June 25, 2024

The Rapid Growth of Intraocular Lens Market is driven by Increasing Cataract Surgery Volumes

The intraocular lens market has seen tremendous growth in recent years due to rising demand for cataract surgery around the world. Intraocular lenses or IOLs are artificial lenses implanted in the eyes of patients during cataract surgery to replace the original lens and restore vision. These lenses aim to provide patients with a clearer visual experience similar to that before the development of cataract.

The global intraocular lens market size is estimated to be valued at US$ 5,076.1 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period from 2023 to 2030.

IOLs are designed to fit behind the iris and inside the capsular bag. They are crafted from silicone or acrylic materials and fold or roll for minimally invasive insertion through a tiny incision into the eye. IOLs offer several advantages compared to traditional lens implants including improved optical clarity, reduced postoperative inflammation and risk of infection. They can correct vision and reduce the need for glasses after surgery. The rising prevalence of cataracts driven by aging populations and lifestyle changes has boosted the need for lens replacement via cataract surgery. This growing demand for surgical intervention is a key factor driving the intraocular lens market.

The Global intraocular lens market is estimated to be valued at US$ 5,076.1 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period from 2023 to 2030.

Key Takeaways
Key players operating in the intraocular lens market are Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG. These established companies account for a majority market share due to their long presence and product innovations.

The growing demand for cataract surgery across both developed and developing countries presents lucrative growth opportunities. Factors such as the rising geriatric population, increased healthcare spending, and improving access to eye care are boosting surgical rates.

Manufacturers are expanding their geographic presence in emerging Asian, Latin American, and Middle Eastern markets where cataract incidence is rising in tandem with economic development and aging. International partnerships, acquisitions and collaboration with eye hospitals are key strategies adopted.

Market Key Trends
The increasing popularity of premium intraocular lenses is a major trend in the market. Premium IOLs such as multifocal and toric lenses aim to reduce postoperative spectacle dependence by simultaneously correcting distance, near, and astigmatic vision. Their sophisticated optical designs come at a premium price but promise greater visual outcomes. As patient awareness rises, the demand for and uptake of premium IOLs is growing notably. This drives the average selling prices and overall revenues in the intraocular lens market space.

Porter’s Analysis
Threat of new entrants: Low capital requirements and scarce resources limit potential competition.

Bargaining power of buyers: Large volume buyers like hospitals can negotiate low prices.

Bargaining power of suppliers: Few original equipment manufacturers dominate the market limiting buyer options.

Threat of new substitutes: Costly development and strict regulations limit new substitutes from entering.

Competitive rivalry: Global market is consolidated with few key players competing on technology, pricing and quality of lenses.

Geographical Regions
North America accounts for the largest share of the intraocular lens market in terms of value due to rising prevalence of eye diseases, increasing healthcare expenditure and adoption of premium lenses in the region. The United States dominates the North American market due to high awareness levels and accessibility to advanced technologies.

Asia Pacific region is poised to grow at the fastest rate during the forecast period driven by large patient pools, increasing healthcare expenditure, developing healthcare infrastructure and growing medical tourism industry in countries like India, China and Singapore. Rapid economic growth and rising affordability are some key factors expected to boost adoption of premium IOLs in Asia Pacific.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it