Market Overview:
Intraocular lenses (IOLs) are artificial lenses implanted in the eyes of cataract patients in place of cloudy natural lenses during cataract surgery. IOLs help improve vision by focusing light directly onto the retina. IOLs are made from biocompatible materials such as silicon and acrylic. They are available in different refractive powers depending on a person’s prescription.
The global Intraocular Lens Market is estimated to be valued at US$ 5,076.1 Mn or Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
One of the key trends in the intraocular lens market is the increasing adoption of premium intraocular lenses (IOLs). Premium IOLs are mono-focal, multi-focal, toric, and phakic IOLs. These IOLs help provide better vision correction than conventional IOLs thereby eliminating the needs for spectacles. They are usually expensive than conventional IOLs. However, increasing awareness about advanced benefits of premium IOLs and rising disposable income levels in developing countries are driving their adoption globally. Many people are opting for them to enjoy spectacle independence post-surgery. This trend is expected to continue during the forecast period.
SWOT Analysis
Strength: The intraocular lens market has strong presence of established players that offer wide range of products. This creates variety and strong competition in the market.
Weakness: Availability of alternative treatment options such as refractive surgeries act as a constraint for market growth. High cost associated with premium intraocular lenses also limits their adoption in developing regions.
Opportunity: Increasing prevalence of cataract and rising geriatric population worldwide present lucrative growth opportunities. Growing consumer awareness regarding regular eye checkups further supplements the market expansion.
Threats: Stringent government regulations for approval of new products increase the entry barriers. Supply chain disruptions due to COVID-19 pandemic also negatively impacted the market.
Key Takeaways
The global intraocular lens market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing number of cataract surgeries worldwide. The market size for 2023 is estimated to reach US$ 5,076.1 Mn.
Regional analysis
North America is projected to dominate the global intraocular lens market throughout the forecast period. This is attributed to growing geriatric population, availability of advanced healthcare infrastructure, and rising cataract prevalence in the region. Europe accounts for second largest revenue share in the market due to increasing awareness about routine eye checkups and treatments.
Asia Pacific exhibits fastest growth and is expected to showcase CAGR of around 8% during 2023-2030. Rising medical tourism coupled with growing access to healthcare in countries like China, India, and Japan will majorly drive the regional market.
Key players
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. Expansion of product portfolio is the core strategy adopted by these companies to gain competitive advantage in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it