Intraocular Lens Market to Witness High Growth Due to Rising Prevalence of Cataract Across Globe

Intraocular lens (IOL) is an artificial lens which is implanted inside eyes during cataract surgery to replace clouded eye lenses. IOL helps enhance vision and provides independence from glasses or contact lenses by helping patients restore clarity of vision. IOLs act as replacement for eye's natural crystalline lens after cataract removal. The global intraocular lens market is mainly driven by rising geriatric population suffering from age-related cataracts across the globe. Cataract is common age-related eye disease, affecting vision and quality of life of elderly people. As per the World Health Organization (WHO), cataracts are the leading cause of blindness globally affecting over 38 million population worldwide. Growing cases of cataract and demand for its minimally invasive surgeries are propelling market growth.

The Global intraocular lens market is estimated to be valued at US$ 5,076.1 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the intraocular lens market are Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG. The key players are focusing on new product launches and regulatory approvals to strengthen their market position. For instance, in 2022, HOYA Corporation launched its new aspheric IOL RayOne Tecnis in India which can correct vision for distance, intermediate and near.

Key opportunities in the intraocular lens market include rise in cataract surgeries across globe especially in developing countries and technological advancement in premium and multifocal IOLs. Growth in medical tourism and availability of low-cost cataract surgeries in emerging nations are augmenting opportunity.

Global expansion is a key focus area for leading players to strengthen their foothold. Major companies are expanding globally through organic and inorganic growth strategies such as collaborations, partnerships, mergers and acquisitions. In 2023, Carl Zeiss Meditech AG acquired IOLtech, a French company known for premium IOLs to enhance its ophthalmic portfolio and geographical presence in European market.

Market Drivers
Rising geriatric population worldwide susceptible to age-related cataract is a key driver for intraocular lens market. As per Population Reference Bureau report, nearly 23% of the world population will be aged 65 years or over by 2050, fueling demand for cataract surgeries and IOLs.

Growing prevalence of diabetes, a major risk factor for cataracts globally is escalating market growth. As per WHO, diabetes affects over 422 million people worldwide putting them at high risk of developing cataracts.

Market Restrain
High cost of premium IOLs limits their adoption in price sensitive developing markets. Premium IOLs featuring advanced materials and design come at significantly higher cost compared to conventional IOLs restricting market potential in low and middle income countries.

Segment Analysis

The monofocal intraocular lenses segment currently dominates the market owing to higher usage of monofocal lenses for cataract surgeries. Monofocal IOLs provide clear vision at a single distance by targeting only one focal point, which leads to their widespread adoption. However, the premium IOLs segment is expected to grow at a higher CAGR during the forecast period owing to rising preference for advanced lenses providing better visual outcomes. Premium IOLs such as multifocal and toric IOLs offer patients freedom from glasses for distance as well as near vision or address pre-existing astigmatism. Their benefits are proving popular among an increasing number of cataract patients.

Global Analysis

North America currently dominates the intraocular lens market owing to high prevalence of eye disorders, growing geriatric population, rising healthcare expenditure, and adoption of advanced technologies. Europe follows in terms of revenue generation due to growing awareness about IOLs and availability of advanced treatment options. Meanwhile, Asia Pacific is projected to witness the highest growth during the forecast period in view of expanding eye care infrastructure, growing medical tourism, increasing healthcare expenditure, rising incomes, and growing population base in countries such as China and India.