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Intraocular Lens Market: Introduction
According to the report, the global intraocular lens market was valued at US$ 3.9 Bn in 2020 and is projected to expand at a CAGR of 4.9% from 2021 to 2028. Intraocular lens is a lens implanted in the eye for treatment of cataract, an eye disease characterized by clouding of the natural lens, which is replaced by the new intraocular lenses.
Intraocular lenses are available in different forms depending upon physical properties and functionality. Monofocal intraocular lens are the most preferred IOLs used in the treatment of cataract surgeries. However, the use of monofocal IOLs is usually associated with wearing glasses for reading or for other activities as these lenses only treat cataract and do not treat astigmatism.
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The new premium IOLs available currently in the market such as multifocal IOLs are used to treat vision correction and refractive errors and provide clear vision for near, intermediate, and distance vision as well.
Increase in Incidence of Ophthalmic & Ocular Conditions and Surge in Geriatric Population to Drive Market
Incidence and prevalence of ophthalmic and ocular conditions across the world are increasing at higher rates, affecting millions of people. According to the American Association of Ophthalmology, the prevalence of cataract, along with other eye-related disorders such as glaucoma, blindness, diabetic retinopathy is on the rise, with glaucoma affecting around 2.7 million people in the U.S. every year. In 2020, about 80 million people have glaucoma worldwide, and the number is expected to increase to over 111 million by 2040.
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The geriatric population is more prone to ophthalmic & ocular diseases. The increase in geriatric population is another major factor driving the global intraocular lens market. The rise in the geriatric population and number of diabetic patients has led to a high number of age-related cataract and other eye disorders such as macular degeneration and glaucoma.
Monofocal IOL Segment to Lead Global Market
In terms of product type, the global intraocular lens market has been classified into monofocal IOL, multifocal IOL, toric IOL, accommodative IOL, and others. The monofocal IOL segment is projected to account for major share of the global market during the forecast period. Increase in incidence of cataract, better reimbursement policies for the use of monofocal IOLs, and reduced post-operative complications are attributed to the segment’s market dominance. Moreover, growth of the segment can be attributed to advantages such as better image quality and higher patient acceptance with monovision requirements.
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Hospitals Segment Held Significant Market Share
In terms of end-user, the global intraocular lens market has been divided into hospitals, ophthalmology clinics, ambulatory surgery centers, and eye research institutes. The hospitals segment led the global intraocular lens market in terms of revenue in 2020 and the trend is projected to continue during the forecast period. Increase in adoption of advanced products and technologies, ease of access to hospitals especially in the emerging countries, better provision of healthcare facilities, and reimbursement by hospitals boost the growth of the hospitals segment.
The ophthalmology clinics segment held the second largest share of the market in 2020. Ophthalmologists across the world are setting up independent ophthalmology clinics to offer personalized care to patients, which promotes the growth of the segment.
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North America to Dominate Global Intraocular Lens Market
North America dominated the global intraocular lens market in 2020, accounting for 35% share. Well-established healthcare infrastructure and presence of key players with focus on research & development are key factors anticipated to boost the expansion of the market in the region. Moreover, increase in geriatric population, surge in incidence of cataract & refractive surgeries, and high adoption of advanced products and techniques are expected to fuel the growth of the market in North America.
Asia Pacific is a rapidly expanding market for intraocular lens. The market in the region is likely to expand at a high CAGR from 2021 to 2028 due to rise in demand for intraocular lens.
Competition Landscape
The global intraocular lens market is fragmented due to the presence of a large number of leading players. Key players operating in the market include Abbott Medical Optics, Alcon (Novartis AG), Carl Zeiss Meditec AG, Bausch & Lomb, Inc., Hoya Surgical Optics, Calhoun Vision, Inc., and Staar Surgical Company.
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