Dublin, Jan. 28, 2025 (GLOBE NEWSWIRE) -- The "Intraocular Lens Market Report by Product, Material, End User, Region and Company Analysis 2025-2033" report has been added to ResearchAndMarkets.com's offering.
Intraocular Lens Market is expected to reach US$ 7.16 billion in 2033 from US$ 4.46 billion in 2024, with a CAGR of 5.40% from 2025 to 2033
The market is expanding steadily due to a number of factors, including an aging population that is more likely to develop cataracts, ongoing technological advancements that improve IOL designs, and increased accessibility to eye care and global awareness. These factors all work together to create a demand for sophisticated surgical procedures.
Extended Depth of Focus Product Launches to Accelerate Market Development
The global market has seen a number of technologically sophisticated product offers in recent years. These items are in high demand due to the increasing incidence of cataracts. The U.S. FDA approved the expanded depth of focus products for the first time in July 2016. The market's expansion is facilitated by the growing number of initiatives by major players to introduce products with innovative technologies.
For instance, Alcon Inc. stated in January 2024 that the AcrySof IQ VivityTM IOL (Vivity), a cutting-edge intraocular lens with increased depth of focus, would be commercially available in the United States.
Additionally, a lot of cutting-edge research is being done to examine the advantages of these more recent technology. For example, U.S.-based SightMD financed a trial to assess the effects of a novel extended depth of focus IOL on visual and lifestyle enhancement as of May 2022, according to an ongoing study published by the ClinicalTrails.gov (U.S. National Library of Medicine). It is anticipated that these important factors will have a major impact on the expansion of the intraocular lens market globally.
Growing rates of cataracts and the older population
The growing number of elderly people worldwide is a major factor driving the IOL industry. Age-related cataract development raises the risk of vision loss and requires surgery to restore it. Vision impairment results from cataracts, a common age-related ocular disorder that clouds the natural lens of the eye. For instance, according to UN Population Fund statistics for 2023, the proportion of those 65 and older in the UK was projected to reach approximately 19.2% of the overall population in 2023. As a result, the country's notably high proportion of older people is probably going to raise the danger of age-related eye conditions, which will propel the market during the projection period.
Furthermore, the prevalence of cataracts is increasing due to an aging population, which increases the need for IOL implantation procedures. The World Health Organization predicts that cataracts affect a significant percentage of people over 60 worldwide, which makes IOLs a necessary main treatment choice. By offering cataract patients safer and more efficient options, developments in IOL designs and surgical methods further support market expansion. For instance, according to the RANZCO Pre-Budget Submission 2022-2023, 2.2% of Australians over 50 are anticipated to have glaucoma. It is anticipated that by 2025, there will be 379,000 glaucoma patients in Australia.
Growing awareness worldwide and easier access to eye care
The market is growing as a result of increased knowledge of the value of eye health and the accessibility of cutting-edge ophthalmic therapies. Patient education is fueled by initiatives by governments, nonprofits, and medical professionals to increase knowledge of cataracts, refractive problems, and the advantages of prompt surgical procedures.
Furthermore, early identification and treatment of ocular disorders are made easier by increased accessibility to eye care services, particularly in developing nations. People are more inclined to seek medical attention as knowledge increases, which fuels the need for intraocular lens implantation treatments. A greater percentage of the population will be able to obtain and benefit from IOL implants thanks to a mix of awareness campaigns and better healthcare infrastructure around the world, which will continue market growth.
Challenges in the Intraocular Lens Market
Stringent Regulatory Policies
In the market for intraocular lenses, strict regulatory approvals present a major obstacle. In order to ensure that their goods fulfill safety and efficacy criteria, manufacturers must traverse the complicated regulatory regulations set by organizations such as the FDA and EMA. The drawn-out approval procedure can raise expenses and postpone product debuts. Complexity is further increased by the fact that regulations are always changing, particularly with regard to advanced lenses like multifocal or accommodating IOLs. Although adherence to these strict guidelines is necessary, it may impede timely market entry and innovation.
Growth Opportunities Are Implied by the Lack of Reimbursement Policies for High-End Products in Various Countries
The demand for cataract surgery is still high worldwide, but a major obstacle to market expansion, especially in developing nations, is the absence of reimbursement regulations for high-end products. These high-end goods are very helpful in treating conditions including astigmatism, nearsightedness, farsightedness, age-related vision loss, and foggy vision. The lack of reimbursement for these products, however, prevents their widespread use and limits market expansion.
Furthermore, there are many insufficient reimbursement laws and a substantial section of the populace in both industrialized and developing nations is ignorant of these high-end product possibilities. In India, the cost of prescription eyeglasses, eye drops, and prescriptions, as well as premium intraocular lenses, are not covered by health insurance, according to a 2023 article by PRISTYN CARE. The aforementioned reasons limit the growth of the global market by impeding the acceptance of these products.
The monofocal IOL segment holds the largest market share within the intraocular lens industry.
The segment of multifocal intraocular lenses has won substantial market share in recent years because of the exquisite benefits they offer. Multifocal intraocular lenses are specific and offer improved visualization. They are proficient in treating patients with complicated issues and a multiple retinal issue by providing three vision zones.
These vision zones assist the patients see far, intermediate, and near distances successfully and efficaciously. Multifocal intraocular lenses are a substantial improvement from traditional mono-focal lenses as they offer higher precision and accuracy in vision correction, leading to higher patient results. Additionally, multifocal intraocular lenses are designed to lessen the dependence on glasses or contact lenses after cataract surgical operation, that is a large advantage for patients who want to improve their vision without the hassle of glasses or contacts.
The hydrophobic and hydrophilic acrylic material segment dominates the global intraocular lens market.
The intraocular lens market has seen a substantial surge in hydrophobic and hydrophilic acrylic substances section usage. This can be attributed to the fact that those lens substances are easy to fold and perfectly suited for microsurgery, which is a crucial component in ophthalmology. Additionally, those materials have wonderful biocompatibility, making them a favored preference for lots of patients. The hydrophobic and hydrophilic acrylic materials sector has the biggest share in the intraocular lens market, indicating its developing reputation amongst ophthalmologists and patients.
Hospitals currently hold a significant market share, while ophthalmology clinics are expected to maintain their dominance within the eye care sector.
The healthcare market has witnessed a huge upward thrust in the range of ophthalmic clinics, particularly in growing regions that are not affiliated with hospitals. These clinics basically consciousness on treating vision-related illnesses and catering to individuals' primary eye care needs. Human are increasingly opting for these clinics for primary follow ups and eye health treatment.
These trends have led to upward push in competition among service providers, that is expected to drive the growth of the ophthalmic health center segment. Furthermore, providing competitive expenses is anticipated to attract more patients to these clinics. However, despite the competition, hospitals nonetheless dominate the market, as maximum cataract and vision restore surgical procedures are completed in hospitals.
Intraocular Lens Market Overview by Regions
The intraocular lens (IOL) market is growing globally, driven by increasing cataract surgeries and aging populations. Key regions include North America, Europe, and Asia-Pacific, with North America leading in advanced technology adoption, while Asia-Pacific shows rapid growth due to rising healthcare access and demand for affordable treatments.
Key Attributes:
Report Attribute | Details |
No. of Pages | 170 |
Forecast Period | 2024 - 2033 |
Estimated Market Value (USD) in 2024 | $4.46 Billion |
Forecasted Market Value (USD) by 2033 | $7.16 Billion |
Compound Annual Growth Rate | 5.4% |
Regions Covered | Global |
Companies Covered: Overview, Recent Developments, Financial Insights
- Alcon Inc.
- Bausch Health Companies Inc.
- Hoya Corporation
- Johnson & Johnson
- STAAR Surgical Company
- Carl Zeiss Meditec AG (Carl-Zeiss-Stiftung)
- Novartis AG
Product - Market has been covered from 4 viewpoints
- Monofocal IOL
- Multifocal IOL
- Toric IOL
- Accommodative IOL
Material - Market has been covered from 4 viewpoints
- Polymethyl meth Acrylate Material
- Silicone Material
- Hydrophobic and Hydrophylic Acrylic Material
- Other Material
End User - Market has been covered from 4 viewpoints
- Hospitals
- Ambulatory Surgery Centers
- Ophthalmology Clinics
- Eye Research Institutes
For more information about this report visit https://www.researchandmarkets.com/r/1muh2s
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