Global Intraocular Lens Market Report 2023-2028: Product Innovation and Next-Generation IOL Gaining Traction - R&D & Product Launches Bolstering Growth
DUBLIN, April 17, 2023 /PRNewswire/ -- The "Intraocular Lens Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global intraocular lens market is expected to reach a value of $7.829 billion by 2028 from $5.144 billion in 2022, growing at a CAGR of 7.25%
Adoption & Penetration of Premium IOLs
In 2021, approximately 29.7 million cataract surgeries were performed worldwide, including 4.7 million in the US alone. Cataracts increase in prevalence with age, affecting about 50% of people by age 60, affecting both eyes 80% to 90% of the time, and requiring surgery to restore vision.
In addition, the premium intraocular lens (IOL) market is projected to grow significantly faster as worldwide cataract procedure volumes return to pre-COVID-19 levels. Global premium IOLs revenues are expected to grow at a CAGR of 9.03% from USD 1.5 billion in 2021 to USD 2.5 billion in 2028, compared to a 6.2% CAGR revenue growth for the traditional IOL.
Product Innovation and Next-Generation IOL
Vendors in the intraocular lens market are focused on using innovative technology platforms to increase the comfort and ease of use for IOLs. Technological enhancements to existing product lines and innovations in new products have markedly improved the product entrenchment of IOLs in the recent past. Intraocular lens (IOLs) has undergone tremendous advances, especially over the last 5-10 years.
Modern-day cataract surgery mostly consists of phacoemulsification for cataract removal and implantation of an IOL. Advances in lens technology have included toric lenses for astigmatism correction and multifocal, trifocal, and extended-depth-of-focus lenses for presbyopia correction.
Rapidly Evolving Cataract Surgical Technology
The prevalence of cataracts aged 40 years and older is approximately 11.8% to 18.8%. Currently, cataract surgery is a widely adopted way to treat cataracts.
Cataract surgery has evolved from vision restoration to refractive surgery. It led to the era of refractive cataract surgery, where premium intraocular lenses (IOLs) such as toric IOLs, multifocal IOLs, and extended-depth-of-focus IOLs are increasingly being used to meet the needs of patients.
In addition to intraocular lens calculation and design, improving operation technology may also play a decisive role in further improving the visual effect after the operation.
Rising Prevalence of Vision Impairments
Globally, more than 80% of impaired vision cases are preventable with early diagnosis and treatment. As the world population ages, the need for quality vision care is expanding and evolving with the availability of a diverse range of IOLs for several vision impairments.
By 2030, the number of people worldwide aged 60 years and over is estimated to increase from 962 million (2017) to 1.4 billion, while those over 80 years will increase from 137 million (2017) to 202 million. It has been projected to increase 1.3 times between 2020 (76 million) and 2030 (95.4 million), and those with age-related macular degeneration, 1.2 times between 2020 (195.6 million) and 2030 (243.3 million).
Advances in IOL Materials and Surface Modification in Cataract Surgery
Advances in IOL include materials and structural design. In the optical structure design, multiple foci were achieved by refraction, diffraction, or combining two surface structures, resulting in sharp images at multiple distances.
Extended depth-of-focus (EDOF) IOLs, Toric IOLs, and Aspheric IOLs are designed to improve the quality of vision. Regarding the non-optical part, square-edge IOLs effectively inhibit cell proliferation and reduce postoperative side effects. There are many advances in IOL materials today.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT
The global intraocular lens market is segmented into polycarbonate, plastic, and others by product type. Among the product segment, the traditional/monofocal IOL segment dominates the industry with a share of 61.37% and will likely witness the highest incremental growth over the forecast period.
INSIGHTS BY MATERIAL
The hydrophobic acrylic material segment dominates the global intraocular lens market with a share of 54.80%. It will likely witness the highest incremental growth of USD 1.4 billion over the forecast period. Hydrophobic acrylic IOLs are modern foldable IOLs most widely used nowadays.
The hydrophilic acrylic segment is likely to witness the highest CAGR of 7.59%, with incremental growth of USD 789.03 million, and is expected to fuel the intraocular lens (IOL) market over the forecast period.
INSIGHTS BY END-USER
The global intraocular lens market by end-user segments into standalone eye care centers & ASCs, hospitals, and eye research institutes. The standalone eye care centers & ASCs segment accounted for a major share of 63.62% in 2022 and is anticipated to retain its industry dominance during the forecast period.
The standalone eye care centers & ASCs segment is projected to register a CAGR of 7.67% during the forecast period 2022-2028.
GEOGRAPHICAL ANALYSIS
North America accounted for the largest share of 35.57% in the global intraocular lens market in 2022.
The region has a developed infrastructure for healthcare services, a high amount of adoption of advanced products in eye care services, and high expenditure driving higher market growth.
VENDOR LANDSCAPE
The global intraocular lens market is concentrated in nature, with a limited number of major players accounting for commendable market shares.
Alcon, Bausch & Lomb, HOYA, Johnson & Johnson, and ZEISS dominate the market. Oculentis, Ophtec, PhysIOL, Rayner Group, and STAAR Surgical Company are vendors offering a broad range of IOLs and accounting for reasonable shares in the global intraocular lens market.
Many key players are adopting several organic and inorganic growth strategies, such as new product launches, distribution agreements, partnerships, M&As, and geographic expansions, to expand their customer base and increase shares in the market.
Market Dynamics
Market Opportunities & Trends
- Adoption & Penetration of Premium Iols
- Product Innovation & Next-Generation Iols
- Advances in Cataract Surgical Technology
Market Growth Enablers
- Prevalence of Vision Impairment
- R&D & Product Launches
- Iol Material Advances & Iol Surface Modifications
Market Restraints
- Complications Associated With Cataract Surgery
- Lack of Reimbursement for Premium Iols
- Limitations of Premium Iols & Scarcity of Ophthalmologists
Key Company Profiles
- Alcon
- Bausch & Lomb
- HOYA
- Johnson & Johnson
- ZEISS
Other Prominent Vendors
- AcuFocus
- Aurolab
- Biotech Healthcare Group
- BVI
- Care Group
- Excellent Hi-Care
- Eyekon Medical
- Hanita Lenses
- HumanOptics
- Lenstec
- NIDEK
- Omni Lens
- Ophtec
- Rayner Group
- RXSIGHT
- SAV-IOL
- SIFI S.p.A
- STAAR SURGICAL
- TELEON
- ZARACCOM LENSES
For more information about this report visit https://www.researchandmarkets.com/r/l58iui
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