Intraocular Lens Market to be Worth $7.17 Billion by 2031

Intraocular Lens Market Size, Share, Forecast, & Trends Analysis by Type (Monofocal, Multifocal, Toric, Phakic) Material (Hydrophobic Acrylic, PMMA, Silicone) Application (Cataract, Astigmatism, Corneal Disorders) End User – Global Forecast to 2031

Meticulous Research^®—a leading market research company, published a research report titled, ‘Intraocular Lens Market Size, Share, Forecast, & Trends Analysis by Type (Monofocal, Multifocal, Toric, Phakic) Material (Hydrophobic Acrylic, PMMA, Silicone) Application (Cataract, Astigmatism, Corneal Disorders), End User – Global Forecast to 2031’

According to this latest publication from Meticulous Research^®, the intraocular lens market is projected to reach $7.17 billion by 2031, at a CAGR of 6.5% from 2024 to 2031. The growth of the intraocular lens market is driven by several factors, including the rising geriatric population, increasing number of cataract surgeries, visual impairment due to excessive use of digital devices, and government initiatives to improve accessibility to eye care services. Factors such as the rising preference for minimally invasive ophthalmic surgeries are an opportunity for market growth. Rare complications of IOLs, such as posterior capsular opacification (PCO), IOL dislocation, and Uveitis-glaucoma-hyphema (UGH) syndrome, challenge the market growth. However, the high costs of intraocular lenses and the unavailability of reimbursement policies restrain the growth of the market.

Key Players

The key players profiled in the intraocular lens market report are Alcon, Inc. (U.S.), Johnson & Johnson Services, Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Hoya Corporation (Japan), Beaver-Visitec International (U.S.), Ophtec B.V. (Netherlands), Appasamy Associates Private Limited (India), Atia Vision, Inc. (U.S.), LENSTEC, Inc. (U.S.), Santen Pharmaceutical Co., Ltd. (Japan), Rayner Group (U.K.), EyeKon Medical, Inc. (U.S.), and Humanoptics Holding AG (Germany).

The intraocular lens market is segmented by Type (Multifocal Intraocular Lens, Monofocal Intraocular Lens, Accommodative Lenses, Toric Lenses, Phakic Lenses, and Other Lenses), Material (Hydrophobic Acrylic, Hydrophilic Acrylic, Polymethyl Methacrylate, Silicone, and Other Materials), Application (Cataract Surgery, Astigmatism, and Corneal Disorders, and Other Applications), End User (Hospitals, Ophthalmic Clinics, Ambulatory Surgery Centers) and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Among all types, in 2024, the multifocal lens segment is expected to account for the largest share of the market. The large share of the segment is attributed to factors such as reduced need for glasses or corrective lenses upon the implantation of these lenses, effective for distant as well as intermediate vision, and no maintenance or adjustment requirement. Intraocular lenses do not require new prescriptions, unlike contact lenses and glasses. Since they are implanted in the eye, there is no upkeep required. Also, the multifocal lenses do not change over time, and people achieve clear vision at all distances; these implants are safe surgical procedures and have rapid recovery and healing periods. These factors contribute to the large share of the segment in the market.

Among materials, in 2024, the hydrophobic acrylic segment is expected to account for the largest share of the market. Hydrophobic acrylic is a water-resistant material that does not readily absorb water and has a high refractive index. The large share of the segment is attributed to factors such as increasing popularity among ophthalmologists, good mechanical stability, ease of manufacturing, improved quality of vision, and reduced glares and halos.

Among applications, in 2024, the cataract surgery segment is expected to account for the largest share of the market. IOLs are generally used during cataract and refractive lens exchange surgeries. The large share of the segment is attributed to factors such as the increasing number of cataract surgeries and increasing technological advancements in intraocular lenses.

Among end users, in 2024, the hospitals segment is expected to account for the largest share of the market. The large share of the segment is attributed to factors such as increasing prevalence of ocular disorders, rising geriatric population with altered eyesight, increased adoption of advanced techniques in hospitals, rising healthcare expenditure, and rising awareness among healthcare professionals.

Among geographies, Asia-Pacific is slated to register the highest CAGR of the market. The fast growth of this segment is due to an established pharmaceutical market, the adoption of advanced healthcare options, and rising awareness regarding the benefits of vision care products. Further, the increasing disposable income and the availability of vision treatment providers also contribute to the growth of this market. Apart from this, countries in the Asia-Pacific are contributing to increasing the number of ophthalmic surgeries and procedures in the country. For instance, in February 2024, the Embassy of Japan in the Philippines (Philippines) signed a grant contract under the Grant Assistance for Grass-Roots Human Security Projects (GGP) for the project titled the Project for the Provision of Ophthalmic Surgical Equipment in Parañaque, Metro Manila.

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Key questions answered in the report-

Which are the high-growth market segments in terms of intraocular lens by type, material, application, end user, and geography?
What was the historical market for intraocular lenses across the globe?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the intraocular lens market?
Who are the major players operating in the intraocular lens market?
What is the competitive landscape like, and who are the leaders in the intraocular lens market?
What are the recent developments in the intraocular lens market?
What are the different strategies adopted by the major players in the intraocular lens market?
What are the geographical trends and high-growth regions/countries?

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