The global Intraocular Lens Market is estimated to be valued at USD 5,757.1 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period (2024-2031). The global intraocular lens market is witnessing high growth owing to increasing cataract surgeries being performed worldwide. Furthermore, the rising prevalence of ocular diseases has increased the demand for intraocular lenses globally.
Market Dynamics:
The global intraocular lens market is primarily driven by the increasing number of cataract surgeries being performed worldwide. According to the World Health Organization, cataract is the leading cause of blindness globally, with approximately 8.8 million new cataract surgeries being performed each year. Additionally, the rising geriatric population worldwide is also fueling the market growth. People aged over 65 years are highly susceptible to develop cataracts and with increasing life expectancy, the geriatric population is growing rapidly. This has significantly boosted the demand for intraocular lenses globally as they are widely used for cataract surgery replacement. The growing accessibility of cataract surgery and availability of advanced intraocular lens are also expected to propel the market growth over the forecast period.
Increasing Geriatric Population and Rising Cataract Cases is Driving the Market Growth
The geriatric population aged over 65 years is rising significantly across the globe. According to the World Health Organization (WHO), the number of people aged 65 years and above is expected to increase from 703 million in 2019 to 1.5 billion by 2050. With ageing, the risk of developing cataract increases considerably. Cataract is the leading cause of vision loss worldwide. The WHO data shows that cataract is responsible for 51% of world blindness. As per the data, the number of cataract surgery will grow exponentially in the coming years owing to the burgeoning geriatric population globally. This rising cataract patient pool will drive the demand for intraocular lenses in postoperative cataract patients and act as a key growth driver for the intraocular lens market.
Increasing Demand for Premium IOLs is Fueling Market Expansion
The increasing demand for premium intraocular lenses, such as monofocal, multifocal, toric, and accommodating intraocular lenses, has increased significantly. These premium IOLs provide patients better visual outcomes, lesser dependence on spectacles, and better quality of life as compared to standard monofocal IOLs. Growing awareness about the enhanced visual benefits of premium IOLs among consumers and ophthalmologists is a major factor augmenting the adoption. Furthermore, the increasing disposable incomes in developing countries have made these premium offerings affordable for a larger population base. The rising preference for premium IOLs from both consumers and surgeons is expected to present lucrative growth opportunities for players in the intraocular lens market.
High Cost of Surgery and Unaffordability in Developing Regions Hinders the Market Growth
The high cost of cataract surgery and intraocular lens implants remains one of the key restraints, especially in developing and underdeveloped regions. As per the WHO, the average cost of cataract surgery in high-income countries ranges from US$ 300 to US$ 400, whereas in low and middle-income countries, it varies from US$ 50 to US$ 150. The unaffordability of surgery and lenses restricts a large population from accessing adequate treatment in developing parts of the world. This creates significant demand-supply gap and acts as an impediment in the market growth. Besides, lack of ophthalmologists and unawareness about cataract and treatment options in rural areas also hampers market expansion.
Reimbursement Coverage Expansion and Favorable Government Initiatives Create New Avenues
Expanding insurance coverage for cataract surgery and implants in developing regions can unlock lucrative growth opportunities. Favorable government programs and initiatives such as blind awareness programs and others to provide subsidized and free cataract treatment are gaining immense traction in these areas. For instance, the National Program for Control of Blindness by the Indian government aims at eliminating cataract blindness by 2025 through increasing access to affordable and quality cataract surgeries. Similarly, universal healthcare policies in several Asian and Latin American countries are increasingly covering cataract management costs. Growing public-private partnerships and non-government organization-run eye camps in rural belts are also augmenting the coverage of underprivileged communities. This, in turn, is paving the way for market players to tap the untapped market potential in these developing regions.
Link - https://www.coherentmarketinsights.com/market-insight/intraocular-lens-market-690
Key Development
- On March 13, 2024, Alcon Inc., an ophthalmology company, announced that the launch of clareon family of intraocular lenses in India.
- On February 15, 2024, Johnson & Johnson MedTech, a Johnson & Johnson Services, Inc. company, announced that it had launched TECNIS PureSee intraocular lens in Europe, Middle East, and Africa. TECNIS PureSee intraocular lens features a proprietary, purely refractive design that delivers uninterrupted, high-quality vision with high best-in-category contrast and low-light performance, comparable to a monofocal intraocular lens.
- In October 2021, Ocumetics Technology Corp., a Canada-based research and ophthalmic products development company, announced the phase of a clinical trial program for Bionic Lens. It is an expandable intraocular lens that fits in the lens compartment of the eye, which eliminates the need for corrective lenses. The mechanism of the lens involves the re-establishment of the natural kinetics of the eye muscles for facilitating the eye’s ability to promote better focus from distance to near and very near range.
- In January 2021, Alcon Inc., an ophthalmology company, announced the launch of AcrySof IQ Vivity, the first and only non-diffractive extended depth of focus intraocular lens in the U.S.
Key Players: Bausch Health Companies Inc., Alcon Inc., Johnson & Johnson Services, Inc., STAAR SURGICAL, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, HumanOptics AG, Biotech Healthcare, Ocumetics Technology Corp., TELEON, SIFI S.p.A, NIDEK CO., LTD., Lenstec, Inc., and Omni Lens Pvt. Ltd.
