PUBLISHER: The Business Research Company | PRODUCT CODE: 1436408
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436408
Intraocular lens (IOL) is a medical device implanted inside the eye during cataract surgery to replace the natural lens. It is an artificial replacement for the eye's lens and is used for vision correction in refractive lens exchange surgery.
The main types of intraocular lenses (IOLs) include monofocal intraocular lenses, multifocal intraocular lenses, toric intraocular lenses, and accommodating intraocular lenses. Monofocal lenses are the most commonly used in cataract surgery due to their consistent visual outcomes and relative affordability compared to premium alternatives. These lenses are made of materials such as polymethylmethacrylate, silicone, and hydrophobic acrylic. Key end users of intraocular lenses include hospitals, ophthalmic clinics, ambulatory surgery centers, and eye research institutes.
The intraocular lens market size has grown rapidly in recent years. It will grow from $4.93 billion in 2023 to $5.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to patient expectations and satisfaction, rise in outpatient cataract surgery, introduction of phacoemulsification, evolution of surgical techniques, transition from pmma to foldable materials.
The intraocular lens market size is expected to see strong growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to focus on emerging markets, growing aging population, expanding cataract surgery rates, demand for premium iols, shift towards outpatient procedures. Major trends in the forecast period include rise in cataract surgeries, shift towards minimally invasive surgery, demand for enhanced visual outcomes, regulatory changes and approvals, evolving surgical techniques.
The intraocular lens market size has grown rapidly in recent years. It will grow from $4.93 billion in 2023 to $5.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to various factors, including patient expectations and satisfaction, the rise in outpatient cataract surgery, the introduction of phacoemulsification, the evolution of surgical techniques, and the transition from PMMA to foldable materials. These factors have contributed to the expansion and advancement of cataract surgery during that period.
The intraocular lens market size is expected to see strong growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The anticipated growth in the forecast period can be attributed to a focus on emerging markets, the growth of the aging population, an increase in cataract surgery rates, the demand for premium intraocular lenses (IOLs), and a shift towards outpatient procedures. Major trends expected in this period include a rise in cataract surgeries, a shift towards minimally invasive surgery, an increased demand for enhanced visual outcomes, changes in regulations and approvals, and the evolution of surgical techniques.
The growing prevalence of eye diseases, such as macular degeneration, glaucoma, and cataracts, is contributing to the expansion of the intraocular lens (IOL) market. These lenses are used to replace the natural lens removed during cataract surgery, addressing vision problems associated with these diseases. For example, the Association of British Dispensing Opticians reported that over two million individuals in the UK are at risk of visual loss due to glaucoma, indicating a substantial market for IOLs in addressing these conditions.
The anticipated rise in the geriatric population is set to drive the growth of the intraocular lens market in the years ahead. The geriatric population, typically individuals aged 65 and above, is a demographic that benefits significantly from intraocular lenses, particularly in enhancing eyesight and overall quality of life, especially post-cataract surgery. For example, as per America's Health Rankings in November 2022, it was estimated that over 58 million individuals aged 65 and older would be residing in the United States in 2021, constituting roughly 17.3% of the total population. Consequently, the increasing numbers within the geriatric demographic serve as a primary driver propelling the growth of the intraocular lens market, given the essential role these lenses play in addressing age-related vision issues.
Technological advancements within the intraocular lens market are becoming increasingly prominent. An illustration of this trend is seen in Alcon's announcement in January 2022, introducing the AcrySof IQ Vivity IOL (Vivity), the inaugural presbyopia-correcting intraocular lens equipped with wavefront-shaping technology. This innovative lens is now accessible to Indian ophthalmologists to offer patients undergoing cataract surgery enhanced visual solutions.
Major companies in the intraocular lens (IOL) market are focusing on developing innovative products, such as small-aperture intraocular lenses, to expand their product portfolios and gain a competitive edge. Small-aperture intraocular lenses are artificial lenses implanted in the eye during cataract surgery or refractive lens exchange procedures. What sets them apart from standard monofocal intraocular lenses is their unique design, which includes a small central aperture. For example, in July 2022, AcuFocus Inc., a US-based medical device company, announced that the FDA had approved its IC-8 Apthera IOL for cataract treatment. The Apthera IOL is the first non-toric extended depth of focus IOL approved for use in 82% of cataract patients with corneal astigmatism of up to 1.5 D. The Apthera IOL stands out for its integrated FilterRing component, which is the first of its kind and helps alleviate presbyopia symptoms by blocking peripheral defocused and aberrated light, thereby enhancing vision quality.
In June 2021, Rayner, a UK-based manufacturer of intraocular lenses for cataract and refractive surgery, acquired Surgicon Healthcare Pvt Limited for an undisclosed amount. This strategic acquisition is expected to facilitate Rayner's rapid expansion of its global presence by offering its advanced pipeline of intraocular lenses (IOLs), ophthalmic viscoelastic devices (OVDs), and dry eye drop solutions to surgeons and patients across India. Surgicon Healthcare Pvt Limited, based in India, is recognized for its manufacturing of ophthalmology products, including intraocular lenses. The acquisition is anticipated to strengthen Rayner's position in the Indian market and enhance its ability to provide innovative eye care solutions to a broader customer base.
Major companies operating in the intraocular lens market report are Abbott Medical Optics Inc., Alcon Inc., Valeant Pharmaceuticals, Bausch + Lomb, Johnson & Johnson Vision Care Inc., Carl Zeiss Meditec AG, Nidek CO. Ltd., Staar Surgical Company, Hoya Corporation, Rayner Intraocular Lenses Limited, SIFI S.p.A, Ophtec, RxSight, Aurolab, Hanita Lenses, Oculentis, Lenstec, EyeKon Medical Inc., Atia Vision, Nayam Innovations, SAV-IOL SA, Biotech Healthcare Group, Physiol, Care Group, LensGen Inc., Omega Ophthalmics, Ocumetics Technology Corporation, WaveTec Vision, Calhoun Vision Inc., HOYA Surgical Optics, Bausch Health Companies Inc.
North America was the largest region in the intraocular lens market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the intraocular lens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the intraocular lens market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The intraocular lens market consists of sales of monofocal intraocular lenses, multifocal intraocular lenses, toric intraocular lenses, and accommodative intraocular lenses that are used for replacing natural lens. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Intraocular Lens Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on intraocular lens market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for intraocular lens ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The intraocular lens market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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