The global Intraocular Lenses market is projected to reach US$5.8 billion by 2024, driven by the rapidly rising prevalence of cataract due to an aging global population, and the rising adoption of premium IOLs.
Ophthalmic and ocular disorders including cataract have emerged as a major burden on the economy and healthcare systems of countries across the world, bringing forth the need for developing effective treatment approaches to prevent avoidable blindness. One treatment method that is growing in popularity involves the use of intraocular lens (IOLs), an implantable device that finds use as a replacement to the eye's natural lens during cataract surgeries. Rising popularity of these implantable devices has elevated them to an unassailable position in the cataract surgery market. As an effective substitute for clouded natural lenses, IOLs are widely used in cataract and refractive surgeries.
Growth in the global IOL market is traditionally driven by the growing number of cataract and refractive surgeries performed every year. With cataract recognized as a major health concern and a leading cause of blindness in the world, the number of individuals undergoing vision correction surgery continues to grow, thus aiding growth of intraocular lenses market. The world's rapidly aging population and increasing incidence of cataract and other ocular disorders with advancing age are enhancing demand for IOLs implantations. The market is also being fueled by the rapidly growing demand for minimally invasive surgeries being used for cataract surgery, as these surgeries promise better visual results and lower risk associated with the treatments. Also driving growth in IOL procedures are the efforts of several governments across the globe for creating awareness to prevent avoidable blindness. Driven by the emergence and availability of sophisticated technologies such as femtosecond lasers and micro-incision cataract surgery, the market for IOLs is expected to remain buoyant through the forthcoming years. The growing preference for multi-distance vision capability and foldable lenses will continue to gain traction through the coming years, thereby driving demand for lenses such as accommodating and multifocal IOLs, aspheric optics, and phakic IOLs, among others.
Global demand for intraocular lenses is witnessing growth led by the advent of innovative variants of IOLs and the rising adoption of high-end intraocular lens such as multifocal intraocular lens, accommodating IOLs, and toric IOLs. Multifocal lenses have emerged as a major advancement to offer a spectacle-free, multiple distance vision, while accommodating lenses are witnessing significant advancements to restore superior vision using natural accommodative effects in the eye. IOLs are also making a significant mark in the use of correcting refractive errors through Phakic IOLs. Though the established monofocal technology continues to dominate the market, thanks to higher predictability in outcomes and reimbursement benefits associated with them, the new age presbyopia-correcting multifocal and accommodative lens are gaining share in the market. Increase in the number of multifocal optic designs, growing range of available multifocal and accommodative toric IOLs, increased variety of toric optics and advent of new types of accommodative IOLs promising wider vision range are some of the enhancements being seen in the IOL market.
The United States represents the largest market, worldwide. Rise in cataract incidence, relatively greater expenditure on healthcare, rising demand for premium IOLs from patients, and steady increase in adoption of advanced technology-based products and procedures are driving growth in the country. Asia-Pacific is forecast to register the fastest CAGR of 7.1% over the analysis period, driven by the aging population and the rising incidence of cataract. Rising awareness levels about preventable blindness and cataract especially in China and India also bode well for the market.
Major players in the market include Alcon Inc., Bausch & Lomb Inc., Carl Zeiss Meditec AG, EyeKon Medical Inc., Hoya Corporation, Johnson & Johnson Vision Care Inc., Lenstec, Inc., OcuLentis, OPHTEC BV, PhysIOL s.a., Rayner Intraocular Lenses Limited, STAAR Surgical Company, and The HumanOptics AG, among others.