An intraocular lens implant is an artificial replacement for the lens of eye. It is part of the surgery to fix cataracts. Intraocular lenses are approved as safe and effective in the U.S. by the Food and Drug Administration (U.S. FDA) since 1981. The intraocular lens (IOL) are advanced option for improving patient’s vision without heavy dependence on contact lenses and glasses. Intraocular lenses are broadly divided into monofocal lenses and premium IOLs. Monofocal lenses are used for correcting vision at only one distance. On the other hand, premium IOLs, correct both close-up vision and distance. Premium IOLs are of three broad categories including monofocal lenses, multifocal lenses, and toric lenses. Key players manufacturing intraocular lenses include Bausch & Lomb, Alcon, Johnson & Johnson, and Carl Zeiss Meditec, among others.
Global intraocular lens market is estimated to be valued at US$ 5,076.1 million in 2022 and is expected to exhibit a CAGR of 7.2% during the forecast period (2022-2030).
Figure 1. Global Intraocular Lens Market in Terms of Value (US$ million), By Region, 2022
Key players operating in the market are focusing on development of new intraocular lens, which is expected to drive the global intraocular lens market growth during the forecast period.
Development of new intraocular lens by key market players is expected to boost growth of the intraocular lens system market over the forecast period. For instance, in October 2021, Ocumetics Technology Corp. a Canada-based research and ophthalmic products development company, announced the phase of a clinical trial program for Bionic Lens. It is an expandable intraocular lens that fits in the lens compartment of the eye, which eliminates the need for corrective lenses. The mechanism of the lens involves re-establishment of the natural kinetics of the eye muscles for facilitating the eye’s ability to promote better focus from distance to near and very near range.
|Base Year:||2021||Market Size in 2022:||US$ 5,076.1 Mn|
|Historical Data for:||2017 to 2021||Forecast Period:||2022 to 2030|
|Forecast Period 2021 to 2028 CAGR:||7.2%||2030 Value Projection:||US$ 8,832.5 Mn|
Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG.
|Restraints & Challenges:||
Figure 2. Global Intraocular Lens Market Share (%), By Product Type, 2022
Increasing business development strategies such as mergers, acquisitions, and collaboration by key players is expected to propel the market growth over the forecast period.
Key players operating in market are engaged in business development strategies such as collaboration, which is expected to drive the market growth over the forecast period. For instance, in May 2019, Zydus Cadila an India-based pharmaceutical company entered into collaboration with SIFI, an Italy-based ophthalmic firm for marketing intraocular lenses in India. SIFI’s intraocular lenses are approved by the Indian Central Drugs Standards Control Organisation (Directorate General of Health Services) and Ministry of Health & Family Welfare. Hence, the collaboration will empower surgeons with an advanced technology for improving quality of vision and life of patients.
Global Intraocular Lens Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has caused nationwide lockdowns & governments gave measures for mapping containment zones, self-quarantine, contact tracing, and other measures for curtailing spread of the disease. Moreover, in March 2020, the World Health Organization (WHO) announced that routine healthcare appointments should be avoided for preventing patients from contracting the infection, which in turn also negatively impacted ophthalmology services. For instance, according to a November 2021, article published in the Indian Journal of Ophthalmology, the cataract surgical volume was decreased by 33% of the expected volume in 2020. Hence, such significant disruption caused in health systems during COVID-19 pandemic, negatively affected the intraocular lens market growth.
Global Intraocular Lens Market: Restraint
The limitations associated with multifocal IOLs is expected to hinder growth of the global intraocular lens market. Few models of multifocal lenses focus on intermediate vision and distance, hence patients may require reading glasses for closely held reading material. Similarly, some patients also face difficulty of developing halos and glares on lights after dark with the application of multifocal IOLs. Hence, such factors are expected to restraint the market growth.
Major players operating in the global intraocular lens market include Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG.
An intraocular lens (or IOL) is referred to as an artificial lens for the eye. It replaces the natural lens, which is removed during cataract surgery. Intraocular lens comes in various focusing powers such as contact lenses and prescription eyeglasses. There are several varieties of IOLs such as monofocal IOLs, multifocal IOLs, accommodative IOLs, and toric IOLs. Monofocal IOLs are amongst the most commonly used lens with cataract surgery, it has only one focal distance, which is used to set focus for medium range or distance vision. Multifocal lens are used for correcting focus and distant vision at the same time. Furthermore, there are few IOLs that are specific for correcting specific eye disorders such as toric IOLs. These lenses are used for correction of eye conditions such as astigmatism, which involves refractive error caused due to uneven curve in lens. Intraocular lens (or IOL) are mostly made up of silicone or acrylic which provide varied degree of rigidity and foldable nature.
Companies operating in intraocular lens market are launching new products based on advanced technologieswhich is contributing to growth of the intraocular lens market. For instance, in January 2022, Alcon, a manufacturer of eye care solutions announced the commercial launch of Clareon family of intraocular lenses (IOLs). The lens is inserted using the next-generation, reusable Clareon Monarch IVDelivery System for providing precise and controlled implantation, which is designed with new Clareon material. In addition, the company will be rolling out the lens in international market in late 2022 and 2023.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.