Intraocular Lens Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis

Intraocular Lens Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis

Global intraocular lens market size is anticipated to reach US$ 6.2 Billion in 2027. An intraocular lens (IOL) is an acrylic lens that replaces the natural lens in the eye and takes over the image-focusing function. Furthermore, the IOL, like the natural lens, concentrates light within the eye. IOLs can address a broader spectrum of visual issues than any other type of vision correction surgery. Myopia, hyperopia, astigmatism, and presbyopia can all be corrected (the difficulty focusing up close that starts around age 40). In most cases, however, an IOL is utilized to correct vision as part of cataract surgery or Refractive Lens Exchange.

Global Intraocular Lens Market is Expanding at a CAGR of 5.49% during 2021-2027:

The worldwide intraocular lens market is predicted to develop as the senior population becomes more susceptible to ocular disorders, cataract prevalence rises, and government measures to eradicate avoidable blindness increase. Additionally, the market's growth is aided by the rise in the usage of premium lenses, which deliver benefits such as enhanced visual performance and reduced astigmatism. Furthermore, the worldwide intraocular lens market is likely to be driven by an increase in knowledge about premium IOLs, favorable recommendations from health care practitioners, and better acceptability among patients worldwide during the forecast period.

Monofocal Intraocular Lens Segment to Dominates Backed by Cost-effective Nature:

In our report, based on the product, the market can be divided into Monofocal IOL, Multifocal IOL, Toric, and Accommodative segments. According to our research, the monofocal intraocular lens segment is expected to dominate the IOL market share for the foreseeable future. The majority share of monofocal IOLs can be attributed to low monofocal lens pricing compared to premium lenses and advantageous government reimbursement regulations. The premium intraocular lens category, on the other hand, is expected to be driven by the benefits of multifocal and accommodative IOLs over monofocal lenses, as well as an increased preference for toric lenses.

Availability of Free Cataract Surgery to Propel the Expansion of Hospitals Segment:

As per our analysis, the market diverges into Hospitals, Ophthalmic Clinics, Ambulatory Surgery Centers, Eye Research Institutes & Others based on the end-user. In 2021, the hospital sector accounted for the most significant proportion of the market in terms of market share. Some of the critical IOL market trends responsible for the segment's growth include an expansion in government hospitals and NGOs delivering free cataract procedures, attractive health reimbursement, and increased demand for daycare surgeries in hospitals. According to Renub Research report, Global Intraocular Lens Market Size was US$ 4.5 Billion in 2021.

Regional Analysis:

We have covered the regional market of North America, Europe, Asia Pacific, and Rest of World in the Global Intraocular Lens Market. Throughout the projection period, North America is expected to lead the market. The substantial North American IOL market share is due to technological advancements such as bespoke cataract lenses, Extended Depth of Focus (EDoF), and new product introductions. As per the American Academy of Ophthalmology, by 2050, 50 million people in the United States will have cataracts. This is projected to favor demand for an intraocular cataract lens in the United States during the forecast period.

Industry Key Players:

The intraocular lens market is consolidated, with a few significant players like Novartis AG, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Johnson and Johnson Vision Care, Inc, Alcon, and Hoya Corporation. The major players are focusing their exertions on completing acquisitions that will assist them in increasing their market position. Furthermore, significant players form alliances with non-profit organizations to raise awareness about cataracts and other eye illnesses. Manufacturers also demonstrate a keen interest in introducing new items to the market, which will help them maintain a solid product portfolio.

The Impact of COVID-19 on the Global Intraocular Lens Market:

Globally, routine healthcare appointments were cancelled due to the COVID-19 outbreak in December 2019 to prevent people from catching the virus. In the first half of 2020, this negatively influenced the market. There was a considerable decline in procedure volumes as many patients were elderly and at a higher risk of developing COVID-19 symptoms, resulting in revenue loss and the temporary or permanent closure of single ophthalmic practice units.

Despite a decline in intraocular lens sales during the pandemic, the market is recovering and is predicted to rise steadily during the forecast period. Factors such as an increase in cataracts and a rise in the number of diagnosed instances of blindness are essential drivers of market expansion. Furthermore, rising healthcare spending and increased awareness of cataracts will likely boost intraocular lens sales.

Renub Research latest report “Intraocular Lens Market, Global Forecast By Product (MonofocalIOL, Multifocal IOL, Toric, Accomodative and Others), End Users (Hospitals, Ophthalmic Clinics, Ambulatory Surgery Centers, Eye Research Institutes & Others), Region (North America, Europe, Asia –Pacific and ROW), Companies (Novartis AG, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Johnson and Johnson Vision Care, Inc, Alcon, and Hoya Corporation)” provides a detailed analysis of Intraocular Lens Industry.

Product - Market has been covered from 5 viewpoints:

1. MonofocalIOL
2. Multifocal IOL
3. Toric
4. Accomodative
5. Others

End Users - Market has been covered from 4 viewpoints:

1. Hospitals
2. Ophthalmic Clinics
3. Ambulatory Surgery Centers
4. Eye Research Institutes & Others

Region - Market has been covered from 4 viewpoints:

1. North America
2. Europe
3. Asia -Pacific
4. Rest of World

Company Insights:

• Overview
• Company Initiatives
• Sales Analysis

Companies Covered:

1. Novartis AG
2. Bausch & Lomb Incorporated
3. Carl Zeiss Meditec AG
4. Johnson and Johnson Vision Care, Inc
5. Alcon
6. Hoya Corporation