Intraocular Lens Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.46 Billion |
| Market Size (2029) | USD 8.90 Billion |
| CAGR (2024 - 2029) | 6.63 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Intraocular Lens Market Analysis
The Intraocular Lens Market size is estimated at USD 6.46 billion in 2024, and is expected to reach USD 8.90 billion by 2029, growing at a CAGR of 6.63% during the forecast period (2024-2029).
Key factors propelling the intraocular lens market include increasing ophthalmic issues, growing cases of cataracts in the diabetic population, and rising adoption of advanced premium IOLs. For instance, as per the RANZCO Pre-Budget Submission 2022-2023, the estimated prevalence of glaucoma in Australians over 50 years is 2.2%. The prevalence of glaucoma in Australia is expected to increase to 379,000 patients by 2025. Therefore, a rise in eye diseases is likely to increase the demand for intraocular lenses and drive market growth.
Increasing awareness about eye diseases and related complications is likely to boost the adoption of intraocular lenses. For instance, in July 2022, as part of the Avoidable Blindness Program (ABP), Novartis and the Fred Hollows Foundation launched the Integrated Eye Health Program for blindness prevention in Kenya. It improves access to eye health services for the most vulnerable and marginalized communities. The program focuses on glaucoma, diabetic retinopathy, and cataracts. For 2022, the partnership’s ambitious goal was to have over 400,000 community members educated in eye health and approximately 40,000 patients screened.
The growing aging population significantly contributes to rising incidences of chronic diseases. As the proportion of older individuals increases, so does the demand for presbyopia treatments. For instance, per the UN Population Fund statistics 2023, the share of the population aged 65 and older was estimated to be around 19.2% of the total UK population in 2023. Hence, the significantly high percentage of the elderly population in the country is likely to increase the risk of age-related eye diseases, driving the market over the forecast period.
In September 2022, Rayner publicized that two highly respected surgeons from the UK had performed the world's first implantations of RayOne EMV Toric. RayOne EMV Toric is the toric variant of Rayner's popular RayOne EMV enhanced monofocal IOL that was developed in collaboration with Professor Graham Barrett. Thus, such product launches and strategic activities are expected to contribute to the market growth during the forecast period.
Owing to the increase in the number of ophthalmic issues and eye diseases in product launches and approvals, the demand for intraocular lenses is likely to rise during the forecast period. However, the increasing costs of IOLs and poor reimbursement coverage are expected to hamper market growth over the forecast period.
Intraocular Lens Market Trends
The Monofocal Intraocular Lens Segment is Expected to Hold a Significant Market Share Over the Forecast Period
A mono-focal intraocular lens (IOL) is an intraocular lens with a fixed focus from one distance. This lens focuses on the light that enters through the cornea and pupil onto the retina. A mono-focal intraocular lens has equal power in all regions and a single zone of clear focus, producing excellent vision from a determined distance. Patients with cataracts in both eyes prefer mono-focal intraocular lenses so they can select one of the three focuses for both eyes (near focus, mid-distance, and distant focus). A mono-focal intraocular lens is the first choice for many, as it can provide the best image quality after surgery.
Factors such as increasing research studies and product launches by key market players are expected to boost market growth over the forecast period. A study published in the Scientific Reports in January 2022 mentioned that cataracts and blepharoptosis are common ophthalmic problems in older adults in Korea; the prevalence of blepharoptosis in middle-aged to older adults is over 10%, and cataract is 15%. Also, as per the 2022 Vision Index report, research supported the prevalence of myopia, with most respondents (81%) having trouble seeing objects at a distance and short-sightedness being the most common diagnosis for those who had their eyesight examined by an optometrist (40%) in Australia in 2022.
Thus, the increasing prevalence of ophthalmic disease is expected to boost segmental growth over the forecast period. The rising product launches are increasing the adoption of mono-focal intraocular lenses. For instance, in March 2022, Alcon launched Clareon Monofocal, Clareon PanOptix, and Clareon Vivity IOLs in the United States.
Furthermore, advancements in technology and increasing product approvals, along with partnerships and collaborations by key players, are anticipated to drive segmental growth. For instance, in September 2022, SIFI SpA launched Evolux, a novel extended mono-focal IOL based on a hydrophobic material and a non-diffractive profile, designed to provide better intermediate vision and equivalent distance vision compared to a standard mono-focal IOL.
Similarly, in July 2022, cuFocus Inc. received FDA approval for its breakthrough IC-8 Apthera IOL for the treatment of cataracts. The Apthera IOL was the first and only non-toric extended depth of focus IOL approved for 82% of cataract patients with as much as 1.5 diopters (D) of corneal astigmatism.
Therefore, the segment is predicted to grow over the forecast period due to the rising eye issues, increase in product launches, and the high demand for mono-focal intraocular lenses.
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is expected to hold a significant market share over the forecast period, owing to an increase in vision-related disorders, high adoption of new technologies and products in the healthcare sector, and a surge in demand for better healthcare facilities. For instance, according to the ophthalmology management's May 2022 update, there were 128 million presbyopes in the United States. That number is estimated to increase as millennials turn 40 and become presbyopic. Thus, an increase in cases of presbyopia is likely to drive the market over the forecast period.
Additionally, the increasing prevalence of cataract issues, such as age-related cataracts and congenital cataracts, is anticipated to propel the market's growth over the forecast period. According to statistics published by NVision Centers, in 2022, it was found that about 12 million people aged 40 years and above had vision impairment in the United States. Hence, the market is anticipated to grow due to the rising frequency of eye illnesses and the increased need for intraocular lenses.
Product launches by market players in the region are another market growth driver. For instance, in November 2023, Alcon Inc. launched Clareon Vivity in Canada. Clareon Vivity was the first non-diffractive extended depth of focus (EDOF) intraocular lens (IOL) on Alcon’s lens platform. It is designed for patients seeking a continuous comprehensive range of vision. Clareon Vivity leverages a wavefront shaping optic principle, trademarked as X-WAVE technology, to extend the depth of focus and provide a mono-focal-like visual disturbance profile. Similarly, in July 2022, AcuFocus, Inc. received approval from the US FDA for its IC-8 Apthera Intraocular Lens (IOL).
The IC-8 Apthera Intraocular Lens (IOL) is an artificial lens that is implanted in the eye of adult patients. The lens provides vision correction after the eye’s natural lens is removed due to becoming cloudy. The IC-8 Apthera IOL is used in adults with cataracts who need eye surgery and have only a tiny amount (1.5 diopters or less) of abnormal curve to the cornea (astigmatism). It is implanted in the non-dominant eye only after the dominant eye successfully implants a mono-focal or mono-focal toric intraocular lens targeted for distance vision (emmetropia). Such product launches are expected to boost growth during the forecast period.
Thus, the prevalence of vision-related disorders, the presence of major market players, and increasing product launches in the country are expected to drive the growth of the market in North America.
Intraocular Lens Industry Overview
The intraocular lens market is semi-consolidated in nature. Major manufacturers of intraocular lenses are investing in mergers and acquisitions to expand revenue share and diversify product portfolios. Thus, the growing focus of companies in emerging countries and the gradual shift toward new technologies offer significant growth opportunities for players in the market. Some major market players include Alcon, Hoya Corporation, Carl Zeiss AG, Bausch Health Companies Inc., and EyeKon Medical Inc.
Intraocular Lens Market Leaders
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HOYA Corporation
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Alcon Inc.
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EyeKon Medical Inc.
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Bausch Health Companies Inc.
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Carl Zeiss AG
*Disclaimer: Major Players sorted in no particular order
Intraocular Lens Market News
- January 2023: Bausch + Lomb acquired AcuFocus, a privately held ophthalmic medical device company, gaining its novel small aperture non-toric extended depth of focus (EDOF) intraocular lens (IOL) available in Australia and New Zealand. AcuFocus is known for its small aperture intraocular technology, spearheaded by the IC-8 Apthera intraocular lens (IOL).
- December 2022: Johnson & Johnson Vision, a global leader in eye health and part of the Johnson & Johnson Medical Devices Companies, announced the availability of TECNIS Synergy Toric II OptiBlue PC-IOL (intraocular lens) for patients with astigmatism in India.
Intraocular Lens Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Ophthalmic Issues and Eye Diseases in the Diabetic Population
- 4.2.2 Increasing Cases of Cataract in the Diabetic Population
- 4.2.3 Rising Adoption of Advanced Premium IOLs
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4.3 Market Restraints
- 4.3.1 High Cost of IOLs
- 4.3.2 Lack of Reimbursement Policies
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Product
- 5.1.1 Monofocal Intraocular Lens
- 5.1.2 Accommodative Intraocular Lens
- 5.1.3 Multifocal Intraocular Lens
- 5.1.4 Toric Intraocular Lens
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5.2 By End User
- 5.2.1 Hospitals
- 5.2.2 Ambulatory Centers
- 5.2.3 Other End Users
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5.3 By Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Alcon Inc.
- 6.1.2 Bausch Health Companies Inc.
- 6.1.3 Carl Zeiss Meditec AG
- 6.1.4 EyeKon Medical Inc.
- 6.1.5 Hoya Corporation
- 6.1.6 HumanOptics AG
- 6.1.7 Johnson and Johnson
- 6.1.8 Lenstec Inc.
- 6.1.9 Rayner Group
- 6.1.10 STAAR Surgical
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityIntraocular Lens Industry Segmentation
As per the scope of the report, an intraocular lens is implanted in the eye as part of a treatment for cataracts or myopia. Several types of intraocular lenses are available in the market to improve vision.
The intraocular lens market is segmented by product, end user, and geography. By product, the market is segmented into monofocal intraocular lens, accommodative intraocular lens, multifocal intraocular lens, and toric intraocular lens. By end user, the market is segmented into hospitals, ambulatory centers, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD) for all the above segments.
| By Product | Monofocal Intraocular Lens | |
| Accommodative Intraocular Lens | ||
| Multifocal Intraocular Lens | ||
| Toric Intraocular Lens | ||
| By End User | Hospitals | |
| Ambulatory Centers | ||
| Other End Users | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Intraocular Lens Market Research FAQs
How big is the Intraocular Lens Market?
The Intraocular Lens Market size is expected to reach USD 6.46 billion in 2024 and grow at a CAGR of 6.63% to reach USD 8.90 billion by 2029.
What is the current Intraocular Lens Market size?
In 2024, the Intraocular Lens Market size is expected to reach USD 6.46 billion.
Who are the key players in Intraocular Lens Market?
HOYA Corporation, Alcon Inc., EyeKon Medical Inc., Bausch Health Companies Inc. and Carl Zeiss AG are the major companies operating in the Intraocular Lens Market.
Which is the fastest growing region in Intraocular Lens Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Intraocular Lens Market?
In 2024, the North America accounts for the largest market share in Intraocular Lens Market.
What years does this Intraocular Lens Market cover, and what was the market size in 2023?
In 2023, the Intraocular Lens Market size was estimated at USD 6.03 billion. The report covers the Intraocular Lens Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Intraocular Lens Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Intraocular Lens Industry Report
The Intraocular Lens Market Report offers a comprehensive market analysis and market report segmented by product, end user, and geography. The market share and market size for each segment are detailed, providing valuable insights into the industry's current state. The industry report includes data on the global market, highlighting key industry trends and market growth.
This industry analysis also provides an industry overview, with a market forecast that extends into the future, offering predictions on market growth and market leaders. The market research is thorough, with a focus on market segmentation and market value. The report example is available as a free report PDF download, providing a detailed market review and market outlook.
Additionally, the report includes industry information on growth rate, industry sales, industry size, industry statistics, and industry trends. The market data and market forecast are essential for understanding the market outlook and market overview. The industry research is conducted by leading research companies, ensuring the accuracy and reliability of the information provided.
In summary, this report provides a detailed industry outlook and market predictions, with a comprehensive analysis of market segmentation and market value. The industry reports and market data are crucial for understanding the market leaders and market growth. The report PDF and report example offer valuable insights into the industry trends and market review, making it an essential resource for anyone interested in the intraocular lens market.
