According to the latest report by IMARC Group, titled "Intraocular Lens Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global intraocular lens market reached a value of US$ 3.8 Billion in 2021. An intraocular lens is an implantable medical device that is widely used for vision correction. It is an artificial lens that is implanted during the cataract and myopia surgery in replacement with the natural lens. Apart from this, it can also be used for vision correction surgeries in refractive lens exchange. Commonly made up of silicone, acrylic, and other plastic compositions, it is coated with a unique material to protect the eyes of the patients from harmful ultraviolet (UV) rays. It is popularly available in the market in various focusing powers based on the axial length of the eyes and curves of the cornea.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Intraocular Lens Market Trends:
The market is majorly driven by the growing geriatric population on the global level. With the rising incidences of cataracts among the elderly and diabetic patients, there has been a considerable rise in the demand for intraocular lenses. This is supported by the numerous initiatives undertaken by the government of several countries to spread awareness regarding avoidable blindness. Additionally, they are setting up free-of-cost camps for eye examinations and surgeries while offering health reimbursements, which is creating a positive outlook for the market. The market is further driven by the introduction of premium intraocular lenses, such as multifocal, toric, and accommodative, that offer higher precision, multifocal aperture and improved visualization to the patients. Several players are also investing in research and development (R&D) activities to launch product variants that are anticipated to help patients with near and distant vision. Some of the other factors contributing to the market growth include the increasing healthcare spending capacity and the growing cases of pediatric cataract cases. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 5.53% during 2022-2027.
- On the basis of the product, the market has been divided into monofocal, multifocal, toric and accommodative IOL.
- Based on the material, the market has been classified into polymethylmethacrylate (PMMA), silicone and hydrophobic acrylic.
- On the basis of the end use, the market has been segmented into hospitals, ophthalmic clinics, ambulatory care centers, and eye research institutes.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG (Carl-Zeiss-Stiftung), EyeKon Medical Inc., Hoya Corporation, HumanOptics AG, Johnson & Johnson, Lenstec Inc., Rayner Intraocular Lenses Limited and STAAR Surgical Company.
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