Intraocular Lens Market to Expand at a CAGR of 4.9% from 2021 to 2028

𝐈𝐧𝐭𝐫𝐚𝐨𝐜𝐮𝐥𝐚𝐫 𝐋𝐞𝐧𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝟐𝟎𝟐𝟖

• The global intraocular lens market was valued at US$ 3.9 Bn in 2020

• It is estimated to expand at a CAGR of 4.9% from 2021 to 2028

• The global intraocular lens market is expected to reach the value of US$ 5.6 Bn by the end of 2028

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𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐀𝐰𝐚𝐫𝐞𝐧𝐞𝐬𝐬 𝐨𝐟 𝐄𝐲𝐞 𝐇𝐞𝐚𝐭𝐡 𝐚𝐧𝐝 𝐈𝐧𝐭𝐫𝐚𝐨𝐜𝐮𝐥𝐚𝐫 𝐋𝐞𝐧𝐬 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐞 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

Rise in the number of cataract surgeries around the world is expected to generate ample business prospects in the global intraocular lens market in the upcoming years. Intraocular lens are implanted in an eye during the treatment of myopia or cataract. The increasing demand for multifocal IOL, monofocal IOL, accommodative IOL, and toric IOL in hospitals, ophthalmology clinics, eye research institutes, and ambulatory surgery centers is driving the global intraocular lens market.

Government as well as several non-government organizations are taking efforts to spread awareness on symptoms of cataract and other health issues pertaining to eyes. The rise in diabetic population who are more likely to opt for cataract surgeries is driving the expansion of the global intraocular lens market. Moreover, increasing eye issues in aging population and loss or poor vision also lead to rise in demand for intraocular lens.

In addition, these organizations are also providing information on available treatment options on these health issues. Market players in the global intraocular lens market are consistently improving the quality of products they offer. They are increasing investments in research & development to fulfill the rising demand from consumers across the globe. Several enterprises are strengthening their product offerings by indulging in new product launch activities.

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𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐄𝐟𝐟𝐨𝐫𝐭𝐬 𝐛𝐲 𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐭𝐨 𝐆𝐚𝐢𝐧 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬

Key market leaders are strengthening their market position by increasing their participation in activities such as mergers, partnerships, collaborations, and regional expansions. They are also focusing on acquisition of their smaller competitors. In order to stay ahead in the competition, many market players are expanding their production capabilities. Such efforts are likely to bolster the global intraocular lens market in the near future.

Companies in the intraocular lens market are estimated to gain substantial sales opportunities in North America on the back of several factors such as rise in awareness about eye-related diseases among regional population, existence of a robust healthcare industry, and presence of several active players in the region. New product developments in the intraocular lens market, along with technological advances in surgical instruments and techniques in cataract surgeries are driving the global market.
Impact of COVID-19 on Global Intraocular Lens Market

The global intraocular lens market has been negatively affected by the rapid spread of coronavirus cross the globe. The emergence of COVID-19 pandemic has compelled companies operating in the intraocular lens market to restructure their strategies in order to sustain their businesses in such critical situations.

This is the reason why these companies are following all regional government guidelines while carrying out regular business activities. During the pandemic, the market has seen a decline in demand due to the lockdowns and vulnerabilities associated with the elderly. The cohort of the patient population has postponed the surgery. In addition, economic considerations has also hit the consumer demand.

Market players are recovering from the losses caused due to the global pandemic. Manufacturers of intraocular lens find steady revenue streams in the eye care industry. A wide range of this lens have undergone design advances to suit patients' needs.

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𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐟𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚

North America shows lucrative growth opportunities in the intraocular lens market due to rising awareness among general people and increasing expenditure on healthcare.

Technological advancement in healthcare is supporting the growth of the market. Rising investments in R&D activities in intraocular lenses are driving the expansion of the market. Market contributors from North America are focusing on adopting various strategies to strengthen their market presence. The significant presence of market players operating in the global intraocular lens market is contributing to the growth of the market.

Market players in the North America intraocular lens market are focusing on various strategies to increase their market share. The North America market is expected to be driven by increasing adoption of modern technologies in the regional healthcare industry and improving disposable income of consumers.

𝐈𝐧𝐭𝐫𝐚𝐨𝐜𝐮𝐥𝐚𝐫 𝐋𝐞𝐧𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

• Intraocular lenses (IOLs) are medical devices implanted inside the eye to replace the eye's natural lens when it is removed during the cataract surgery. IOLs are also used for a type of vision correction surgery called refractive lens exchange.

• Various types of IOL are available in the market. Depending upon functionality, these are segmented into standard IOLs and premium IOLs.

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𝐈𝐧𝐭𝐫𝐚𝐨𝐜𝐮𝐥𝐚𝐫 𝐋𝐞𝐧𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐊𝐞𝐲 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

• Increase in incidences of ophthalmic and ocular conditions is projected to drive the global intraocular lens market during the forecast period. According to the American Academy of Ophthalmology (AAO), around 24 million people in the U.S. above the age of 40 suffer from cataract each year. The percentage of elderly people (60 yrs. and above) suffering from cataract is estimated to be around 65%.

• Rise in adoption of premium IOLs is another major factor boosting the growth of the global intraocular lens market. Surge in awareness about premium IOLs, favorable recommendations from health care providers, and better acceptance among patients across the world are expected to drive the global intraocular lens market during the forecast period.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧: 𝐈𝐧𝐭𝐫𝐚𝐨𝐜𝐮𝐥𝐚𝐫 𝐋𝐞𝐧𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

• In terms of product type, the global intraocular lens market has been classified into monofocal IOL, multifocal IOL, toric IOL, accommodative IOL, and others

• Based on end-user, the global intraocular lens market has been divided into hospitals, ophthalmology clinics, ambulatory surgery centers, and eye research institutes

• Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The intraocular lens market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2028, considering 2020 as the base year. The compound annual growth rate (CAGR %) has been provided for each segment and market from 2021 to 2028 along with market size estimations.

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𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐈𝐧𝐭𝐫𝐚𝐨𝐜𝐮𝐥𝐚𝐫 𝐋𝐞𝐧𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

• North America dominated the global
intraocular lens market in 2020, accounting for 35% share. The U.S. dominated the market in North America, owing to factors such as increase in incidence of cataract, surge in the geriatric population, rise in demand for better healthcare facilities, and adoption of improved products & technologies.

• Asia Pacific is anticipated to gain market share during the forecast period. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by local players, especially in China and India, are expected to propel the intraocular lens market in the region.
Major Players

• The intraocular lens market report concludes with the company profiles section, which includes key information about major players in the global intraocular lens market

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐚𝐧𝐚𝐥𝐲𝐳𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

o Abbott Medical Optics
o Alcon (Novartis AG)
o Carl Zeiss Meditec AG
o Bausch & Lomb, Inc.
o Hoya Surgical Optics
o Calhoun Vision, Inc.
o Staar Surgical Company

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