Intraocular Lens Market Analysis by Type (Monofocal Intraocular Lens, Premium Intraocular Lens); Material (Polymethylmethacrylate, Silicon, Hydrophobic & Hydrophilic Acrylic Materials); End User (Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics, Eye Research Institutes) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4856 | Published Date: Apr 28, 2023
The global intraocular lens market size is estimated to reach ~USD 14.66 Billion by the end of 2035 by growing at a CAGR of ~8.40% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of intraocular lens was ~USD 5.57 Billion. The growth of the market can be attributed to growing prevalence of eye disease which includes macular degeneration, diabetic retinopathy, and glaucoma. For instance, by 2030, there is expected to be 191.0 million people with DR (diabetic retinopathy) worldwide. Diabetes patients who have persistently high blood sugar levels may develop diabetic retinopathy, which damages the blood vessels in the retina of the eye.
Further, these eyes disease could also lead a formation of cataract which could further boost the demand for cataract surgery. One of the most frequent eye surgery operations worldwide is cataract removal. This surgery is performed over 3 million times a year in the United States alone, and about 27 million times worldwide. Every day, about 59,999 cataract surgeries are performed internationally. Improved vision is the main goal of cataract surgery, which is accomplished by removing the clouded lens and replacing it with a clear IOL. The IOL increases visual acuity and enables patients to see clearly by correcting the eye's refractive defect.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~8.40% |
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Base Year Market Size (2022) |
~ USD 5.57 Billion |
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Forecast Year Market Size (2035) |
~ USD 14.66 Billion |
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Regional Scope |
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Growth Drivers
In 2021, there were about 536 million adults (20-79 years old) who had diabetes. According to projections, there would be approximately 642 million diabetics worldwide by 2030 and about 782 million by 2045. Diabetes is a major risk factor for several eye problems, including cataracts and diabetic retinopathy, which is why there is an increasing demand for intraocular lenses as the prevalence of the disease rises. The demand for therapeutic options including intraocular lenses rises along with the prevalence of diabetes since more people with diabetes are at risk for developing these eye diseases.
According to the World Health Organization, one in six persons on the planet would be 60 years of age or older by the year 2030. At this point, there would be 1.4 billion people, up from 1 billion in 2020, who are 60 years of age or older. Age is a major risk factor for cataracts, which are the main cause of vision loss in older persons, hence the growing geriatric population is driving up demand for intraocular lenses. The lens of the eye could become clouded and less flexible as we age, which impairs vision and makes things murky.
People worldwide spend about 7 hours, 58 minutes every day in front of a screen. Since 2013 till 2023, daily screen time has climbed by about 49 minutes. The demand for intraocular lenses is rising as more people are exposed to screens, primarily since prolonged use of electronic screens, such as those on computers and mobile devices, may increase the incidence of vision issues such as presbyopia (age-related loss of near vision) and asthenopia (eye strain).
Approximately 3 million patients travel to India annually from about 77 different countries for medical, wellness, and IVF treatments.
In the United States, disposable personal income climbed to about USD 19706 billion in February 2023 from approximately USD 19616 billion in January 2023. People are inclined to choose modern IOLs that provide greater vision correction and higher quality of life when disposable income increases.
Challenges
The global intraocular lens market is segmented and analyzed for demand and supply by end user into hospitals, ambulatory surgery centers, ophthalmology clinics, and eye research institutes. Out of which, the hospital segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to growing cataract surgeries in hospitals. In India in 2022, charitable hospitals did over 1 lakh cataract surgery procedures while private hospitals handled about 3 lakh. Many hospitals have a group of qualified and experienced surgeons that specialize in cataract operations. When a patient receives care from a surgeon who has a great deal of experience and expertise carrying out these treatments, the patient may feel more secure in the surgical outcomes. Moreover, patients need follow-up care after cataract surgery to check on their progress and make sure the procedure was successful. Hospitals frequently offer specialized follow-up clinics and support services to aid patients in their recovery and handle any issues that may occur.
The global market is also segmented and analyzed for demand and supply by type into monofocal intraocular lens, and premium intraocular lens. Amongst which, the monofocal intraocular lens segment is expected to have the significant growth over the forecast period. Comparatively to multifocal or accommodating IOLs, monofocal IOLs have a lower risk of producing visual disturbances such halos, glare, and diminished contrast sensitivity. Moreover, when compared to multifocal or accommodating IOLs, monofocal IOLs are less likely to have issues including lens displacement. Additionally, the needs and desires of the patient may be taken into consideration while designing monofocal IOLs. Depending on the patient's lifestyle and visual needs, they could be chosen to give clear distance vision, clear near vision, or a balance between the two.
Our in-depth analysis of the global intraocular lens market includes the following segments:
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By Type |
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By Material |
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By End User |
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The market share of intraocular lens in North America, amongst the market in all the other regions, is projected to have the growth by the end of 2035, backed by growing healthcare investment, along with rising prevalence of cataracts. In 2021, the United States spent about 3% more on health care, amounting to approximately USD 3 trillion or about USD 12,913 per person. In North America, minimally invasive surgery methods such as femtosecond laser-assisted cataract surgery (FLACS) and microincision cataract surgery (MICS) are becoming more and more common. Compared to conventional cataract surgery, these approaches are more precise, safe, and they frequently demand for the use of expensive IOLs to produce the best results. Moreover, owing to the growing disposable income of people in this region their demand for premium IOLs is growing. Additionally, IOLs and cataract surgery are usually covered by favorable reimbursement rules in North America, which has expanded the use of premium IOLs among patients and medical professionals.
The European market is estimated to be the second largest, to have the highest growth over the forecast period. The need for cataract surgery and IOLs is being driven by the ageing of the European population. Age-related clouding of the natural lens of the eye could lead to cataracts, which could impair vision. The hazy lens is replaced with an IOL to improve vision. In addition, Europe is home to a large number of creative businesses and research organizations that are creating new and sophisticated IOLs. Patients and surgeons are turning to these new technologies to get better visual results, which is propelling market expansion.
Additionally, the market in Asia Pacific region is also estimated to have the significant growth over the forecast period. Eye conditions include cataracts, diabetic retinopathy, and age-related macular degeneration are very common in the Asia Pacific region. As more people are given the diagnosis of having these illnesses, this is increasing the demand for cataract surgery and IOLs. Additionally, a lot of nations in the Asia-Pacific region are well-liked spots for medical tourism, particularly for eye surgery. As more people travel to this region for cataract surgery and IOL implantation, this is fueling market growth. Moreover, the insurance coverage for cataract surgery and IOLs is expanding in several nations around the Asia-Pacific region. More people are able to obtain these services through their insurance policies as a result, which is fueling market expansion.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving the growth of the market are growing prevalence of diabetes, rising geriatric population, surge in screen exposure, and others.
Ans: The market size of intraocular lens is anticipated to attain a CAGR of ~8.40% over the forecast period, i.e., 2023 – 2035.
Ans: High cost of intraocular lens, regulatory barriers, and lack of awareness among people are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Alcon Vision LLC , Johnson & Johnson Vision Care Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, material, end user and by region.
Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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