May 22, 2024

Intraocular Lens Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

The intraocular lens is implanted in the eye following cataract surgery to replace the natural crystalline lens and restore vision. They are made from either silicone or acrylic and are permanently placed inside the eye. The growing prevalence of cataracts globally primarily due to the rising geriatric population is a key factor fueling demand for intraocular lenses. Cataracts affect over 24.4 million Americans aged 40 years and older with the numbers expected to double by 2050.

The global Intraocular Lens Market is estimated to be valued at US$ 5,076.1 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/intraocular-lens-market-690

Market key trends:

The increasing adoption of premium intraocular lenses is a key trend witnessed in the market. Premium IOLs such as multifocal, toric, and accommodating IOLs provide greater visual flexibility than traditional monofocal IOLs. Toric IOLs aid in correcting post-operative astigmatism while multifocal IOLs provide both distance and near vision. Additionally, the recent approvals for extended depth of focus (EDOF) IOLs which provide a single focal point but increased depth of field is gaining market traction. Such technological advances are expected to fuel demand and support market revenue growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the intraocular lens market is moderate as significant capital investment is required to set up manufacturing facilities for IOLs.

Bargaining power of buyers: The bargaining power of buyers in the intraocular lens market is high due to the presence of many established players offering a variety of lenses.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers can switch to alternative buyers easily.

Threat of new substitutes: The threat of substitutes is low as there are limited alternatives for replacing intraocular lenses.

Competitive rivalry: The competitive rivalry in the intraocular lens market is high owing to the presence of major global players.

Key Takeaways

The global intraocular lens market is expected to witness high growth over the forecast period. The global Intraocular Lens Market is estimated to be valued at US$ 5,076.1 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030.
Regionally, North America dominates the intraocular lens market currently and is expected to continue its dominance during the forecast period. The high prevalence of cataract and favorable reimbursement policies in the region are expected to drive the market. The Asia Pacific region is expected to witness the highest growth in the intraocular lens market over the forecast period. Rapidly growing geriatric population, increasing healthcare expenditure, and growing medical tourism industry are some factors expected to drive the APAC intraocular lens market. Countries like China, India, Japan, and South Korea are expected to be the major revenue generators for the intraocular lens market in the region.

Key players operating in the intraocular lens market are Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG. Increasing demand for premium IOLs and multifocal IOLs is expected to drive the revenues of these companies.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it