Global Intraocular Lens (IOL) Market – Industry Trends and Forecast to 2029

Global Intraocular Lens (IOL) Market, By Type (Monofocal Intraocular Lens, Premium Intraocular Lens, Toric Intraocular Lens, Multifocal Intraocular Lens, Accommodating Intraocular Lens and Others), Material (Polymethylmethacrylate (PMMA), Silicone and Hydrophobic Acrylic), End User (Hospitals, Ambulatory Surgery Centres, Ophthalmology Clinics and Eye Research Institutes) – Industry Trends and Forecast to 2029

Market Analysis and Size

A large proportion of people over the age of 60 are affected by chronic ophthalmic issues that necessitate eye corrections. According to the National Eye Institute, the United States had 7.7 million diabetic retinopathy cases and 24 million cataract cases in 2020, with those numbers expected to rise to 11.3 million and 38 million, respectively, by 2030. Furthermore, the American Association of Ophthalmology reports that cataracts are the leading cause of visual impairment worldwide, and geriatric ocular issues are emerging as major factors in developing countries. As a result, such an increase in ophthalmic conditions around the world is expected to drive IOL market growth over the forecast period.

Data Bridge Market Research analyses that the intraocular lens (IOL) market is expected to reach the value of USD 5.21 billion by the year 2029, at a CAGR of 5.00% during the forecast period. This is due to an increase in the prevalence of cataracts and other ophthalmic disorders. Furthermore, well-defined regulatory guidelines and reimbursement policies for cataract treatment are driving market growth

Market Definition

An intraocular lens is a man-made lens that is implanted in the eye to replace the natural lens during cataract surgery. Increase in the number of geriatrics susceptible to ocular conditions.

Report Scope and Market Segmentation

Intraocular lens (IOL) Market Dynamics

Drivers

• The rise in the cases of eye diseases

One of the major factors driving market growth is the increasing prevalence of eye diseases. The government's initiatives to control and treat blind people and diseases are the factors that will drive market growth. Technological advancements in intraocular lenses will accelerate market growth.

• The increasing focus of manufacturers on emerging markets

The increasing focuses of companies on emerging markets, as well as the gradual shift toward newer technologies, are providing significant growth opportunities for intraocular lens market participants.

• Government investments for healthcare interoperability

The increase in the funding by the federal government to drive the adoption of these solutions further influence the market. Additionally, the surge in healthcare expenditure, advancements in healthcare infrastructure, and high demand for expanded care delivery positively affect the intraocular lens (IOL) market.

Restraints/Challenges

The market's growth will be hampered by a lack of proper coverage and co-payment policies for premium intraocular lenses. The scarcity of ophthalmologists will create numerous challenges for the market.

This intraocular lens (IOL) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the intraocular lens (IOL) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Intraocular lens (IOL) Market

Patients are extremely hesitant to seek elective health care, such as cataract and reconstructive surgery, as a result of the COVID-19 epidemic. The COVID-19 outbreak has had a negative impact on the market, which is largely due to the lockdown imposed by several countries. Visits to eye clinics and hospitals have decreased dramatically, with only emergency procedures being performed. As the number of COVID-19 cases increases, many ophthalmologists have temporarily closed their practises as a precautionary measure. In some cases, specialised isolated temporary clinics have been established to manage patients' critical cases.

Recent Development

• Johnson & Johnson Vision's Tecnis Synergy and Tecnis Synergy Toric II intraocular lenses were approved by the US Food and Drug Administration in July 2021.
• The United States Food and Drug Administration approved Johnson & Johnson Vision's TECNIS EyhanceTM and TECNIS EyhanceTM Toric II intraocular lenses for the treatment of cataract patients in the United States in February 2021.

Global Intraocular lens (IOL) Market Scope

The intraocular lens (IOL) market is segmented on the basis of type, material and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Monofocal intraocular lens
• Premium intraocular lens
• Intraocular lens
• Multifocal intraocular lens
• Accommodating intraocular lens
• Others

Based on type, the intraocular lens (IOL) market is segmented into monofocal intraocular lens, premium intraocular lens, toric intraocular lens, multifocal intraocular lens, accommodating intraocular lens and others

Material

• Polymethylmethacrylate (PMMA)
• Silicone
• Hydrophobic acrcylic

Based on material, the intraocular lens (IOL) market is segmented into polymethylmethacrylate (PMMA), silicone and hydrophobic acrylic.

• End users
• Hospitals
• Ambulatory surgery centres
• Ophthalmology clinics
• Eye research institutes

Based on end user the intraocular lens (IOL) market is segmented into hospitals, ambulatory surgery centres, ophthalmology clinics and eye research institutes

Intraocular lens (IOL) Market Regional Analysis/Insights

The intraocular lens (IOL) market is analysed and market size insights and trends are provided by country, type, material and end user as referenced above.

The countries covered in the intraocular lens (IOL) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominated the intraocular lens market. It is expected to remain the dominant region for the duration of the forecast period. This is due to an increase in the prevalence of cataracts and other ophthalmic disorders. Furthermore, well-defined regulatory guidelines and reimbursement policies for cataract treatment are driving market growth in this region. During the forecast period, Asia Pacific is expected to grow the fastest. The presence of a large geriatric and diabetic population, who are prone to cataracts and other ophthalmic disorders, is significantly contributing to the market's growth in this region. Furthermore, rising awareness of advanced treatment options, as well as an influx of patients from developed countries seeking affordable healthcare, are propelling the market forward.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The intraocular lens (IOL) market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for intraocular lens (IOL) market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the intraocular lens (IOL) market. The data is available for historic period 2010-2020.

Competitive Landscape and Intraocular lens (IOL) Market Share Analysis

The intraocular lens (IOL) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to intraocular lens (IOL) market.

Some of the major players operating in the intraocular lens (IOL) market are

• Linear Technologies (US)
• NXP Semiconductors (Netherlands)
• InvenSense (US)
• Knowles (US)
• Analog Devices Inc (US)
• Texas Instruments Incorporated (US)
• STMicroelectronics (Switzerland)
• Hitachi, Ltd (Japan)
• Nanomix (US)
• Murata Manufacturing Co., Ltd (Japan)
• Atmel Corporation (US)
• Banner Engineering (India)
• ams AG (Austria)
• Rockwell Automation, Inc (US)
• TOWA JAPAN (Japan)
• Panasonic Corporation (Japan)
• Sensimed AG (Switzerland)
• Google. LLC (US)
• Novartis AG (Switzerland)
• SAMSUNG (South Korea)
• Sony Corporation (Japan)
• Verily Life Sciences LLC (US)
• Innovega Inc (US)