New York , Nov. 16, 2023 (GLOBE NEWSWIRE) -- The global intraocular lens market size is predicted to grow at a CAGR of over 8.40% from 2023 to 2035. The market is projected to garner a revenue of USD 14.66 billion by the end of 2035, up from a revenue of USD 5.57 billion in the year 2022. Surging cases of diabetes is one of the major factors that is driving the market growth. Diabetic retinopathy damages the retina's blood vessels. If not addressed, properly and timely it can lead to visual loss and DME. Diabetic retinopathy affects around 40% to 45% of diabetic individuals, however many are unaware of it.
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Diabetes mellitus is expected to affect approximately 440 million individuals in the age group 20-79 years by 2030 the prevalence is at the rate of 7.7%, up from 285 million in 2010 and a 6.4% prevalence rate. It is responsible for a twenty percent rise in diabetes patients in developed countries and a 69% increase in developing countries by 2030. Because of the predicted increase in diabetic patients, the need for ophthalmic care (exams and treatments) would rise, posing a challenge for eye-care providers.
Intraocular Lens Market: Key Takeaways
- Market in the North America region to propel the highest growth
- The Hospitals segment to garner the highest growth
- Market in Europe region to grow at a highest rate
Rising Screen Time in the Life of People is to Boost the Growth of Intraocular Lens Market
Most people's daily lives are now woven with screen time. Many people are unaware of how much time they spend staring at phone screens, computer screens, and television screens. People worldwide spend an average of 6 hours and 58 minutes every day in front of a screen. Since 2013, daily screen use has climbed by roughly 50 minutes per day. According to a new study, the average amount of time youngsters spend gazing at screens increased by 52% during the COVID-19 pandemic.
The rise in time equates to an additional 84 minutes per day spent staring at televisions, computers, and phones. This is a significant increase from the pre-pandemic baseline of 162 minutes per day to 246 minutes during the pandemic.
Intraocular Lens Industry: Regional Overview
The global intraocular lens market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Cases of Cataract is to Boost the Market Growth in North America Region
In the United States, age-related cataract affects more than 22 million people, with direct medical costs for cataract treatment anticipated to be USD the equivalent of $6.8 billion per year. The number of cataract patients is expected to reach 30 million by 2020. More than 25 million Americans in the United States have cataracts, a medical disorder in which the lens of the eye gradually becomes opaque, resulting in reduced vision. According to the Prevent Blindness research "The Future of Vision," the number of blind people will rise to 38.5 million by 2032, and 45.6 million by 2050. Furthermore, the unhealthy lifestyle of people has significantly increased the chances of diabetics which further affects the eyes of people and increases the demand for intraocular lenses in the region.
The surge in Number of People Facing Gradual Blindness is to Elevate Market Growth in Europe
Over 30 million blind and partially sighted people are estimated to exist in geographical Europe. Moreover, one out of every thirty Europeans suffers from vision loss. There are four times the amount of partially sighted people as there are blind people in the region. According to the estimates, there are 30,000,000 visually handicapped people. This much greater figure accounts for the increasing prevalence of visual impairment among Europe's elderly population, which has proven challenging to precisely determine, as well as the fact that there are many people who suffer from different kinds of sight loss but either ignore it or choose not to declare their condition for personal reasons. Age-related retinal degeneration is the leading cause of vision loss in Europe. Conditions such as macular degeneration and cataracts can impair elderly vision.
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Intraocular Lens Segmentation by Type
- Monofocal Intraocular Lens
- Premium Intraocular Lens
Intraocular Lens Segmentation by Material
- Polymethylmethacrylate
- Silicon
- Hydrophobic & Hydrophilic Acrylic Materials
On the basis of material, the intraocular lens market silicon segment is expected to garner the significant market revenue over the projected time frame. The growth of the segment is majorly attributed to the growing popularity of silicone hydrogel as the lens material. In the United States, around 65% of the lenses are made up of silicone hydrogel. In addition to this, on a global scale, around 72% of individuals who were fitted with soft contact lenses use silicone hydrogel contacts. This covers data from different countries during the last 15 years. One of the most significant advantages of silicone hydrogel lenses is that they reduce the probability of corneal hypoxia. When the cornea (the clear surface on the front of the eye) is not getting enough oxygen, this disease develops.
Intraocular Lens Segmentation by End User
- Hospitals
- Ambulatory Surgery Centers
- Ophthalmology Clinics
- Eye Research Institutes
On the basis of end user, the intraocular lens market hospital segment is expected to gain the highest market revenue over the forecasted period. The growth of the segment is majorly attributed to the rise in the number of hospitals in the world. There were roughly 165,000 hospitals in the world in 2021. With over 100,000 hospitals, Asia has the most hospitals and the United States has around 6,090 hospitals. Hospitals are also an important component of the establishment of a health-care system. External pressures, healthcare system flaws, and hospital-sector weaknesses are currently driving a new vision for hospitals in many regions of the world.
A few of the well-known market leaders in the global intraocular lens market that are profiled by Research Nester are Alcon Vision LLC, Johnson & Johnson Vision Care Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, HOYA Corporation, Rayner Group, STAAR Surgical Company, PhysIOL SA, Lenstec, Inc., and HumanOptics AG
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Recent Developments in Intraocular Lens Market
- Alcon has reached an agreement with J&J Surgical Vision to settle legal proceedings involving femtosecond laser-assisted cataract surgery instruments. The firms traded cross-licenses of some intellectual property as well as other covenants and releases, with Alcon paying USD 199 million to J&J Surgical Vision for those rights to resolve worldwide intellectual property concerns.
- Johnson & Johnson Vision Care, Inc. has announced the availability of ACUVUE Abilti 1-Day Soft Therapeutic Lenses, curated for the management of Myopia in Singapore. Abiliti 1-Day serves as a component of Johnson & Johnson Vision's holistic approach to myopia management, which also includes Abiliti Overnight Therapeutic Lenses for Myopia Management, an orthokeratology (ortho-K) lens that acquired CE mark.
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