Intraocular Lens Market Size, Share & Trends Analysis Report By Product (Multifocal Intraocular Lens, Toric Intraocular Lens), By End-use (Hospitals, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2024 - 2030

Intraocular Lens Market Size, Share & Trends Analysis Report By Product (Multifocal Intraocular Lens, Toric Intraocular Lens), By End-use (Hospitals, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2024 - 2030

Intraocular Lens Market Growth & Trends

The global intraocular lens market size is expected to reach USD 6.17 billion by 2030, registering a CAGR of 4.63% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rise in the geriatric and diabetic population, which is prone to develop cataracts and other visual disorders, is expected to foster market growth. In addition, rising awareness regarding visual disorders, increase in healthcare spending, and government support to improve the healthcare infrastructure are some of the significant factors boosting the growth of the market.

Although the market has witnessed a bit of a downfall in overall sales during the first half of the pandemic, it is expected to recover and flourish during the forecast period. The restrictions and lockdowns imposed by the government affected the market negatively in terms of demand as well supply. While the volume of procedures drastically dropped down due to the change in healthcare priorities, the shutdown of manufacturing units led to the shortage in the supply of intraocular lenses. However, with the opening up of the economies and the introduction of vaccines, the market is expected to witness steady growth and earn significant profits during the forecast period.

The market for intraocular lenses was negatively affected during the pandemic due to the postponement and delaying of elective procedures. Cataract surgery is an elective procedure and therefore it was postponed to prevent the patients from contracting the virus. However, the market has begun to recover and the market players and ophthalmologists are focusing on recovering the losses and making the optimum use of technology to overcome the losses incurred during the pandemic. This will help the market to grow despite the challenges possessed by the pandemic.

Intraocular Lens Market Report Highlights

• By product, the multifocal intraocular lens segment dominated the market in 2023 owing to the higher adoption due to its benefits such as high precision and improved visualization
• Based on end use, the hospitals segment held the largest revenue share in 2023 owing to the majority of cataract surgeries being performed in the hospitals and increasing cases of cataract
• North America held the largest revenue share in 2023 owing to the rising incidence of cataracts and other ophthalmic disorders, well-defined regulatory guidelines, and favorable reimbursement scenarios in the region

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