The growth of the global intraocular lens market is anticipated to be fueled by key market players' focus on the development of novel intraocular lenses during the forecast period. For instance, the phase of a clinical trial programme for Bionic Lens was announced by Ocumetics Technologies Inc., a Canadian business that conducts research and develops ophthalmic products. It replaces the need for corrective glasses with an inflatable intraocular lens that fits into the eye's lens compartment. During the course of the projection period, prominent companies are likely to increase their company development tactics, such as mergers, acquisitions, and collaboration. For instance, in May 2019, the pharmaceutical company Zydus Cadila from India and the ophthalmology company SIFI from Italy collaborated to market intraocular lenses in India. The Directorate General of Health Services and the Ministry of Health & Family Welfare have both given their approval to SIFI's intraocular lenses. As a result, the partnership will provide surgeons with cutting-edge technology to enhance patients' quality of life and vision.
Coherent Market Insights predicts that the market for Intraocular Lenses is anticipated to reach US$ 5,076.1 million in 2022 and grow at a CAGR of 7.2% during the following five years (2022-2030).
Key Competitors in the Intraocular Lenses Industry:
1. Alcon
The company was founded in 1945 and it has its headquarters in Geneva, Switzerland. The business manufactures and sells products for contact lenses, refractive technologies, and vitreoretinal and cataract surgery.Alcon announced in November 2021 that it will purchase Ivantis and their glaucoma surgical stent technology for at least $475 million. To expand its line of ophthalmic medications, Alcon decided to purchase Aerie Pharmaceuticals in August 2022 for US$770 million.
2. Bausch & Lomb
The company was founded in 1853 and is based in Vaughan, Ontario, Canada. The business creates, produces, and sells optical goods as well as contact lenses, over-the-counter and prescription medications, intraocular lenses, and other products for cataract and refractive surgery. Bausch + Lomb said in November 2021 that it would present scientific data and analyses at the annual meetings of the American Academy of Ophthalmology and American Academy of Optometry.
3. Johnson & Johnson
Johnson & Johnson, which was established in 1886, has its corporate headquarters in New Brunswick, New Jersey. Johnson & Johnson manufactures consumer products, prescription drugs, and medical devices. In November 2021, the business stated that it would divide into two publicly traded businesses, one specialising on consumer goods and the other in medicines and medical technologies. The business asserted that sales of its Covid-19 vaccination reached a $100 million total during the first quarter of April 2021. Johnson & Johnson paid $16.6 billion to acquire Abiomed Inc. in November 2022.
4. Staar Surgical Company
The company was founded in 1982 and has its main office in Monrovia, California, United States. The company makes implantable contact lenses to treat refractive conditions including myopia and develops, produces, and markets high-margin visual implants that enhance a patient's quality of vision. The commercial launch of STAAR Surgical Company's EVO Visian® Implantable Collamer® Lenses (EVO) in the United States was updated in 2022.
5. Carl Zeiss Meditec
The company was established in 2002 and is headquartered in Jena, Germany. In the area of ophthalmology-related medical technology, the company offers entire system solutions. Systems for screening, diagnosing, and treating eye conditions like cataracts, glaucoma, and retinal abnormalities are among the company's offerings.
6. HOYA Corporation
The company was established in 1941 and is headquartered in Shinjuku City, Tokyo, Japan. A med-tech business called Hoya Corp (Hoya) makes and distributes precision instruments and tools based on its cutting-edge optical technologies. To achieve 100% renewable electricity, HOYA Corporation announced in February 2023 that it would join the international environmental initiative RE100.
7. Lenstec, Inc.
The firm was established in 1993 and has its headquartered in St. Petersburg, Florida USA. The company makes ophthalmic frames, lenses, and sunglass lenses among its range of products. The Lenstec SBL-3 IOL (Segmented Bifocal Lens), according to the company's announcement in July 2022, is a next-generation asymmetric multifocal refractive IOL that offers patients close, intermediate, and distance vision.
8. Ophtec BV
The company was founded in 1983 and is headquartered in Groningen, The Netherland. OPHTEC creates and produces implants and tools for ophthalmology procedures such cataract, trauma, and refractive surgery. The production of bulk organic and inorganic pharmaceutical compounds is one of the company's business divisions.
Definition: A lens placed in the eye to treat myopia or cataracts is known as an intraocular lens. The IOL is referred as as phakic if the natural lens is kept in the eye, and pseudophakic, or fake, if it is removed.
