The Global Intraocular Lens Market size is expected to be worth around USD 8835 Million by 2033, from USD 4796 Million in 2023, growing at a CAGR of 6.3% during the forecast period from 2024 to 2033.
The Intraocular Lens (IOL) market refers to the global industry involved in the development, production, and sale of intraocular lenses, which are artificial lenses implanted in the eye to replace the natural lens removed during cataract surgery or to correct refractive errors
The Intraocular Lens (IOL) market is experiencing rapid growth, driven by a combination of factors such as the increasing prevalence of cataracts, an aging global population, and advancements in ophthalmic technology. As the population ages, the incidence of cataracts and other vision impairments rises, boosting the demand for IOLs. Innovations in IOL design, such as multifocal and toric lenses, have expanded treatment options, offering better visual outcomes for patients. Additionally, increasing awareness about eye health and the availability of advanced surgical techniques are contributing to market expansion.
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Key Market Segments
Based on Type
- Monofocal Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Accommodative Intraocular Lens
By Material
- Polymethylmethacrylate
- Silicone
- Hydrophobic and Hydrophilic Acrylic Materials
- Other Materials
By End-Users
- Hospitals
- Ophthalmology Clinics
- Eye Research Institutes
- Ambulatory Surgery Centers
- Other End-Users
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Drivers
Increase in the Number of Cataract Surgeries to Drive Market Growth in the Forecast Period
Cataract surgery is one of the most popular ophthalmic procedures. Cataract surgery is becoming more popular due to the increasing prevalence of cataracts worldwide and associated visual impairments. Over the forecast period, the number of cataract surgeries is expected to rise. The increasing prevalence of blindness and cataracts also drives market growth.
Launch of Several Government Initiatives for Cataract Elimination to Surge Product Demand
In many countries, the rising incidence of cataracts is a major healthcare and economic burden. This has led to several government initiatives for eliminating cataracts. Vision 2020, a global initiative by the International Agency for the Prevention of Blindness, is designed to eradicate the most serious causes of blindness in the world. Vision 2020 requires the active participation of 53 countries in order to achieve the Vision 2020 target through favorable reimbursement policies, eye check camps, and other measures. These initiatives will be a strong driver of global market growth over the forecast period.
Restraints
Lack of Reimbursement Policies for Premium Products in Various Countries Hinder Growth Prospects
Globally, there is still a great need for cataract procedures. However, a major hindrance to market growth is the absence of reimbursement policies for premium products, particularly in emerging countries. These premium products can be used for conditions such as astigmatism, nearsightedness or farsightedness, cloudy vision, age-related vision loss, and nearsightedness. Despite many benefits, this market is limited by the inability to reimburse for these products.
In addition, there are numerous inadequate reimbursement policies, and a significant amount of the population, both in developed and developing nations, is unaware of these premium product options. In 2022, an article published by the Byrd & Wyandotte Eye Clinic in the United States stated that multifocal and toric lenses are regarded as premium IOLs and may not be covered by insurance. These things make it harder for people to use these products, which slows down the growth of the market.
Opportunity
A new era in cataract surgery has been established thanks to the untapped market and advances in intraocular lens technology and phacoemulsification. For example, in November 2017, the US Food and Drug Administration (USFDA) approved RxSight Inc. This light-adjustable lens and light delivery device are suitable for patients who have pre-existing astigmatism greater than 0.75 diopters and are undergoing cataract surgery. It also allows post-operative adjustment to correct uncorrected visual acuity.
Trends
New Product Approvals for Extended Depth of Focus Products to Propel Market Growth
The global market has seen many technologically advanced products in recent years. These products are in high demand due to the increasing prevalence of cataracts. In July 2016, the FDA approved the extended depth of focus products for the first time. Many players are constantly working to expand their product range to meet global patient demand. Alcon Inc. and J&J, for example, launched expanded depths of focus products in 2020.
Numerous advanced studies are also being conducted to examine the potential benefits of these new technologies. According to a continuing study published by ClinicalTrails.gov (U.S. National Library of Medicine), SightMD, a U.S.-based company, sponsored a study to assess the effects of a novel extended focus IOL on lifestyle and visual enhancement. These key trends will be a significant contributor to the growth of the global intraocular lens market.
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