Intraocular Lens Market to Soar to USD 8,835 Million by 2033; Driven by Technological Advancements and Aging Population
Ongoing advancements in intraocular lens technology, including the development of premium intraocular lenses with enhanced optical properties and advanced features such as multifocality and extended depth of focus, contribute to market growth. Innovations in materials, design, and manufacturing techniques enable surgeons to offer patients a wider range of options for vision correction, fueling market expansion.
New York, Feb. 12, 2024 (GLOBE NEWSWIRE) -- According to Market.us, the Intraocular Lens Market value is projected to exceed *USD 8,835 Million* by 2033, with a projected CAGR of *6.3%* from 2024 to 2033.
The global intraocular lens market was accounted for USD 4,796 million in 2023. An artificial lens implanted into the eye after cataract or glaucoma surgery is known as intraocular lens. There is a widespread intraocular lens market owing to the increasing prevalence of cataract surgeries coupled with new product launches. Along with this, there is rising government support and reimbursement policies for the patients undergoing cataract surgeries. Thus, the market has a promising upscale revenue generation owing to these favourable factors.
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*Key Takeaway:*
· By type, the multifocal intraocular lens segment has a promising future for the growth of the market.
· The market is strongly bolstered due to rising awareness of eye care among general population coupled with supporting initiatives by government.
· Based on material, hydrophobic segment leads the market accounting a remarkable market share in 2023.
· The hospital segment grabs a prominent share in intraocular lens market in 2023.
· There are several lauches of initiatives in order to eliminate cataract, resulting in product demand.
*Factors affecting the growth of the Intraocular Lens market*
There are several factors that can affect the growth of the global intraocular lens market. Some of these factors include:
· *Strategic Approach by Major Market Players: *The strategic approach by major market players will propel the market’s growth.
· *Rising Healthcare Cost: *The rising healthcare cost will likely surge the market.
· *Extensive Use of intraocular lens: *The extensive use of intraocular lens leads to expansion of the market.
· *Advanced technological development: *Various technological developments in the market will accelerate the market growth.
· *Rise in prevalence of cataract surgeries: *More the cases of cataract, more the number of surgeries, hence leading to a considerable demand for the products.
*Top Trends in Global Intraocular Lens Market*
There is a remarkable demand for products due to the increasing prevalence of cataracts. To illustrate, the FDA approved the extended depth of the main products for the first time, in July 2016. In order to expand the product range to meet global patient demand, many major players are involved in constant improvisation. For example, Alcon Inc, and J&J launched expanded depths of focus products in 2020.
*Market Growth*
As the market expands globally, the need for smart business ideas raises. It includes partnership, company growth, and other developments. There is a high demand for the focus products for carrying out surgeries because of the increasing demand. Market participants are able to align with the functional activities of the organization owing to the planned strategies, in order to achieve established objectives. It directs the decision-making and discussions of the company when it comes to figuring out how much money and resources are required to reach goals and develop operational efficiency.
*Regional Analysis*
During the prophecy period, North America is anticipated to capture a remarkable market share of *41.3%*. The regions’ dominance is as a result of huge demand for innovative products such as customized cataract lenses, their adoption and favourable insurance policies. Along with these, there is a smooth approval of the products by the regulatory agencies, leading to magnificient expansion of the market.
Furthermore, the second largest market share of intraocular market is held by Europe, owing to the use of femtosecond lasers to cut through both hydrophobic and hydrophilic acrylic lenses during surgeries. According to National Institutes of Health(NIH), over the age of 70, the European population is anticipated to have *64%* prevalence of cataract.
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*Scope of the Report*
*Report Attributes* *Details*
Market Value (2023) USD 4,796 Million
Forecast Revenue 2033 USD 8,835 Million
CAGR (2024 to 2033) 6.3%
North America Revenue Share 41.3%
Base Year 2023
Historic Period 2018 to 2022
Forecast Year 2024 to 2033
*Market Drivers*
There is a tremendous rise in cataract surgeries leading to more popularity of the intraocular lenses. According to Cataract refractive surgery today, more than 20.0 million cataract procedures were perfomed and is expected to rise during the forecast period. in addition to this, there is rise in incidence of blindness. According to Association of Research for Vision and Opthalmology, more than 15.2 million of people over the age 50 were going blind.
Furthermore, as cataract surgery is a financial burden for many low income families, it has led to several government initiatives in order to eliminate cataract. For instance, a global initiative by the International Agency for Prevention of Blindness, Vision 2020, was designed to eradicate most serious causes of blindness in the world.
Thus, the increasing number of cataract surgeries and the up surging government initiatives generates a enthusiastic drive for the market expansion.
*Market Restraints*
The lack of reimbursement policies for the premium products utilized during the surgeries forms a hindrance in the market growth. In many developing countries, there is absence of reimbursement policies for the products which can be used to treat astigmatism, nearsightedness, cloudy vision and age-related vision loss.
In addition to this, in many developed and developing countries people are unaware regarding the policies for premium products. An article published by Byrd and Wyandotte Eye Clinic in U.S. stated that multifocal and toric lenses are regarded as premium products which may be not covered under insurance.
*Opportunities*
The untapped market and advances in intraocular lens technology and phacoemulsification has led to a new era in cataract surgery. For example, in November 2016, the light adjustable lens and light adjusting device, Rxsight Inc, was approved by U.S. Food and Drug administration. The device is suitable for the patients suffering from pre-existing astigmatism greater than 0.75 diopter coupled with the use during cataract surgeries. Thus, these advances further fosters the market by providing sky reaching opportunities for the intraocular lens manufacturing companies.
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*Report Segmentation of the Intraocular Lens Market*
*By Type analysis*
Based on type, the intraocular lens market is fragmented into mono-focal intraocular lens, multifocal intraocular lens, toric intraocular lens, and accommodative intraocular lens. Owing to the fact to treat complex retinal problems, multifocal intraocular lens segment is accounted to hold a valuable market share of *56.9%*, dominating the segment in 2023. In addition to this, the lens provides the patients to view at distinct distances with better accuracy as compared to the traditional mono-focal lenses.
Moreover, the toric intraocular lenses segment grabs a second largest position leading to the contribution in the market growth. Patients suffering from moderate to high astigmatism can be treated with toric lenses.
*By Material Analysis*
With respect to material, the market is broadly classified into polymethylmethacrylate, silicone, hydrophobic and hydrophilic acrylic materials. The hydrophobic segment holds a majority of the intraocular lens market share of *39.3%*, as the material has high refractive index, low water content and preference. Along with this, the material has a foldable nature, making it more preferable to insert in cataract surgeries. Furthermore, polymethylmethacrylate segment holds a second largest position in the growing intraocular lens market owing to the cost effectiveness of the material and the worldwide preference.
*By End user analysis*
Based on end use of the intraocular lens, the market is segmented into hospitals, ophthalmology clinics, eye research institutes and ambulatory surgery centers. The hospital segment dominated the market share by *55.7%* by virtue of large number of vision and cataract surgeries performed in hospitals. On the other hand, ophthalmic clinics are on a surge due to the provision of services at affordable prices. This has rose the competition between the healthcare professionals and the ophthalmic clinics, further substantiating the intraocular len market globally.
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*Recent Development of the Intraocular lens Market*
· *In December 2023*, HOYA CORPORATION made an important announcement about joining forces with the Indian Institute of Technology Delhi. This collaboration is focused on creating new materials and technologies for intraocular lenses (IOLs), underscoring their dedication to advancing eye care solutions.
· *Moving to November 2023*, Johnson & Johnson Vision Care, Inc. unveiled the Tecnis Symfony IOL, an advanced intraocular lens designed to correct presbyopia. The lens incorporates "NaturalVue" technology, aiming to improve image quality and reduce halos for a better overall visual experience.
· *In October 2023*, Alcon, Inc. reached a significant milestone by receiving FDA approval for the AcrySof IQ Vivity IOL. This particular intraocular lens is crafted to address presbyopia, providing patients with clear vision at near, intermediate, and distance ranges, eliminating the need for glasses.
*Market Segmentation*
*By Type*
· Mono-focal intraocular lens
· Multifocal intraocular lens
· Toric intraocular lens
· Accommodative intraocular lens
*By Material*
· Polymethylmethacrylate
· Silicone
· Hydrophobic and hydrophilic acrylic
*By End user*
· Hospitals
· Ophthalmology clinics
· Eye research institutes
· Ambulatory surgery centers
*By Geography*
· *North America*
· US
· Canada
· *Europe*
· Germany
· France
· The UK
· Spain
· Italy
· Russia
· Netherland
· Rest of Europe
· *Asia Pacific*
· China
· Japan
· South Korea
· India
· New Zealand
· Singapore
· Thailand
· Vietnam
· Rest of APAC
· *Latin America*
· Brazil
· Mexico
· Rest of Latin America
· *Middle East & Africa*
· South Africa
· Saudi Arabia
· UAE
· Rest of MEA
*Competitive Landscape*
Several intraocular lens companies has a high focus to expand their existing operations and research and development facilities. In addition to this, businesses are developing new products and portfolio expansion strategies through investments, mergers and acquisitions.
*Market Key Players:*
· Aurolab
· Care Group Sight Solution Pvt. Ltd.
· Carl Zeiss Meditec AG
· Dahlgren India
· Global Ophthalmic Pvt. Ltd.
· Johnson and Johnson Vision Care, Inc.
· NanoVision
· Omni Lens Pvt Ltd
· Truviz Ophthalmic
· Bausch & Lomb Incorporated
· Alcon, Inc.
· EyeKon Medical, Inc.
· Lenstec, Inc.
· HumanOptics AG
· STAAR Surgical Company
· HOYA CORPORATION
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