billion by 2029, growing at a CAGR of 6.3% from 2023 to 2029. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The primary factors driving growth for the intraocular lens market during the projected period are rise in the prevalence of cataracts due to the aging population, growing awareness of minimally invasive surgeries, and rise in the technological advancement in IOLs.
The development of the market will be negatively impacted by the rising cost of intraocular lens and scarcity of qualified ophthalmologist in developing countries.
Global Intraocular Lens Market Trends
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Intraocular Lens Market Dynamics
Driver: Surge in the old age population
The market for intraocular lenses (IOLs) is significantly driven by the world's aging population, which is growing at an accelerated rate. The incidence of age-related eye diseases, especially cataracts, increases sharply as life expectancy increases. The need for more cataract surgeries due to this aging population has increased demand for the IOLs placed during these procedures. Beyond simply cataract procedures, there is a spike in demand for IOLs. Growth in the market is further supported by new applications, including as IOLs for treating age-related macular degeneration (AMD) and presbyopia (age-related near vision loss).
Restraint: Rising The Cost of Intraocular Lenses
There may be fewer competitors in the IOL market due to the dominance of certain numbers of large manufacturers, which could result in higher costs. Innovative IOL designs may result in exclusive patents that provide manufacturers with temporary monopolies and the power to impose higher prices. Insurance plans might restrict the use of some premium or advanced lenses, resulting in patients paying out-of-pocket expenses even while they cover a portion of the cost of the IOL. For patients, especially those in low-income regions or with limited insurance coverage, high IOL expenses can be an important hurdle. Treatment postponements, less access to cutting-edge IOL technologies, and possible visual damage may negatively impact the intraocular lens market.
Opportunity: Emerging market with untapped opportunities
The intraocular lens (IOL) market has significant growth and expansion potential in emerging economies and can present promising opportunities. People in developing countries have more money to spend as their economies progress. Thus, they will be able to pay for more medical procedures, such as intraocular lenses (IOLs) and cataract surgery. The IOL market in these areas is expanding rapidly in large part because of this increasing spending.
Challenge: A shrinking in the workforce and skilled surgeons in intraocular lens industry
An increasing aging and expanding worldwide population on the one hand, and a shortage of trained ophthalmologists on the other, present contradictory challenges to the eye care business. This is having more of an impact, particularly in developing countries where millions of people lack access to necessary eye care. A major problem is the increasing gap in the number of ophthalmologists entering and leaving the field. This problem can be resolved by increasing financing for ophthalmology-related training programs and scholarships, developing telemedicine and remote surgical assistance technologies in remote areas of emerging countries.
Intraocular Lens Market Ecosystem
The ecosystem of the Intraocular lens market comprises elements present in this market and defines these elements with a demonstration of the bodies involved. It includes manufacturers, distributors, research & product developers, and end users.
Monofocal IOLs segment accounted for the largest share around 55% of the intraocular lens industry in 2022
The significant share of the intraocular lens market of the by types segment may be attributed to the frequent utilization of Monofocal IOLs, as well as the high utilization of these most of the common eye surgeries. Cost-effectiveness compare to other IOLs, continuous improvements in materials and design, more awareness of the benefits and features are some of the primary factors driving the need for Monofocal IOLs.
Hydrophobic Acrylic IOLs segment in material segment accounted for the largest share around 60% of the intraocular lens industry in 2022
Hydrophobic acrylic materials hold the largest market share in the IOL industry as Hydrophobic acrylic materials can be used to create various IOL designs, including monofocal, multifocal, and toric lenses, catering to diverse patient needs. Also, Compared to other IOL materials like silicone it offer a more cost-effective option while maintaining high quality. Hydrophobic acrylic is a water-resistant material. Hence, it does not readily absorb water, preventing the build-up of protein deposits on the IOL's surface and prevent the clouding and vision problems over time.
Cataract surgery is the major application in the intraocular lens industry in 2022
Millions of individuals worldwide are affected by cataracts, which are the main cause of visual loss among people over the age of 50. The need for IOLs is expected to increase as the world's population ages and more people require cataract surgery. Improving eyesight and enhancing patients' quality of life are the two advantages of the extremely effective and safe cataract surgery treatment. IOLs have become more essential as part of surgery because to its widespread adoption. Hence, Cataract surgery holds the largest share in the intraocular lens market.
North America is expected to account for the largest share of the intraocular lens industry in 2022
In 2022, North America dominated the intraocular lens market with the largest share. Factors such as growing reimbursement policies, the presence of numerous market players in this region, and the growing number of advanced ophthalmic clinics are factors influencing the growth in North America. North American surgeons and healthcare institutions have been among the first to use new and cutting-edge IOL technologies. Patients in the region now have more options when it comes to IOLs due to this region's preparedness to adopt innovation.
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The prominent players in the intraocular lens market are Alcon Inc. (US), Johnson & Johnson Vision Care, Inc. (US), Carl Zeiss Meditec AG (Germany), Hoya Corporation (Japan), Bausch & Lomb (US), STAAR Surgical (US), Santen Pharmaceutical Co., Ltd. (Japan), NIDEK Co., Ltd. (Japan), LENSTEC, Inc. (US), Rayner Group (England), Beaver-Visitec International (US), Ophtec B.V. (Netherlands), SAV-IOL SA (Switzerland), Appasamy Associates Private Limited (India), Atia Vision, Inc. (US), Biotech vision care (Switzerland), Teleon Surgical BV (Netherlands), OMNI Lens Pvt. Ltd. (India), EyeKon Medical, Inc. (US), Humanoptics Holding AG (Germany), Care Group (India), SIFI S.p.A. (Italy), Hanita Lenses Ltd (Israel), Excellent Hi-Care Pvt Ltd. (India), and Advin Health Care (India)
Scope of the Intraocular Lens Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$4.2 billion |
|
Projected Revenue by 2029 |
$6.0 billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 6.3% |
|
Market Driver |
Surge in the old age population |
|
Market Opportunity |
Emerging market with untapped opportunities |
The research report categorizes intraocular lens market to forecast revenue and analyze trends in each of the following submarkets:
By type
- Monofocal IOLs
- Premium IOLs
- Phakic IOLs
- Others
By Material
- Hydrophobic Acrylic IOLs
- Hydrophilic Acrylic IOLs
- PolyMethylMethAcrylate
- Silicone IOLs
- Others
By Application
- Cataract Surgery
- Presbyopia
- Corneal Disorders
- Others
By End user
- Hospitals
- Ophthalmology Clinics
- Eye Research Institutes
- Others
Recent Developments of Intraocular Lens Industry
- In September 2023 Carl Zeiss Meditec AG launched AT ELANA 841P IOL, a single-piece hydrophobic acrylic implant which is based on the optical design of the single-piece, four point-haptic AT LISA tri 839MP.
- In January 2023, Bausch & Lomb (US) acquired AcuFocus (US) which is an ophthalmic medical device company that has delivered breakthrough small aperture intraocular technology to address diverse unmet needs in eye care.
- In March 2022, Alcon Inc. launched of Clareon Portfolio in the U.S. to strengthen leadership in IOL innovation. Clareon offers sharp vision, and it is designed to help reduce glare and posterior capsular opacification. The lens’ proven STABLEFORCE Haptics provide superior axial and rotational stability.
- In March 2022, STAAR surgical received product approval from USFDA for EVO+ Visian Implantable Collamer Lens for the correction of myopia and myopia with astigmatism
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global intraocular lens market?
The global intraocular lens market boasts a total revenue value of $6.0 billion by 2029.
What is the estimated growth rate (CAGR) of the global intraocular lens market?
The global intraocular lens market has an estimated compound annual growth rate (CAGR) of 6.3% and a revenue size in the region of $4.2 billion in 2023.
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The market size for Intraocular lens market was estimated using four main methods in this study. The market, as well as its peer and parent markets, were the subject of extensive research. The subsequent phase involved doing primary research to confirm these conclusions, presumptions, and estimates with industry professionals across the value chain. For estimating the value market, top-down and bottom-up strategies were both used. The market size of segments and subsegments was then estimated using market breakdown and data triangulation processes.
Secondary Research
There were several secondary sources used in this study, including directories, databases like Bloomberg Business, Factiva, and Dun & Bradstreet, white papers, annual reports, corporate house documents, investor presentations, and firm SEC filings. To find and gather data for the detailed, technical, market-focused, and commercial analysis of the Intraocular lens market, secondary research was carried out. Relevant information on major companies, market classification and segmentation according to industry trends down to the most basic level, and significant changes regarding market and technological views were also obtained. Additionally, utilizing secondary research, a database of the important industry executives was created.
Primary Research
To gather qualitative and quantitative data for this study, a variety of sources from the supply and demand sides were interviewed during the main research phase. CEOs, vice presidents, marketing and sales directors, business development managers, technology, and innovation directors of Intraocular lens market manufacturing businesses, key opinion leaders, suppliers, and distributors are the main sources on the supply side.
The breakup of primary research:
Supply Side
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Market Size Estimation
The market size for intraocular lens market was calculated using data from four different sources, as will be discussed below. Each technique concluded and a weighted average of the four ways was calculated based on the number of assumptions each approach made. The market size for intraocular lens market was calculated using data from four distinct sources, as will be discussed below:
Intraocular lens market: Bottom up approach
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Intraocular lens market: Top down approach
Intraocular lens market: Revenue Share Analysis
Intraocular lens market: Supply side analysis of top companies
Data Triangulation
The entire market was split up into several segments when the market size was determined. Data triangulation and market breakdown processes were used where necessary to complete the entire market engineering process and arrive at the precise statistics for all segments.
Approach to derive the market size and estimate market growth
Using secondary data from both paid and unpaid sources, the market rankings for the major players were determined following a thorough analysis of their sales of intraocular lenses. Due to data restrictions, the revenue share in certain cases was determined after a thorough analysis of the product portfolio of big corporations and their individual sales performance. This information was verified at each stage by in-depth interviews with professionals in the field.
Market Definition
Intraocular lens or IOL, refers to an artificial lens that is implanted in the eye, usually during cataract surgery or for other problems with vision. These lenses are made of biocompatible materials like silicone or acrylic and are intended to replace the natural lens of the eye that has been clouded by cataracts or to improve focusing ability for clearer vision. IOLs are available in several types, monofocal, which provides clear vision at a single distance (near or far), multifocal, which corrects the vision at numerous distances, toric to correct astigmatism, and accommodating, which replicates the focusing capacity of a natural lens,
Key Stakeholders
- Manufacturers of intraocular lenses
- Eye research Institutions
- Contract Manufacturing Organizations (CMOs)
- Government Associations
- Market Research and Consulting Firms
- Venture Capitalists and Investors
- Distributors of intraocular lenses
- Ophthalmic devices Research & Development (R&D) Companies
- Ophthalmology hospitals and clinics
Objectives of the Study
- To define, describe, and forecast the global intraocular lens market by type, by material, application, end user, and region.
- To provide detailed information regarding the major factors influencing market growth, such as drivers, restraints, opportunities, and challenges.
- To strategically analyze the regulatory scenario, pricing trends, value chain, supply chain, ecosystem map, Porter's five force analysis, regulatory analysis, technology analysis, and patent analysis of the intraocular lens market.
- Analyzing micromarkets concerning individual growth trends, prospects, and contributions to the intraocular lens market.
- To analyze the opportunities in the market for stakeholders and provide market leaders with details on the competitive landscape.
- To strategically analyze the intraocular lens market in five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- To profile the key players in the global intraocular lens market and comprehensively analyze their core competencies and market shares.
- To track and analyze competitive developments such as acquisitions, product launches, and product approvals in the global intraocular lens market.
- To evaluate the impact of the recession on the intraocular lens market worldwide.
Generating Response ...
Growth opportunities and latent adjacency in Intraocular Lens Market