Intraocular Lens Market Size (2024 - 2029)

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 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.