Newly-released Intraocular Lens industry analysis report by Future Market Insights shows that global sales of the Intraocular Lens market in 2021 were held at USD 4.3 Billion. With a projected CAGR of 6% from 2022 to 2032, the market is expected to reach a valuation of USD 8.2 Billion by 2032.
The demand for Multifocal Intraocular lenses is expected to gross the highest revenue and grow at a CAGR of 6.1% from 2022 to 2032.
| Attribute | Details |
|---|---|
| Global Intraocular Lens Market (2022) | USD 4.6 Billion |
| Global Intraocular Lens Market (2032) | USD 8.2 Billion |
| Global Intraocular Lens Market CAGR (2022 to 2032) | 6% |
| North America Intraocular Lens Market Share (2022) | ~40% |
| USA Intraocular Lens Market CAGR (2022 to 2032) | 5.4% |
| Key Companies Covered | Alcon, Inc.; Johnson and Johnson Vision Care, Inc.; Bausch + Lomb Incorporated; Carl Zeiss Meditec AG (ZEISS International); Rayner; EyeKon Medical, Inc.; Lenstec, Inc.; HumanOptics AG; STAAR Surgical Company; HOYA CORPORATION |
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As per the Intraocular Lens industry research by Future market insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Intraocular Lens industry increased at around 5.7% CAGR, wherein, countries such as the USA, United Kingdom, China, Japan, and South Korea held a significant share in the global market.
The growing need to reduce healthcare costs while improving operational efficiency in healthcare organizations, as well as the growing need to maintain regulatory compliance and ensure the safety, security, and confidentiality of healthcare data, are the key drivers of the intraocular lens market.
Owing to this, the Intraocular Lens market is projected to grow at a CAGR of 6% over the coming 10 years.
During the forecast period, the market in Asia Pacific is expected to grow at the fastest rate. The presence of a large geriatric and diabetic population, both of whom are susceptible to cataracts and other ophthalmic disorders, is driving the market in the region.
Due to the large number of elderly people and the availability of reimbursements, the market in the Asia Pacific is expected to grow rapidly over the next five years. Besides, a large pool of patients and rising government funding are two key driving forces for the intraocular lens market in emerging countries.
Furthermore, the regional market is growing due to increased awareness of advanced treatment options and an influx of patients from developed countries seeking affordable healthcare.
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USA Market Analysis
With a revenue share of over 35% in 2021, the USA dominated the global intraocular lens market. This is due to an increase in the prevalence of cataracts and other ophthalmic conditions. Furthermore, the market in the USA is growing due to well-defined regulatory guidelines and reimbursement policies for cataract treatment.
More than 11 million Americans have common vision issues that can be corrected with prescriptive eyewear such as glasses or contact lenses, according to the National Eye Institute of the National Institutes of Health. More than 150 million Americans wear corrective eyewear, with an annual expenditure of more than USD 15 billion.
As a result, over the forecast period, the rise in ophthalmic conditions across the region is expected to drive the intraocular lens market.
United Kingdom Market Analysis
The intraocular lens market in the United Kingdom is expected to reach a valuation of USD 329 Million by 2032, growing at a CAGR of 5.6% from 2022 to 2032. There are over 2.3 Million people living in the United Kingdom who are classified as having moderate-sever vision loss. With these statistics, the market in the United Kingdom swells.
Japan Market Analysis
Glaucoma, diabetic retinopathy, degenerative myopia, age-related macular degeneration, and cataract accounts for 24.3%, 20.6%, 12.2%, 10.9%, and 7.2% visual impairments in Japan. Besides, there exists a large population with moderate vision loss. These figures take the Japanese Intraocular Lens Market projection to USD 518 Million by 2032.
South Korea Market Analysis
The South Korean intraocular lens market is projected to reach a valuation of USD 180 Million, growing at a CAGR of 7.3% from 2022 to 2032.
Due to the benefits that multifocal intraocular lenses provide, such as high precision and improved visualization, the multifocal intraocular lens segment dominated the intraocular lens market in 2021.
Furthermore, since they provide three vision zones, multifocal intraocular lenses are effective in treating patients with complex disorders and multiple retinal issues. In comparison to traditional mono-focal lenses, these vision zones allow patients to see far, intermediate, and close distances more efficiently and precisely.
The toric intraocular lens, which is beneficial specifically for patients with moderate to high astigmatism, was the second-largest segment in 2021 and is expected to grow at a lucrative rate over the forecast period. Astigmatism causes either hypermetropia, myopia, or both in patients.
Toric intraocular lenses are designed specifically for such patients. Furthermore, toric IOLs are designed to eliminate the need for incision implants, which were previously required during astigmatism surgical procedures, increasing their popularity among people.
The rapid growth of the geriatric population and associated eye disorders, the rising prevalence of eye diseases and diabetes in the overall population globally, technological advancements in intraocular lenses, and increasing government initiatives to control and treat cataract-related blindness are the key factors driving this category forward.
Companies' increasing focus on emerging markets, as well as a gradual shift towards newer technologies, are providing significant growth opportunities for intraocular lens manufacturers.
In 2021, the intraocular lens market revenue through hospitals accounted for a revenue share of over 50.6% and was valued at USD 2.1 billion. Although the majority of cataract and vision-repair surgeries are carried out in hospitals, individual ophthalmic clinics are increasing in number in developing countries.
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Alcon, Inc. (a Novartis AG division), Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, EyeKon Medical, Inc., Lenstec, Inc., Human Optics AG, and Physiol are the key players in the intraocular lens market. The intraocular lens market is consolidated, with a few key players accounting for the majority of revenue.
The key players are concentrating their efforts on completing acquisitions that will help them strengthen their market position. Furthermore, key players are forming alliances with non-profit organizations to raise awareness about cataracts and other eye diseases.
Manufacturers are also showing a keen interest in introducing new products to the market, which will help them maintain a strong product portfolio.
Companies are concentrating on low-cost surgical advancements for ophthalmic disorders.
Some of the recent developments of key players in the Intraocular Lens Market are as follows:
Similarly, recent developments related to companies offering Intraocular Lens have been tracked by the team at Future Market Insights, which are available in the full report.
The global Intraocular Lens market is worth more than USD 4.3 Billion at present.
The value of the Intraocular Lens is projected to increase at a CAGR of around 5.6% from 2022 to 2032.
From 2022 to 2032, the market in Asia Pacific is expected to grow at the fastest rate.
The top 5 countries driving demand for Intraocular Lens are the USA, China, Japan, the United Kingdom, and South Korea.
In 2021, North America dominated the intraocular lens market with over 40% share. This is due to the rising prevalence of cataracts and rising medicare expenditures in the region to improve eye care.
An upsurge in contract surgeries and the launch of government initiatives in surgical treatments for cataract removal, as well as technological advancements, are the key factors driving the intraocular lens demand.
1. Executive Summary | Intraocular Lens Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 5.1. Monofocal Intraocular Lens 5.2. Multifocal Intraocular Lens 5.3. Toric Intraocular Lens 5.4. Accommodative Intraocular Lens 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User 6.1. Hospitals 6.2. Ophthalmic Clinics 6.3. Ambulatory Surgery Centers 6.4. Eye Research Institutes 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. Middle East and Africa (MEA) 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Alcon, Inc. 17.2. Johnson and Johnson Vision Care, Inc. 17.3. Bausch + Lomb Incorporated 17.4. Carl Zeiss Meditec AG 17.5. Rayner 17.6. EyeKon Medical, Inc. 17.7. Lenstec, Inc. 17.8. HumanOptics AG 17.9. STAAR Surgical Company 17.10. HOYA CORPORATION 18. Assumptions & Acronyms Used 19. Research Methodology
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Intraocular Lens Market
