Intraocular Lens Market Assessment, By Type [Monofocal Intraocular Lens, Multifocal Intraocular Lens, Toric Intraocular Lens, Accommodative Intraocular Lens, Others], By Material [Hydrophobic Acrylic, Hydrophilic Acrylic, Polymethylmethacrylate, Silicone,

Intraocular Lens Market Assessment, By Type [Monofocal Intraocular Lens, Multifocal Intraocular Lens, Toric Intraocular Lens, Accommodative Intraocular Lens, Others], By Material [Hydrophobic Acrylic, Hydrophilic Acrylic, Polymethylmethacrylate, Silicone, Others], By Application [Cataract, Presbyopia, Corneal Disorders, Others], By End-user [Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics, Eye Research Institutes], By Region, Opportunities and Forecast, 2017-2031F

Global intraocular lens market is projected to witness a CAGR of 5.5% during the forecast period 2024-2031, growing from USD 5.08 billion in 2023 to USD 7.79 billion in 2031. An intraocular lens (IOL) implant is a synthetic lens placed inside the eye to replace the focusing power of the natural lens, typically as part of cataract surgery. It has been approved as safe and effective by the U.S. Food and Drug Administration since 1981. IOLs are a popular option for improving vision without heavy reliance on contact lenses and glasses.

The increasing prevalence of cataracts presents a significant economic and healthcare challenge in many countries, prompting various governments to initiate programs aimed at eliminating cataracts. Cataracts are the leading cause of blindness worldwide, with most of those affected residing in developing countries. The management of cataracts and even other corneal disorders, such as presbyopia and blepharoptosis, is expected to become a socioeconomic challenge, particularly in low-income nations with limited access to appropriate treatment. Despite the effectiveness of cataract surgery, it remains inaccessible to a large portion of the global population, especially in developing countries where financial means and access to surgeons are limited. As a result, a substantial number of cataract cases remain untreated, contributing to the burden of the disease. This shortcoming is a big reason behind the forthcoming surge in market growth of IOLs. Awareness about eye health and the benefits and features of new technology is one of the primary factors driving the market.

According to a 2023 report by the World Health Organization (WHO), approximately 2.2 billion people globally have near or distant vision impairment, and an estimated 94.0 million people suffer from cataracts. The increasing government support and favorable reimbursement policies have encouraged more patients to undergo cataract surgery, leading to a rise in the adoption of cataract surgery devices. Additionally, initiatives to reduce the backlog of cataract surgeries and the growing awareness of eye care in key countries are expected to drive the market growth for cataract surgery devices.

Increasing Volume of Cataract Surgeries

Cataract surgery is one of the most performed ophthalmic procedures globally. The increasing prevalence of cataracts and associated visual impairments has led to a rise in the number of cataract surgeries performed worldwide. Cataract surgery has the highest volume procedure for the ophthalmic industry, attracting significant investments and a continuous flow of new products, services, and innovations. With continuous advancements and growing demand, the future of cataract surgery is promising. It is projected that by 2030, the average annual volume of cataract surgeries will increase, and the mean age of patients will also increase. The rising demand for cataract surgery is also prevalent in developing countries, where many individuals are affected by cataracts. Various initiatives and organizations are dedicated to addressing the global burden of cataract blindness and increasing access to cataract surgery in developing nations. A study published in Scientific Reports in January 2022 revealed that cataracts and blepharoptosis are prevalent ophthalmic issues among older adults. The prevalence of blepharoptosis in middle-aged to older adults exceeds 10%, while cataracts affect 15% of the population.

Cost Effectiveness of Monofocal IOL is Driving its Dominance in the Market

The intraocular lens market is categorized into monofocal and premium segments. The monofocal segment, which is cheaper, held the largest share of the global intraocular lens market, accounting for around 55% of the market. This dominance is attributed to the products being more favorably reimbursed and the rising number of government initiatives for utilizing monofocal lenses for cataract surgeries. The premium segment, on the other hand, is expected to witness growth prospects, with multifocal IOLs being the most adopted product due to their advantages in treating complex vision problems such as presbyopia or astigmatism. According to an article published in 2023 by the National Institutes of Health (NIH), monofocal lenses are among the most implanted products in the intraocular lens market. The popularity of these products among the general population is due to their favorable reimbursement and has contributed to their growth prospects.

Government Initiatives Acting as Catalyst

The increasing prevalence of cataracts presents a significant economic and healthcare challenge in many countries, prompting various governments to initiate programs aimed at eliminating cataracts. The rise in standalone eye clinics in developed and developing regions is also expected to contribute to the segment's growth. The academic and research institutes segment is expected to attain growth prospects due to active government efforts to train ophthalmologists and the increasing number of doctors opting for fellowship programs to learn about the latest medical technologies. According to a news article published by the Hindu in May 2022, the Government of India proposed a special drive to clear the backlog of cataract surgeries. 7.5 million cataract surgeries were performed in FY2022-FY2023, 9 million cataract surgeries were performed in FY2023-FY2024, and the plan for FY2024-FY2025 is 10.5 million surgeries. The number of cataract surgeries will be done under a special campaign to clear the backlog, and all the Indian states will be given guidance to conduct these procedures.

High Demand for Hydrophobic Acrylic IOLs

Hydrophobic acrylic materials are the leading choice in the IOL industry, holding the largest market share. They are versatile and can be used to manufacture various IOL designs, including monofocal, multifocal, and toric lenses, thereby meeting diverse patient needs. Compared to other IOL materials like silicone, they offer a more cost-effective option while maintaining high quality. Additionally, being water-resistant, they do not readily absorb water, which helps prevent the build-up of protein deposits on the IOL's surface and the associated clouding and vision problems over time. Its high refractive index, low water content, and the ability to be inserted through small incisions make it more widely used in cataract surgeries. The PMMA segment is expected to hold the second-largest market position in the forecast period, particularly in Europe and other regions, due to its cost advantage over acrylic products.

In 2023, Alcon developed a new intraocular lens made from a hydrophobic acrylic named “Clareon PanOptix IOL”. Clareon IOL is made from a hydrophobic acrylic with increased water content compared to AcrySof. As per a study conducted in Australia to test the efficacy of the product, majority of eyes that had the Clareon IOL implanted showed Grade 0 glistening (problems that can occur when a patient is undergoing cataract surgery), and 92.9% of the patients had either no posterior capsular opacification (PCO) or PCO that was clinically undetectable. Over the course of the three-year study period, the visual outcomes were excellent and stable.

North America Dominates IOL Market

North America is anticipated to hold a significant share of the global intraocular lens market. This can be attributed to the increasing prevalence of vision-related disorders, high adoption of new technologies and products in the United States and Canada, and a surge in demand for better healthcare facilities. The region is expected to be the largest market for cataract surgery devices, with the United States accounting for a significant share of the market. According to the ophthalmology management's update from May 2022, the United States is home to 128 million presbyopes, a number that continues to grow as millennials reach the age of 40 and develop presbyopia. This trend is expected to drive the intraocular lens market in the coming years. Furthermore, the increasing prevalence of cataract issues, including age-related and congenital cataracts, is projected to contribute to market growth. In 2022, approximately 12 million individuals aged 40 and above in the United States were found to have vision impairment, while 1.2 million Canadians were living with vision loss. These factors are anticipated to fuel the development of the intraocular lens market due to the growing prevalence of eye illnesses and the rising demand for intraocular lenses.

Future Market Scenario (2024 – 2031F)

The future market scenario of the global intraocular lens market is marked by continuous advancements and innovations. Technological advancements are expected to redefine the landscape, by improving the efficacy of cataract surgeries and refractive procedures. The integration of smart technologies, such as adjustable focus lenses and auto-adjusting IOLs, may become more prevalent, offering patients personalized vision correction options. Nanotechnology is expected to play an important role in the development of next-generation IOL materials, promoting improved biocompatibility and optical performance. In January 2022, Aston University announced its partnership with Rayner Intraocular Lenses, the first company in the world to manufacture intraocular lenses (IOLs), to develop the next generation of lenses that give patients a full range of vision without the need for glasses.

Key Players Landscape and Outlook

The global intraocular lens market is characterized by a consolidated structure, with a few major players holding a significant proportion of the market. Alcon Inc. accounts for the highest market share with a strong portfolio, including the ACRYSOF product line, and an established geographical presence. The company has also focused on launching new products and strategic initiatives to increase its market share. Johnson & Johnson Vision Care, Inc. is the second leading player, with a strong market presence in key regions and robust distribution networks. The prominent companies in the intraocular lens market are pursuing acquisitions to strengthen their market presence.

Additionally, they are forming partnerships with non-profit organizations to raise awareness about cataracts and other eye conditions. Furthermore, manufacturers are actively engaged in introducing new products to maintain a robust product portfolio. In January 2023, Bausch + Lomb completed the acquisition of AcuFocus, a privately held company known for its small aperture non-toric extended depth of focus (EDOF) intraocular lens (IOL). This acquisition has provided Bausch + Lomb with access to AcuFocus's innovative IOL technology, including the IC-8 Apthera lens, which received FDA approval in July 2022. Johnson & Johnson Vision Care Inc., announced in December 2022 that the TECNIS Synergy Toric II OptiBlue PC-IOL is now available in India for patients with astigmatism.