Intraocular Lens Market Size, Share & Trends Analysis Report By Product (Multifocal Intraocular Lens, Toric Intraocular Lens), By End Use (Hospitals, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2022 - 2030

Report Overview              

The global intraocular lens market size was valued at USD 4.0 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030. As a result of the outbreak of COVID-19 in December 2019, routine healthcare appointments were canceled in order to avoid the patients from contracting the virus. This had negatively impacted the market in the first half of 2020. As many patients were elderly and at a higher threat of suffering from COVID-19 symptoms, there was a significant drop in procedure volumes, which led to a loss in revenue and temporary or permanent closure of single ophthalmic practice units.

However, as many medical centers and practices reopened in the second half of 2020, it resulted in an increase in patient volumes. Moreover, the adoption of modified face-to-face appointments and telecommunication allowed for a small number of procedures to continue during the peak of the pandemic. However, there is still a backlog in certain procedures such as cataract surgeries. Furthermore, as the pandemic continues and the risk of occurrence of third or fourth wave in certain countries continues, ophthalmologists are constantly working hard to minimize the backlog of procedures while adhering to safety protocols.

The pandemic may have led to a long-term change in how ophthalmic procedures are carried out. This may be due to more procedures being carried out in ambulatory surgical centers and specialized clinics rather than in large settings. The introduction of vaccines and the government’s constant efforts to battle against the COVID-19 virus through mass vaccination and increased investment in R&D is helping the market to recover and make a substantial profit during the forecast period.

Despite the drop in sales of the intraocular lens during the pandemic, the market is recovering and is expected to grow steadily during the forecast period. Factors such as a rise in the incidence of cataracts and an increase in the number of diagnosed cases of blindness are major factors that are boosting the growth of the market. In addition, increasing awareness regarding cataracts and a rise in healthcare spending are expected to drive the sales of intraocular lenses.

Product Insights

The multifocal intraocular lens segment held the largest revenue share of over 50.0% in 2021 owing to the benefits that multifocal intraocular lenses offer including high precision and improved visualization. Moreover, multifocal intraocular lenses prove to be efficient in treating patients with complex disorders and multiple retinal issues by providing three vision zones. These vision zones help the patients to see far, intermediate, and near distances efficiently with improved and higher precision as compared to traditional mono-focal lenses.

The toric intraocular lens segment emerged as the second-largest segment in 2021 and is expected to witness lucrative growth over the forecast period as it is beneficial specifically for patients with moderate to high astigmatism. Patients that have astigmatism either suffer from hypermetropia, myopia, or both. Toric intraocular lenses are specifically designed to treat such patients. Furthermore, toric IOLs are designed to eliminate the need for incision implants required traditionally during astigmatism surgical procedures, thereby increasing its preference among individuals.

End-use Insights

The hospitals segment dominated the market with a revenue share of over 50.0% in 2021 owing to the majority of cataract and vision repair surgeries being performed in the hospitals. In the developing regions, there is a substantial increase in individual ophthalmic clinics.  These clinics are not affiliated with any hospitals. An increasing number of eye care practitioners and clinics is expected to increase the competition among service providers. The availability of services at competitive prices is expected to increase the number of patients opting to get treatment from these clinics, thus fueling the segment growth.

In recent years, government and non-government organizations are focusing on carrying out research in the ophthalmic domain. This is with an aim to develop technologically advanced products and intraocular lenses that represent the potential to serve the needs of the patient population in a much more effective manner. Thus, the rising investment in the research and development of intraocular lenses is anticipated to spur the demand for intraocular lenses in research and academic institutes.

Regional Insights

North America dominated the market for intraocular lenses in 2021 with a revenue share of over 35.0%. It is expected to continue being the dominant region throughout the forecast period. This is due to the rising incidence of cataracts and other ophthalmic disorders. Additionally, well-defined regulatory guidelines and reimbursement policies for cataract treatment are boosting the growth of the market in this region. 

Asia Pacific is expected to witness the fastest growth during the forecast period. The presence of a large geriatric and diabetic population, which is prone to cataracts and other ophthalmic disorders, is majorly contributing to the growth of the market in this region. Moreover, increasing awareness regarding advanced treatment options and an influx of patients from developed countries seeking affordable healthcare are fuelling the growth of the market.

Key Companies & Market Share Insights

The market for intraocular lenses is consolidated with a few major players holding the majority revenue share. The key players are focusing on carrying out acquisitions that will help to strengthen their presence in the market. Moreover, key players are entering into partnerships with non-profit organizations to create awareness regarding cataracts and other eye diseases. Manufacturers in the market are also showing keen interest in launching new products in the market that will help to maintain a strong product portfolio.

In November 2021, Alcon, Inc. announced its intention to acquire Ivantis, a company that develops and manufactures minimally-invasive surgery devices for glaucoma. The intended acquisition affirms Alcon’s commitment to further strengthen its industry-leading portfolio across refractive, retina, cataract, and glaucoma. In July 2021, Carl Zeiss Meditec AG announced the launch of its new ZEISS medical ecosystem. The company aims to introduce a fully integrated environment, which is technologically advanced, wherein a combination of devices, applications, data management, and services propel constant improvement of patient outcomes.

In June 2021, Bausch & Lomb partnered with Prevent Blindness, a non-profit organization, to raise awareness and educate the public regarding the symptoms, causes, and treatment options for cataracts during the cataract awareness month. In March 2020, Lenstec, Inc. announced the submission of the SBL- 3 IOL for Pre - Market Approval in the U.S. The company aims to strengthen its product portfolio with the launch of this product and secure a strong position in the market. Some prominent players in the global intraocular lens market include:

• Alcon, Inc.

• Johnson and Johnson Vision Care, Inc.

• Bausch & Lomb Incorporated

• Carl Zeiss Meditec AG (ZEISS International)

• Rayner

• EyeKon Medical, Inc.

• Lenstec, Inc.

• HumanOptics AG

• STAAR Surgical Company

• HOYA CORPORATION

Recent Development

• In June 2021, Johnson & Johnson launched the TECNIS Eyhance^TM Toric II intraocular lens. This product allows high-quality vision at both intermediate and far distances and was designed for rotational stability. 

• In January 2021, Alcon launched AcrySof ® IQ Vivity, anon-diffractive extended depth of focus intraocular lens. This product was developed to accelerate the company’s growth and meet the needs of many cataract patients by extending the range of vision

Intraocular Lens Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global intraocular lens market report based on product, end use, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Monofocal Intraocular Lens

  • Multifocal Intraocular Lens

  • Toric Intraocular Lens

  • Accommodative Intraocular Lens

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Hospitals

  • Ophthalmic Clinics

  • Ambulatory Surgery Centers

  • Eye Research Institutes

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE