Pune, India, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Global Intraocular Lens (IOL) Market Size was valued at USD 4.24 billion in 2022 and is projected to grow USD 7.19 billion by 2030, exhibiting a CAGR of 6.9% during the forecast period. The market is anticipated to experience growth due to a rise in cases of cataract and glaucoma.
The expansion of market development is expected through increased support and favorable reimbursement policies. Additionally, the approval of new products, particularly those catering to extended depth of focus, is poised to further drive market development.
This information is provided by Fortune Business Insights™ in its research report titled Intraocular Lens (IOL) Market, 2023-2030.
Key Industry Development-
- January 2022: Alcon Inc. launched AcrySof IQ Vivity IOL (Vivity) in India. This intraocular lens (IOL) is distinguished as the initial and sole presbyopia-correcting IOL featuring wavefront-shaping technology.
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Key Takeaways –
- Intraocular Lens (IOL) Market size in North America was USD 1.44 billion in 2022
- Increase in the Number of Cataract Surgeries to Drive Market Growth over the Forecast Period
- Launch of Several Government Initiatives for Cataract Elimination to Surge Product Demand
- During the forecasted period, the monofocal treatment segment is anticipated to dominate a significant portion of the market share
Discover the Leading Players Featured in the Report-
- Alcon Inc. (Switzerland)
- Johnson & Johnson Vision Care, Inc. and Johnson & Johnson Surgical Vision, Inc. (U.S.)
- Bausch & Lomb Incorporated (Canada)
- HOYA (Japan)
- STAAR SURGICAL (U.S.)
- Rayner Intraocular Lenses Limited. (U.K.)
- Hanita Lenses (Israel)
- SIFI S.p.A (Italy)
- Biotech (Switzerland)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.9% |
| 2030 Value Projection | USD 7.19 Billion |
| Base Year | 2022 |
| Intraocular Lens (IOL) Market Size in 2022 | USD 4.24 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 157 |
| Segments covered | By Type, Material, End User and Geography |
Browse Complete Report Details- https://www.fortunebusinessinsights.com/industry-reports/intraocular-lens-market-101220
Drivers & Restraints:
The growth of the Intraocular Lens market is expected to be propelled by the approval of innovative extended depth of focus IOL products. The high prevalence of cataracts has created a substantial demand for these advancements. Various industry players are actively working on expanding their product portfolios to meet the global demand from patients. Extensive research into the benefits of emerging technologies has resulted in the creation of extended depth of focus lenses. In 2020, Alcon Inc. and J&J introduced their respective extended depth of focus IOL products.
However, the expected absence of reimbursement policies for premium products in different countries is likely to impede the growth of the market.
Table of Content:
- Introduction
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- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Number of Cataract Surgery, By Key Countries, 2022
- Prevalence of Cataract, By Key Countries, 2022
- Regulatory Scenario, By Key Countries
- Overview of Government Cataract Initiatives
- New Product Launches, By Key Players
- Reimbursement Scenario For Key Countries
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Impact of COVID-19 on the Global Intraocular Lens (IOL) Market
- Global Intraocular Lens (IOL) Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Monofocal
- Premium
- Market Analysis, Insights and Forecast – By Type
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- Multifocal
- Toric
- Others
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- Market Analysis, Insights and Forecast – By Material
- Polymethylmethacrylate (PMMA)
- Foldable
- Market Analysis, Insights and Forecast – By Material
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- Hydrophobic Acrylic
- Hydrophilic Acrylic
- Silicone & Collamer
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- Market Analysis, Insights and Forecast – By End-user
- Hospitals & Ambulatory Surgery Centers
- Specialty Clinics
- Academic & Research Institutes
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By End-user
- North America Intraocular Lens (IOL) Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Monofocal
- Premium
- Market Analysis, Insights and Forecast – By Type
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-
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- Multifocal
- Toric
- Others
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-
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- Market Analysis, Insights and Forecast – By Material
- Polymethylmethacrylate (PMMA)
- Foldable
- Market Analysis, Insights and Forecast – By Material
-
-
-
- Hydrophobic Acrylic
- Hydrophilic Acrylic
- Silicone & Collamer
-
-
-
- Market Analysis, Insights and Forecast – By End-user
- Hospitals & Ambulatory Surgery Centers
- Specialty Clinics
- Academic & Research Institutes
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By End-user
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- By Type
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- Canada
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- By Type
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Regional Insights:
North America to Lead Market Share Owing to Approvals of Innovative Products
In 2022, North America secured the leading market share in the Intraocular Lens market, reaching USD 1.44 billion. The region's growth prospects are further fueled by regulatory approvals for these groundbreaking products.
In Europe, substantial market growth is anticipated, driven by a rising number of cataract surgeries, the increasing adoption of femtosecond lasers for cutting hydrophobic and hydrophilic acrylic lenses in cataract procedures, and a growing preference for toric lenses.
The Asia Pacific region is poised for significant development in the forecast period, primarily attributable to the higher incidence of cataracts among the elderly population, who are more susceptible to this condition.
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Competitive Landscape:
Market players are adopting novel product launch strategies to enhance their market share. An illustration of this is Alcon Inc., which, in June 2021, introduced AcrySof IQ Vivity. This product, the first non-diffractive extended depth of focus product in the U.S., is expected to contribute to Alcon Inc.'s increased market share. Other key players in the market, including Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, HOYA, STAAR Surgical Company, among others, have also experienced notable sales through their focus on new product launches and strategic initiatives.
FAQs
How big is the Intraocular Lens (IOL) Market?
Intraocular Lens (IOL) Market size was USD 4.24 billion in 2022. It is expected to reach USD 7.19 billion in 2030.
How fast is the Intraocular Lens (IOL) Market growing?
The Intraocular Lens (IOL) Market will exhibit a CAGR of 6.9% during the forecast period, 2023-2030.
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