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Intraocular Lens Market Growth, Key Drivers, Segmentation, And Forecast To 2033
Intraocular Lens Market
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According to The Business Research Company's, The intraocular lens market size has grown rapidly in recent years. It will grow from $4.93 billion in 2023 to $5.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to patient expectations and satisfaction, rise in outpatient cataract surgery, introduction of phacoemulsification, evolution of surgical techniques, transition to foldable materials.
The intraocular lens market size is expected to see strong growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to focus on emerging markets, growing aging population, expanding cataract surgery rates, demand for premium IOLs, shift towards outpatient procedures. Major trends in the forecast period include rise in cataract surgeries, shift towards minimally invasive surgery, demand for enhanced visual outcomes, regulatory changes and approvals, evolving surgical techniques.
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Market Drivers and Trends:
The rising prevalence of eye diseases is contributing to the growth of the intraocular lens market. Eye diseases such as macular degeneration, glaucoma, and cataracts lead to vision problems. An intraocular lens is an artificial lens related to the eye. It replaces the eye's natural lens that has been removed during cataract surgery. For instance, in October 2022, according to the Association of British Dispensing Opticians, a UK-based professional association for opticians, over two million individuals are in danger of visual loss owing to glaucoma; an estimated 1,390,000 people have ocular hypertension, and another 708,000 have glaucoma. The rising prevalence of eye diseases will drive the intraocular lens market.
Technological advancements in intraocular lenses are a key trend gaining popularity in the intraocular lens market. For example, in January 2022, Alcon, a global leader in eye care, announced the commercial launch of the first presbyopia-correcting intraocular lens with wavefront-shaping technology, AcrySof IQ Vivity IOL (Vivity). This new lens is being made available to Indian ophthalmologists for patients undergoing cataract surgery.
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Major Key Players of the Market:
Abbott Medical Optics Inc., Alcon Inc., Valeant Pharmaceuticals, Bausch + Lomb, Johnson & Johnson Vision Care Inc., Carl Zeiss Meditec AG, Nidek CO. Ltd, Staar Surgical Company, Hoya Corporation, Rayner Intraocular Lenses Limited, SIFI S.p.A, Ophtec, RxSight, Aurolab, Hanita Lenses, Oculentis, Lenstec, EyeKon Medical Inc., Atia Vision, Nayam Innovations, SAV-IOL SA, Biotech Healthcare Group, Physiol, Care Group, LensGen Inc., Omega Ophthalmics, Ocumetics Technology Corporation, WaveTec Vision, Calhoun Vision Inc., HOYA Surgical Optics, Bausch Health Companies Inc.
Intraocular Lens Market 2024 Key Insights:
• The intraocular lens market size is expected to see strong growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Intraocular Lens Market Surges As Prevalence Of Eye Diseases Including Glaucoma Spurs Demand
• Groundbreaking Intraocular Lens With Wavefront-Shaping Technology
• North America was the largest region in the intraocular lens market in 2023
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