Intraocular Lens Market Outlook 2028
The global intraocular lens market was valued at US$ 3.9 Bn in 2020
It is estimated to expand at a CAGR of 4.9% from 2021 to 2028
The global intraocular lens market is expected to reach the value of US$ 5.6 Bn by the end of 2028
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Market Scenario
Companies in the global intraocular lens market should accelerate their product development to unlock revenue opportunities and obtain competitive benefits. Market stakeholders are extending their services to gain competitive edge in the healthcare sector and generate revenue opportunities in the global market. Increasing cataract surgeries across the globe is a major factor driving the global intraocular lens market. Growth and technological advancement in the healthcare industry and rapidly growing eye clinics, ambulatory surgery centers, eye research institutes, and ophthalmology clinics in developing regions are driving the demand for intraocular lens, which, in turns, is propelling the market. However, the high cost of intraocular lens is a major factor hampering the expansion of the global intraocular market. Strict regulations in fetching approval does not bode well for the growth of the market. These are likely to deter the expansion of the market during the forecast period.
Increasing Awareness of Eye Heath and Intraocular Lens Accelerate the Market
Rise in the number of cataract surgeries around the world is expected to generate ample business prospects in the global intraocular lens market in the upcoming years. Intraocular lens are implanted in an eye during the treatment of myopia or cataract. The increasing demand for multifocal IOL, monofocal IOL, accommodative IOL, and toric IOL in hospitals, ophthalmology clinics, eye research institutes, and ambulatory surgery centers is driving the global intraocular lens market. Government as well as several non-government organizations are taking efforts to spread awareness on symptoms of cataract and other health issues pertaining to eyes. The rise in diabetic population who are more likely to opt for cataract surgeries is driving the expansion of the global intraocular lens market. Moreover, increasing eye issues in aging population and loss or poor vision also lead to rise in demand for intraocular lens.
In addition, these organizations are also providing information on available treatment options on these health issues. Market players in the global intraocular lens market are consistently improving the quality of products they offer. They are increasing investments in research & development to fulfill the rising demand from consumers across the globe. Several enterprises are strengthening their product offerings by indulging in new product launch activities.
Increasing Efforts by Key Market Players to Gain Revenue Benefits
Key market leaders are strengthening their market position by increasing their participation in activities such as mergers, partnerships, collaborations, and regional expansions. They are also focusing on acquisition of their smaller competitors. In order to stay ahead in the competition, many market players are expanding their production capabilities. Such efforts are likely to bolster the global intraocular lens market in the near future.
Companies in the intraocular lens market are estimated to gain substantial sales opportunities in North America on the back of several factors such as rise in awareness about eye-related diseases among regional population, existence of a robust healthcare industry, and presence of several active players in the region. New product developments in the intraocular lens market, along with technological advances in surgical instruments and techniques in cataract surgeries are driving the global market.
Impact of COVID-19 on Global Intraocular Lens Market
The global intraocular lens market has been negatively affected by the rapid spread of coronavirus cross the globe. The emergence of COVID-19 pandemic has compelled companies operating in the intraocular lens market to restructure their strategies in order to sustain their businesses in such critical situations. This is the reason why these companies are following all regional government guidelines while carrying out regular business activities. During the pandemic, the market has seen a decline in demand due to the lockdowns and vulnerabilities associated with the elderly. The cohort of the patient population has postponed the surgery. In addition, economic considerations has also hit the consumer demand. Market players are recovering from the losses caused due to the global pandemic. Manufacturers of intraocular lens find steady revenue streams in the eye care industry. A wide range of this lens have undergone design advances to suit patients’ needs.
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Potential Revenue Opportunities for Market Players in North America
North America shows lucrative growth opportunities in the intraocular lens market due to rising awareness among general people and increasing expenditure on healthcare. Technological advancement in healthcare is supporting the growth of the market. Rising investments in R&D activities in intraocular lenses are driving the expansion of the market. Market contributors from North America are focusing on adopting various strategies to strengthen their market presence. The significant presence of market players operating in the global intraocular lens market is contributing to the growth of the market.
Market players in the North America intraocular lens market are focusing on various strategies to increase their market share. The North America market is expected to be driven by increasing adoption of modern technologies in the regional healthcare industry and improving disposable income of consumers.
Intraocular Lens Market
Intraocular lenses (IOLs) are medical devices implanted inside the eye to replace the eye’s natural lens when it is removed during the cataract surgery. IOLs are also used for a type of vision correction surgery called refractive lens exchange.
Various types of IOL are available in the market. Depending upon functionality, these are segmented into standard IOLs and premium IOLs.
Intraocular Lens Market: Key Drivers
Increase in incidences of ophthalmic and ocular conditions is projected to drive the global intraocular lens market during the forecast period. According to the American Academy of Ophthalmology (AAO), around 24 million people in the U.S. above the age of 40 suffer from cataract each year. The percentage of elderly people (60 yrs. and above) suffering from cataract is estimated to be around 65%.
Rise in adoption of premium IOLs is another major factor boosting the growth of the global intraocular lens market. Surge in awareness about premium IOLs, favorable recommendations from health care providers, and better acceptance among patients across the world are expected to drive the global intraocular lens market during the forecast period.
Market Segmentation: Intraocular Lens Market
In terms of product type, the global intraocular lens market has been classified into monofocal IOL, multifocal IOL, toric IOL, accommodative IOL, and others
Based on end-user, the global intraocular lens market has been divided into hospitals, ophthalmology clinics, ambulatory surgery centers, and eye research institutes
Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The intraocular lens market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2028, considering 2020 as the base year. The compound annual growth rate (CAGR %) has been provided for each segment and market from 2021 to 2028 along with market size estimations.
Regional Overview: Global Intraocular Lens Market
North America dominated the global intraocular lens market in 2020, accounting for 35% share. The U.S. dominated the market in North America, owing to factors such as increase in incidence of cataract, surge in the geriatric population, rise in demand for better healthcare facilities, and adoption of improved products & technologies.
Asia Pacific is anticipated to gain market share during the forecast period. Product launches, acquisitions, distribution agreements, alliances, and geographical expansion by local players, especially in China and India, are expected to propel the intraocular lens market in the region.
Major Players
The intraocular lens market report concludes with the company profiles section, which includes key information about major players in the global intraocular lens market
Leading players analyzed in the report include
Abbott Medical Optics
Alcon (Novartis AG)
Carl Zeiss Meditec AG
Bausch & Lomb, Inc.
Hoya Surgical Optics
Calhoun Vision, Inc.
Staar Surgical Company
Each of these players has been profiled in the intraocular lens market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments
Product Type
- Monofocal IOL
- Multifocal IOL
- Toric IOL
- Accommodative IOL
- Others
End-user
- Hospitals
- Ophthalmology Clinics
- Ambulatory Surgery Centers
- Eye Research Institutes
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TABLE OF CONTENT
1. Preface
1.1. Report Scope and Market Segmentation
1.2. Research Highlights
2. Assumptions and Research Methodology
2.1. Assumptions and Acronyms Used
2.2. Research Methodology
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Market Dynamics
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunity
4.3. Global Intraocular Lens Market Forecast
4.4. Global Intraocular Lens Market Outlook
5. Market Outlook
5.1. Disease Epidemiology, by Region/Key Countries
5.2. Regulatory Scenario, by Region/Globally
5.3. Key Industry Events (mergers, acquisitions, partnerships, collaborations, etc.)
5.4. COVID-19 Pandemic Impact on Industry (value chain and short / mid / long term impact)
6. Global Intraocular Lens Market Analysis and Forecast, by Product Type
6.1. Introduction
6.2. Global Intraocular Lens Market Value Share Analysis, by Product Type
6.3. Global Intraocular Lens Market Forecast, by Product Type
6.3.1. Monofocal IOL
6.3.2. Multifocal IOL
6.3.3. Toric IOL
6.3.4. Accommodative IOL
6.3.5. Others
6.4. Global Intraocular Lens Market Analysis, by Product Type
6.5. Global Intraocular Lens Market Attractiveness Analysis, by Product Type
7. Global Intraocular Lens Market Analysis and Forecast, by End-user
7.1. Introduction
7.2. Global Intraocular Lens Market Value Share Analysis, by End-user
7.3. Global Intraocular Lens Market Forecast, by End-user
7.3.1. Hospitals
7.3.2. Ophthalmology Clinics
7.3.3. Ambulatory Surgery Centers
7.3.4. Eye Research Institutes
7.4. Global Intraocular Lens Market Analysis, by End-user
7.5. Global Intraocular Lens Market Attractiveness Analysis, by End-user
8. Global Intraocular Lens Market Analysis, by Region
8.1. Global Intraocular Lens Market Analysis, by Region
8.2. Global Intraocular Lens Market Value Share and Attractiveness Analysis, by Region
8.3. Global Intraocular Lens Market Forecast, by Region
8.3.1. North America
8.3.2. Europe
8.3.3. Asia Pacific
8.3.4. Latin America
8.3.5. Middle East & Africa
9. North America Intraocular Lens Market Analysis
9.1. Key Findings
9.2. North America Intraocular Lens Market Overview
9.3. North America Intraocular Lens Market Value Share Analysis, by Country
9.4. North America Intraocular Lens Market Forecast, by Country
9.4.1. U.S.
9.4.2. Canada
9.5. North America Intraocular Lens Market Value Share Analysis, by Product Type
9.6. North America Intraocular Lens Market Forecast, by Product Type
9.6.1. Monofocal IOL
9.6.2. Multifocal IOL
9.6.3. Toric IOL
9.6.4. Accommodative IOL
9.6.5. Others
9.7. North America Intraocular Lens Market Value Share Analysis, by End-user
9.8. North America Intraocular Lens Market Forecast, by End-user
9.8.1. Hospitals
9.8.2. Ophthalmology Clinics
9.8.3. Ambulatory Surgery Centers
9.8.4. Eye Research Institutes
9.9. North America Intraocular Lens Market Attractiveness Analysis
9.10. Market Trends
10. Europe Intraocular Lens Market Analysis
10.1. Key Findings
10.2. Europe Intraocular Lens Market Overview
10.3. Europe Intraocular Lens Market Value Share Analysis, by Country/Sub-region
10.4. Europe Intraocular Lens Market Forecast, by Country/Sub-region
10.4.1. Germany
10.4.2. U.K.
10.4.3. France
10.4.4. Italy
10.4.5. Spain
10.4.6. Rest of Europe
10.5. Europe Intraocular Lens Market Value Share Analysis, by Product Type
10.6. Europe Intraocular Lens Market Forecast, by Product Type
10.6.1. Monofocal IOL
10.6.2. Multifocal IOL
10.6.3. Toric IOL
10.6.4. Accommodative IOL
10.6.5. Others
10.7. Europe Intraocular Lens Market Value Share Analysis, by End-user
10.8. Europe Intraocular Lens Market Forecast, by End-user
10.8.1. Hospitals
10.8.2. Ophthalmology Clinics
10.8.3. Ambulatory Surgery Centers
10.8.4. Eye Research Institutes
10.9. Europe Intraocular Lens Market Attractiveness Analysis
10.10. Market Trends
11. Asia Pacific Intraocular Lens Market Analysis
11.1. Key Findings
11.2. Asia Pacific Intraocular Lens Market Overview
11.3. Asia Pacific Intraocular Lens Market Value Share Analysis, by Country/Sub-region
11.4. Asia Pacific Intraocular Lens Market Forecast, by Country/Sub-region
11.4.1. China
11.4.2. India
11.4.3. Japan
11.4.4. Australia & New Zealand
11.4.5. Rest of Asia Pacific
11.5. Asia Pacific Intraocular Lens Market Value Share Analysis, by Product Type
11.6. Asia Pacific Intraocular Lens Market Forecast, by Product Type
11.6.1. Monofocal IOL
11.6.2. Multifocal IOL
11.6.3. Toric IOL
11.6.4. Accommodative IOL
11.6.5. Others
11.7. Asia Pacific Intraocular Lens Market Value Share Analysis, by End-user
11.8. Asia Pacific Intraocular Lens Market Forecast, by End-user
11.8.1. Hospitals
11.8.2. Ophthalmology Clinics
11.8.3. Ambulatory Surgery Centers
11.8.4. Eye Research Institutes
11.9. Asia Pacific Intraocular Lens Market Attractiveness Analysis
11.10. Market Trends
12. Latin America Intraocular Lens Market Analysis
12.1. Key Findings
12.2. Latin America Intraocular Lens Market Overview
12.3. Latin America Intraocular Lens Market Value Share Analysis, by Country/Sub-region
12.4. Latin America Intraocular Lens Market Forecast, by Country/Sub-region
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Rest of Latin America
12.5. Latin America Intraocular Lens Market Value Share Analysis, by Product Type
12.6. Latin America Intraocular Lens Market Forecast, by Product Type
12.6.1. Monofocal IOL
12.6.2. Multifocal IOL
12.6.3. Toric IOL
12.6.4. Accommodative IOL
12.6.5. Others
12.7. Latin America Intraocular Lens Market Value Share Analysis, by End-user
12.8. Latin America Intraocular Lens Market Forecast, by End-user
12.8.1. Hospitals
12.8.2. Ophthalmology Clinics
12.8.3. Ambulatory Surgery Centers
12.8.4. Eye Research Institutes
12.9. Latin America Intraocular Lens Market Attractiveness Analysis
12.10. Market Trends
13. Middle East & Africa Intraocular Lens Market Analysis
13.1. Key Findings
13.2. Middle East & Africa Intraocular Lens Market Overview
13.3. Middle East & Africa Intraocular Lens Market Value Share Analysis, by Country/Sub-region
13.4. Middle East & Africa Intraocular Lens Market Forecast, by Country/Sub-region
13.4.1. GCC Countries
13.4.2. South Africa
13.4.3. Rest of Middle East & Africa
13.5. Middle East & Africa Intraocular Lens Market Value Share Analysis, by Product Type
13.6. Middle East & Africa Intraocular Lens Market Forecast, by Product Type
13.6.1. Monofocal IOL
13.6.2. Multifocal IOL
13.6.3. Toric IOL
13.6.4. Accommodative IOL
13.6.5. Others
13.7. Middle East & Africa Intraocular Lens Market Value Share Analysis, by End-user
13.8. Middle East & Africa Intraocular Lens Market Forecast, by End-user
13.8.1. Hospitals
13.8.2. Ophthalmology Clinics
13.8.3. Ambulatory Surgery Centers
13.8.4. Eye Research Institutes
13.9. Middle East & Africa Intraocular Lens Market Attractiveness Analysis
13.10. Market Trends
14. Competition Landscape
14.1. Competition Matrix
14.2. Global Intraocular Lens Market Share Analysis, by Company, 2020
14.3. Company Profiles
14.3.1. Abbott Medical Optics
14.3.1.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.1.2. Product Portfolio
14.3.1.3. Financial Overview
14.3.1.4. SWOT Analysis
14.3.1.5. Strategic Overview
14.3.2. Carl Zeiss Meditec AG
14.3.2.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.2.2. Product Portfolio
14.3.2.3. Financial Overview
14.3.2.4. SWOT Analysis
14.3.2.5. Strategic Overview
14.3.3. Bausch & Lomb, Inc.
14.3.3.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.3.2. Product Portfolio
14.3.3.3. Financial Overview
14.3.3.4. SWOT Analysis
14.3.3.5. Strategic Overview
14.3.4. Alcon (Novartis AG)
14.3.4.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.4.2. Product Portfolio
14.3.4.3. Financial Overview
14.3.4.4. SWOT Analysis
14.3.4.5. Strategic Overview
14.3.5. Hoya Surgical Optics
14.3.5.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.5.2. Product Portfolio
14.3.5.3. Financial Overview
14.3.5.4. SWOT Analysis
14.3.5.5. Strategic Overview
14.3.6. PhysIOL
14.3.6.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.6.2. Product Portfolio
14.3.6.3. SWOT Analysis
14.3.6.4. Strategic Overview
14.3.7. Staar Surgical Company
14.3.7.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.7.2. Product Portfolio
14.3.7.3. Financial Overview
14.3.7.4. SWOT Analysis
14.3.7.5. Strategic Overview
14.3.8. Calhoun Vision, Inc.
14.3.8.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.8.2. Product Portfolio
14.3.8.3. SWOT Analysis
14.3.8.4. Strategic Overview
14.3.9. Oculentis GmbH
14.3.9.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.9.2. Product Portfolio
14.3.9.3. SWOT Analysis
14.3.9.4. Strategic Overview
14.3.10. Rayner Intraocular Lenses Limited.
14.3.10.1. Company Overview (HQ, Business Segments, Employee Strength)
14.3.10.2. Product Portfolio
14.3.10.3. Financial Overview
14.3.10.4. SWOT Analysis
14.3.10.5. Strategic Overview
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