INTRAOCULAR LENS MARKET ANALYSIS

Market Size and Trends

The intraocular lens market is estimated to be valued at USD 5,757.1 Mn in 2024 and is expected to reach USD 9,541.7 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.

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The increasing prevalence of cataracts and other eye diseases globally is boosting the market growth. According to the World Health Organization (WHO), cataract is the leading cause of blindness worldwide, affecting over 18 million people globally. Thus, the growing geriatric population who are more prone to develop cataracts, along with the rising awareness about early cataract treatment is expected to propel the demand for advanced intraocular lenses. Moreover, technological advancements in intraocular lenses such as the introduction of premium intraocular lenses and multifocal intraocular lenses are further anticipated to drive the market growth during the projected timeframe. However, the high cost associated with intraocular lenses and lack of favorable reimbursement policies in developing nations may hamper the market growth to some extent.

Increasing Inorganic Growth Strategies such as Acquisition

Increasing adoption of inorganic growth strategies, such as acquisitions by key market players, is expected to drive the market growth over the forecast period. For instance, in January 2023, Bausch Health Companies Inc., a global eye health company, announced that it had acquired AcuFocus, Inc. (“AcuFocus”), a privately-held ophthalmic medical device company, to address the diverse unmet needs in eye care. AcuFocus develops small aperture intraocular technology. Its portfolio includes the IC-8 Apthera intraocular lens (IOL).

Market Concentration and Competitive Landscape

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The global population is ageing at an unprecedented rate. The percentage of people aged 65 years and above is growing steadily and this ageing population is more susceptible to developing cataract and other age-related eye diseases. As per the estimates by the WHO, the number of cataract operations will need to rise by 30% over the next 10 years to keep up with the demand from an ageing population alone. Many developed countries have already seen their average age rising over the past few decades, and this trend is now spreading to developing regions as well.

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Few models of multifocal lenses focus on intermediate vision and distance; hence patients may require reading glasses for closely held reading material. While, some patients also face difficulty of developing halos and glares on lights after dark with the application of multifocal IOLs.

Market Opportunities – Increasing Investments by Key Market Players

Increasing investments by key market players for the development of intraocular lenses offer lucrative opportunities in the global intraocular lens market. For instance, in November 2020, Adaptilens, a developer of accommodating intraocular lenses, announced that it had raised over US$ 1.6 Mn for the development of Adaptilens' accommodating intraocular lens. The round was led by local firm Pillar VC, with additional participation from California firm Accanto Partners, a venture capital firm.

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The product type segment includes monofocal intraocular lens, multifocal intraocular lens, toric intraocular lens, and accommodative intraocular lens. The monofocal intraocular lens sub-segment is estimated to hold 35.9% of the market share in 2024 owing to its affordability and effectiveness in correcting vision impairments for cataract patients. As cataracts pose a significant healthcare burden, there is an emphasis on making IOL procedures more accessible through cost-effective options. Monofocal IOLs offer excellent vision outcomes at a lower price point compared to advanced lens types, enabling more patients globally to benefit from cataract surgery. Their widespread use especially in developing nations buttresses their market dominance. Furthermore, favorable reimbursement programs covering basic monofocal IOLs in certain countries aid their demand. While premium lenses gain ground in premium market segments, cost will continue favoring the uptake of monofocal IOLs for the mass population over the forecast period.

Insights, By Material: Growing Adoption of Hydrophobic Materials Boosts the PMMA Lens Segment

The material segment includes Polymethylmethacrylate (PMMA), silicone, hydrophilic acrylic, and hydrophobic acrylic. The Polymethylmethacrylate (PMMA) sub-segment is estimated to hold 28.4% of the market share in 2024 owing to its widespread adoption, particularly in developing markets. As the first synthetic material approved for intraocular lenses, PMMA possesses well-established safety profile and long shelf life. Its hydrophobic property prevents tissue inflammation and clouding of vision. Extensive experience with PMMA lenses has enabled the optimization of their biocompatibility. In addition, simplified packaging, handling, and preserving techniques make PMMA cost-competitive against newer materials. Developing Asian and Latin American countries will particularly sustain PMMA IOL demand due to focus on first-line materials in public healthcare systems and affordability concerns. While advanced materials find increased usage, cost considerations will continue aiding the market prominence of PMMA.

Insights, End User: Prominence of Hospitals Drives Aftercare and Surgeries

The end user segment includes hospitals, ophthalmology clinics, and ambulatory surgery centers. The hospitals sub-segment is estimated to hold 45.9% of the market share in 2024 as they perform the highest volume of cataract surgeries, drive uptake of IOLs, and offer all-inclusive aftercare. Specialized ophthalmology units within large hospitals along with credentialed team of surgeons are well placed to efficiently conduct cataract procedures on a mass scale. Hospitals additionally gain from the ubiquitous trust they command over local clinics and ambulatory settings for precision surgery and management of complications. This brings greater number of patients under their umbrella for IOL implantation and follow-ups. Further, bulk procurement through hospitals earn attractive discounts from manufacturers. Insured healthcare infrastructure also makes hospitals the default choice. Therefore, their technical expertise and scope of comprehensive care cements the lead of hospitals as end users of intraocular lenses.

Regional Insights

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North America remains the dominant region in the global intraocular lens market and is estimated to hold 42.1% of the market share in 2024. The strong presence of leading original equipment manufacturers (OEMs) such as Johnson & Johnson and Bausch & Lomb have established the region as center for innovation in intraocular lens technology. With the U.S. accounting for the bulk of the market, North America spends heavily on R&D which has resulted in new proprietary lens designs, biomaterials, and delivery systems. Due to intellectual property protections and first-mover advantages, North American manufacturers are able to charge a premium for their premium intraocular lenses. Exports from the region contribute significantly to their sales in other key markets such as Western Europe and Asia Pacific.

The Asia Pacific region has emerged as the fastest growing market for intraocular lenses in recent times. Countries like India, China, Japan, and South Korea have growing elderly populations with greater needs for cataract treatment. Favorable healthcare reforms and insurance coverage in these nations have made corrective eye procedures more accessible and affordable for locals. At the same time, manufacturing costs are lower in Asia Pacific enabling both global and local suppliers to price lenses very competitively. While multinational corporations once dominated the export market from the region, domestic Asian firms are rapidly advancing their technology and quality standards. A few homegrown Asian brands today give as good performance as some leading imported lenses. With rising incomes and awareness about eye care, Asia Pacific's demand for intraocular lenses will likely continue outpacing other regions.

Market Report Scope

Key Developments

• On February 15, 2024, Johnson & Johnson MedTech, a Johnson & Johnson Services, Inc. company, announced that it had launched TECNIS PureSee intraocular lens in Europe, Middle East, and Africa. TECNIS PureSee intraocular lens features a proprietary, purely refractive design that delivers uninterrupted, high-quality, vision with high best-in-category contrast and low-light performance, comparable to a monofocal intraocular lens.
• In August 2023, Carl Zeiss Meditec, a healthcare company, announced that it had showcased its new ophthalmic innovations within the cataract and corneal refractive workflows at the European Society of Cataract and Refractive Surgery (ESCRS) annual conference from 8 to 12 September, 2023, in Austria, Europe
• 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.
• In January 2020, STAAR SURGICAL, a developer, manufacturer, and marketer of implantable lenses, announced that it had received CE Mark approval for the use of its Intraocular lens as a supplemental or “piggyback” lens in post-cataract IOL surgery patients (pseudophakics). EVO/EVO+ and VISIAN Implantable Collamer Lenses for myopia and hyperopia, and EVO/EVO+ and VISIAN Toric Implantable Collamer Lenses for myopia and hyperopia with astigmatism.

*Definition: An intraocular lens implant is an artificial replacement for the lens of eye. It is part of the surgery to fix cataracts. The intraocular lens (IOLs) are an 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.

Market Segmentation

• Product Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Monofocal Intraocular Lens
  • Multifocal Intraocular Lens
  • Toric Intraocular Lens
  • Accommodative Intraocular Lens
•  Flexibility Insights (Revenue, USD Mn, 2019 - 2031)
  • Foldable 
  • Rigid
•  Material Insights (Revenue, USD Mn, 2019 - 2031)
  • Polymethylmethacrylate (PMMA)
  • Silicone
  • Hydrophilic Acrylic
  • Hydrophobic Acrylic
•  End User Insights (Revenue, USD Mn, 2019 - 2031)
  • Hospitals
  • Ophthalmology Clinics
  • Ambulatory Surgery Centers
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Bausch Health Companies Inc.
  • Alcon Inc. 
  • Johnson & Johnson Services, Inc.
  • STAAR SURGICAL
  • Carl Zeiss Meditec
  • HOYA Corporation
  • Lenstec, Inc.
  • Ophtec BV
  • Rayner Intraocular Lenses Limited
  • HumanOptics AG
  • Biotech Healthcare
  • Ocumetics Technology Corp.
  • TELEON
  • SIFI S.p.A 
  • NIDEK CO., LTD. 
  • Lenstec, Inc.
  • Omni Lens Pvt. Ltd.