Pune, India, May 16, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Intraocular Lens (IOL) Market size was valued at USD 4.24 billion in 2022 and is projected to grow from USD 4.52 billion in 2023 to USD 7.19 billion by 2030, exhibiting a CAGR of 6.9% during the forecast period. Increasing cases of cataracts and eye care awareness are predicted to boost the demand for Intraocular Lens (IOL). Rising initiatives and support along with reimbursement policies by the government are set to drive market growth. New product approvals for extended depth of focus products are expected to propel the market progression. Fortune Business Insights™ shares this information in its report titled “Intraocular Lens (IOL) Market, 2023-2030.”
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Key Industry Development:
September 2022- SIFI S.p.A launched its Evolux extended monofocal Intraocular Lens (IOL). The product is made of hydrophobic material and a non-diffractive profile, which provides a better intermediate and equivalent distance vision.
Key Takeaways:
- Intraocular Lens (IOL) Market size in North America was USD 1.44 billion in 2022
- Increasing demand, technology advancements, and government initiatives drive market growth.
- Market growth is expected to be driven by an increase in cases of blindness and cataract surgeries.
- The monofocal segment is expected to hold a major market share during the projected period.
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 | 2019 to 2021 |
| No. of Pages | 157 |
| Segments covered | By Type, By Material and Geography |
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Drivers & Restraints:
Increasing Procedures of Cataract to Fuel Market Progression
Increasing cases of cataract procedures and the prevalence of cataracts are anticipated to drive the Intraocular Lens (IOL) market growth. One of the most common ophthalmic procedures is cataract surgery and the volume of this surgery has increased. According to the article published by Cataract Refractive Surgery Today (CRST) in 2021, more than 20.0 million cataract procedures are performed each year globally. Rising cases of blindness and cataract surgeries are expected to drive market growth. Launch of various government initiatives and policies is expected to push market growth.
However, lack of reimbursement policies for premium products in various countries is anticipated to hamper the market growth.
Segmentation:
By Type
- Monofocal
- Premium
- Multifocal
- Toric
- Others
By Material
- Polymethylmethacrylate (PMMA)
- Foldable
- Hydrophobic Acrylic
- Hydrophilic Acrylic
- Silicone & Collamer
By End-user
- Hospitals & Ambulatory Surgery Centers
- Specialty Clinics
- Academic & Research Institutes
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Lead Market Share Owing to Approvals of Innovative Products
North America is anticipated to head the Intraocular Lens (IOL) market share due to demand for novel products such as custom cataract lenses, rapid adoption of these products, and favorable insurance policies. The market reached a valuation of USD 1.44 billion in 2022, owing to growing and frequent approvals for innovative products.
Europe is set to hold the position for the second-largest market share in 2022 due to increasing number of cataract surgeries, growing adoption of femtosecond lasers to transect hydrophobic and hydrophilic acrylic lenses for cataract surgeries, and increased preference for toric lenses.
Asia Pacific is set to develop prominently during the forecast period due to the prevalence of cataracts in the aged population as they are more prone to cataracts.
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Competitive Landscape:
Development of Next-generation Products by Key Players to Set Market Progression
Key players, such as Alcon Inc. and Johnson & Johnson Vision Care, Inc. and Johnson & Johnson Surgical Vision, Inc. and Alcon Inc., lead the market due to their wide geographical presence. Johnson & Johnson Vision Care, Inc. and Johnson & Johnson Surgical Vision, Inc. have a strong market presence in key markets coupled with a strong distribution network. In April 2022, Rayner Intraocular Lenses Limited collaborated with Aston University to develop the next generation of lenses that offer patients a high-quality full range of vision.
FAQs
What is the intraocular lens market growth?
Intraocular Lens (IOL) Market size was USD 4.24 billion in 2022. It is expected to reach USD 7.19 billion by 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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