Intraocular Lens (IOL) Market Forecasts to 2028 – Global Analysis By Product (Multifocal Intraocular Lens, Toric Intraocular Lens and other products), Material (Polymethylmethacrylate (PMMA), Hydrophobic Acrylic and Other Materials), Flexibility (Foldable

Intraocular Lens (IOL) Market Forecasts to 2028 – Global Analysis By Product (Multifocal Intraocular Lens, Toric Intraocular Lens and other products), Material (Polymethylmethacrylate (PMMA), Hydrophobic Acrylic and Other Materials), Flexibility (Foldable and Rigid), Type of Implantation(Injectable and Non-Injectable), Optics Shape (Plano-convex, Biconvex and Meniscus), End User and Geography

According to Stratistics MRC, the Global Intraocular Lens (IOL) Market is accounted for $4.27 billion in 2022 and is expected to reach $6.33 billion by 2028 growing at a CAGR of 6.8% during the forecast period. An artificial lens called an intraocular lens (IOL) is inserted into the eye during procedures for glaucoma and cataracts. The rising incidence of cataracts has boosted demand for these operations, and important product advancements have also been released, all of which have helped the market expand.

According to the National Eye Institute, in 2020, the United States recorded 7.7 million diabetic retinopathy cases and 24 million cataract cases, and they are expected to reach 11.3 million and 38 million, respectively, by 2030. According to the National Eye Institute, the number of people in the United States with cataracts is expected to double from 24.4 million in 2020 to about 50 million by 2050.

Market Dynamics:

Driver:

Increase in the Number of Cataract Surgeries

The surgery to remove cataracts is one of the most frequently performed ocular treatments worldwide. The number of cataract surgeries conducted globally has increased due to the rising prevalence of cataracts and the visual impairments linked to cataracts). During the projected period, it is predicted that the increasing number of cataract procedures will boost the global market revenue. Another major factor driving the market expansion is the increased incidence of cataracts and blindness. For instance, an estimated 15.2 million people aged 50 and older were blind, and an additional 78.8 million had cataracts, according to the Association for Research in Vision and Ophthalmology. These statistics are projected to support market expansion during the projection period.

Restraint:

Lack of Reimbursement Policies for Premium Products

The lack of reimbursement rules for premium products, particularly in emerging nations, is one of the major obstacles to market expansion. Cataract treatments are still in great demand globally. For symptoms including foggy vision, age-related vision loss, nearsightedness, farsightedness, or astigmatism, these high-end goods are extremely helpful. Despite the fact that this category has a number of advantages, the market's expansion is constrained by inadequate reimbursement for these products.

Opportunity:

Launch of Several Government Initiatives

In many nations, the increased incidence of cataracts is a financial and medical burden. As a result, numerous government attempts to eradicate cataracts have been launched. The International Agency for the Prevention of Blindness (IAPB) created the global project Vision 2020 with the goal of eradicating the main global causes of preventable blindness. Governments from 53 nations are actively involved in Vision 2020 in order to achieve the goal through advantageous reimbursement policies, free eye exams, and other initiatives.

Threat:

Elevated inflation
Patients are anticipated to put off elective surgical operations, such as cataract surgeries, due to the impending recession, until the overall outlook for the economy improves. The implantation of premium or advanced technology IOLs may only be partially covered, with the patient paying out-of-pocket for the non-covered component, while cataract surgeries involving monofocal IOLs are typically fully covered by medical insurance providers or government reimbursement programmes in important markets like the USA. Patients may decide to forgo such operations or items or may explore trading up to more affordable options because they are less likely to be prepared to shoulder the price of these private pay or discretionary procedures given the current financial and economic climate.

Covid-19 Impact

Governments implemented procedures for self-quarantine, contact tracking, containment zone mapping, and other efforts to stop the spread of the COVID-19 pandemic, which resulted in worldwide lockdowns. Additionally, the World Health Organization (WHO) advised against scheduling normal medical appointments to prevent patients from catching the virus, which had a detrimental influence on ophthalmology services. For instance, a study in the Indian Journal of Ophthalmology found that the volume of cataract surgeries was 33% lower than anticipated. Therefore, the COVID-19 pandemic's considerable disruption of the health system had a detrimental impact on the expansion of the intraocular lens market.

The foldable segment is expected to be the largest during the forecast period

The foldable segment is estimated to have a lucrative growth, due to its high refractive index and low water content, which increases consumer desire, the foldable segment has the largest market share. Additionally, foldable material items may be introduced through tiny incisions and are therefore increasingly frequently used during cataract procedures. For instance, according to a study that was published in the journal IntechOpen, among the current generation of foldable products, the hydrophobic acrylic products are some of the most often used intraocular lenses.

The hospitals segment is expected to have the highest CAGR during the forecast period

The hospitals segment is anticipated to witness the fastest CAGR growth during the forecast period. Hospitals have historically accounted for the majority of cataract and vision correction surgeries; hence it is projected that hospitals will continue to dominate the intraocular lens industry. The detection of corneal disorders and the availability of technologically enhanced facilities for retinal scans are driving the business ahead. The main drivers of expansion would be increasing income levels, increased health consciousness, a rise in the prevalence of lifestyle diseases, and easier access to insurance. The popularity of health insurance is rising.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rapidly rising prevalence of diabetes, the increased risk of cataracts in diabetic patients, and the quickly expanding refractive surgery industry, particularly in China and India. In addition, expanding government measures to treat cataracts and reduce avoidable blindness as well as rising demand for multifocal and toric intraocular lenses are all contributing to the region's rise. A huge patient pool is another feature of emerging nations, which is related to the burden of non-communicable diseases and the growing elderly population in these nations.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to an increase in the elderly population, widespread use of new products and technologies in the healthcare industry, and a rise in the need for better medical facilities. Additionally, it is predicted that over the course of the projection period, the market will rise due to the rising prevalence of cataract problems such age-related cataracts and congenital cataracts.

Key players in the market

Some of the key players profiled in the Intraocular Lens (IOL) Market include Johnson and Johnson Vision Care, Inc., Carl Zeiss Meditec AG (ZEISS International), Alcon, Inc., HumanOptics AG, EyeKon Medical, Inc., Bausch & Lomb Incorporated, HOYA CORPORATION, Lenstec, Inc., Rayner, STAAR Surgical Company, Ophtec BV, Biotech Visioncare, Omni Lens Pvt Ltd, Aurolab and SIFI Medtech and Physiol.

Key Developments:

In September 2022, SIFI S.p.A launched Evolux extended monofocal intraocular lens. The product is based on a hydrophobic material and a non-diffractive profile to provide better intermediate and equivalent distance vision.

In April 2022, Rayner Intraocular Lenses Limited collaborated with Aston University to develop the next generation of lenses that gives patients a high-quality full range of vision.

In March 2022, Alcon Inc. launched the Clareon family of IOLs in the U.S by utilizing the most advanced material.

In January 2022, Rayner, the only UK-based manufacturer of intraocular lenses, announced the expansion of its RayOne product portfolio, with the first blue light-filtering intraocular lens RayOne Hydrophobic BLF, to protect the retina from harmful blue light as well as reduce the risks of age-related macular degeneration in pseudophakic eyes.

In February 2021, the US Food and Drug Administration approved Johnson & Johnson Vision’s TECNIS EyhanceTM and TECNIS EyhanceTM Toric II intraocular lens for the treatment of cataract patients in the United States.

In January 2020, HOYA entered into a distributor partnership with GeMax. The organization GeMax is a specialty promotion service provider of IOLs with a strong market position and a professional reputation in China, covering more than 630 majorhospitals in 32 provinces.

Products Covered:
• Multifocal Intraocular Lens
• Toric Intraocular Lens
• Monofocal Intraocular Lens
• Accommodative Intraocular Lens
• Premium Intraocular Lens
• Phakic Intraocular Lens
• Other Products

Materials Covered:
• Polymethylmethacrylate (PMMA)
• Hydrophobic Acrylic
• Hydrophilic Acrylic
• Silicone & Collamer
• Other Materials

Flexibility Covered:
• Foldable
• Rigid

Type of Implantations Covered:
• Injectable
• Non-Injectable

Optics Shapes Covered:
• Plano-convex and
• Biconvex
• Meniscus

End Users Covered:
• Ambulatory Surgery Centers
• Hospitals
• Ophthalmic Clinics
• Eye Research Institutes
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements