INTRAOCULAR LENS MARKET ANALYSIS

Intraocular Lens Market Size and Trends

The intraocular lens market is estimated to be valued at USD 5,757.1 Mn in 2024 and is expected to reach USD 9,541.7 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.

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The increasing prevalence of cataracts and other eye diseases globally is boosting the market growth. According to the World Health Organization (WHO), cataract is the leading cause of blindness worldwide, affecting over 18 million people globally. Thus, the growing geriatric population who are more prone to develop cataracts, along with the rising awareness about early cataract treatment is expected to propel the demand for advanced intraocular lenses. Moreover, technological advancements in intraocular lenses such as the introduction of premium intraocular lenses and multifocal intraocular lenses are further anticipated to drive the market growth during the projected timeframe. However, the high cost associated with intraocular lenses and lack of favorable reimbursement policies in developing nations may hamper the market growth to some extent.

Increasing Inorganic Growth Strategies such as Acquisition

Increasing adoption of inorganic growth strategies, such as acquisitions by key market players, is expected to drive the market growth over the forecast period. For instance, in January 2023, Bausch Health Companies Inc., a global eye health company, announced that it had acquired AcuFocus, Inc. (“AcuFocus”), a privately-held ophthalmic medical device company, to address the diverse unmet needs in eye care. AcuFocus develops small aperture intraocular technology. Its portfolio includes the IC-8 Apthera intraocular lens (IOL).

The global population is ageing at an unprecedented rate. The percentage of people aged 65 years and above is growing steadily and this ageing population is more susceptible to developing cataract and other age-related eye diseases. As per the estimates by the WHO, the number of cataract operations will need to rise by 30% over the next 10 years to keep up with the demand from an ageing population alone. Many developed countries have already seen their average age rising over the past few decades, and this trend is now spreading to developing regions as well.