Intraocular Lens (IOL) Market Analysis By Product (Monofocal, Multifocal, Toric, and Accommodative), By End User, By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global intraocular lens (IOL) market size was valued at USD 3.27 billion in 2016. Globally increasing incidence of cataract as a result of a large aging demographic segment and rising cases of diabetic retinopathy are driving the intraocular lenses market. Soaring cases of blindness, surge in healthcare spending capacity, and growing number of ophthalmologists are also supporting the market.

Monofocal IOLs are viewed as a traditional solution for retinal correction. These lenses have a fixed focus for one distance and are most beneficial for patients with cataract in both eyes. Their adoption is also high since they serve as a low-cost solution.

Premium intraocular lenses include multifocal, toric, and accommodative. Advanced benefits offered by premium lenses include multifocal aperture, improved visualization, elimination of need for glasses after cataract, and higher precision. These features are boosting their adoption globally despite being relatively more expensive.

North America accounted for the largest revenue share in 2016. Rising adoption of premium IOLs in the U.S. and growing number of patients suffering from cataract are boosting the intraocular lenses market. Asia Pacific is expected to exhibit the fastest growth rate over the forecast period. Rise in geriatric population and increasing diabetic population in developing countries is resulting in greater adoption of cataract and other retinal procedures, thereby boosting the APAC market for intraocular lenses.

However, high costs associated with cataract treatment and poor reimbursement for conventional as well as advanced surgeries are challenging the growth of the market for intraocular lenses. Moreover, post-surgical complications threaten to limit growth. 

Key trends:

• Rise in geriatric and diabetic population to continue to support growth
• Monofocal IOLs serve as low-cost solution for retinal correction
• Despite being expensive, premium intraocular lenses have been gaining demand thanks to key benefits offered

Product Insights

Rapidly evolving technologies, rise in government funding, and increasing investments by private entities have changed the dynamics of the healthcare industry. Technical advancement is pushing the demand for solutions for the treatment of presbyopia, macular degeneration in diabetic patients, and other ophthalmic disorders.

Accommodative IOLs are preferred by patients suffering from macular degeneration as they support the eye muscles in focusing on intermediate and distant objects. These lenses are widely used in the treatment of presbyopia and astigmatism.

Toric intraocular lenses are especially beneficial for patients suffering from moderate and high astigmatism. These patients suffer from either hyperopia or myopia or sometimes both. Toric IOLs eliminate the need for incision implants required traditionally during astigmatism surgical procedures. 

The need for development of cost-effective and efficient intraocular lenses has been driving research and development activities in this product segment. This is sure to present lucrative opportunities to players in the IOL market.

End-use Insights

Hospitals have been reporting maximum cataract and vision repair surgeries in the past and are expected to retain their dominance as an end-use segment in the market for intraocular lenses. Availability of technologically advanced facilities for retinal scans and diagnosis of corneal disorders is propelling its growth.

Critical patients are often referred to super specialty ophthalmic clinics. Ambulatory surgery centers have been gaining prominence in the market for intraocular lenses owing to miniaturization of surgical devices and availability of specialty doctors. This will enable the segment to register the fastest growth over the forecast period. Rise in CSR activities has also led to an increase in new hospital outpatient facilities (ambulatory centers), enabling treatment facilities to reach remote areas.  

Regional Insights

North America dominated the IOL market in 2016 and is expected to retain its lead throughout the forecast period. Rising incidences of cataract and other ophthalmic disorders are propelling the growth of the region. In addition, presence of well-defined regulatory guidelines and reimbursement policies for cataract treatments is boosting revenue generation in the market.

Asia Pacific is expected to exhibit the fastest growth in terms of revenue. Anticipated rise in diabetic population, coupled with the inclusion of eye care in several national social security systems, is likely to boost the market for intraocular lenses in Asia Pacific.

Patients living with diabetes are more prone to cataract, macular degeneration, and other ophthalmic disorders, resulting in greater need for various types of intraocular lenses. According to the International Diabetes Federation, the western Pacific region accounted for the largest diabetic population of 77 million, while the East Asian region accounted for 59 million. India accounted for 50.8 million and China 43.2 million of the diabetic population in the latter region.  

A massive patient pool and expanding healthcare tourism industry are propelling the growth of the IOL market in developing countries like China and India. Moreover, government initiatives to develop and commercialize cost-effective treatment options and collaborative efforts of private and government entities to set up eye care facilities are driving the growth of the market in Asia Pacific.

Key regional facts

• Europe is the second-largest IOL market, driven by rise in aging population
• Increase in presbyopia patients and refractive surgery cases is also contributing to growth
• Rising patient awareness and high disposable income will continue to benefit the Europe market for intraocular lenses 

Competitive Insights

The global market for intraocular lenses is highly competitive. Key participants include Alcon, Inc. (division of Novartis AG), Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, HOYA GROUP.

Companies are focusing on surgical advancements for ophthalmic disorders at reasonable costs. Major manufacturers of intraocular lenses are investing in mergers and acquisitions to expand revenue share and diversify product portfolio.

Report Scope

Segments covered in the report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global intraocular lenses market on the basis of product, end use, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)

  • Monofocal IOL

  • Multifocal IOL

  • Toric IOL

  • Accommodative IOL

• End-use Outlook (Revenue, USD Million, 2014 - 2025)

  • Hospitals

  • Ophthalmic Clinics

  • Ambulatory Care Centers

  • Eye Research Institutes

• Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa