Intraocular Lens Market Size & Forecast

The Intraocular Lens Market is expected 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 and funding to improve accessibility for eye care services. Factors such as the rising preference for minimally invasive ophthalmic surgeries are an opportunity for market growth.

Intraocular Lens Market Growth Drivers

Government Initiatives and Fundings to Improve Accessibility to Eye Care Services

Vision loss and other impairments impact the lives of people, their capabilities, employability, income, and access to education and healthcare, among others. Also, the burden of eye conditions and vision impairment is not distributed equally but is often far greater in rural areas and low-income countries. According to the World Health Organization (WHO), as of August 2023, over 2 billion people globally are living with vision impairment or blindness, and approximately 1.1 billion people are living with vision loss because they do not get the care they need for conditions like short and far-sightedness, glaucoma, and cataract.

Various countries and their governments are introducing initiatives or services to improve the accessibility of eye care services to all people. For instance, in India, the Ministry of Health and Welfare initiated the Mission Mode Cataract Surgery campaign under the National Programme for Control of Blindness and Visual Impairment (NPCBVI), which initiated a target of 75,00,000 cataract surgeries in FY 2022 -2023.

In May 2024, the Centers for Disease Control and Prevention (CDC) launched the Vision Health Initiative (VHI), which collaborates with national, state, and local partners to advance vision health equity. VHI also has a Glaucoma Detection Program that works to improve glaucoma screening and management.

Visual Impairment Due to Excessive Use of Digital Devices

The use of mobile phones & laptops has resulted in an increased number of individuals with eye problems, in addition to depression, obesity, and anxiety in all age groups. In 2022, TechJury (U.S.), a business software solution provider, reported that people in the U.S. spent more than five and half hours every day on their mobile phones, an increase of 25% in the last five years. The number of internet users worldwide reached 4.2 billion in 2021 and is expected to reach 5.0 billion in 2025. (Source: The Mobile Economy 2022 Report). Thus, excessive use of digital devices is expected to drive the incidences of eye diseases globally.

Also, according to a newsletter published by the Children’s Hospital of Philadelphia, increased screen time among children has led to a rise in asthenopia, which causes dimness of vision, eye discomfort, and headache. Thus, the increased screen time on digital devices like laptops & mobile phones is expected to drive the incidence of eye diseases and disorders, increasing the global demand for intraocular lenses.

Intraocular Lens Market Trends

Emergence of New Technologies in Intraocular Lenses

The technologies used in intraocular lenses are constantly evolving and provide patients with access to future developments and quality care. Various types of technologies are available to choose from in the case of intraocular lenses. However, the decision to choose a certain lens technology, fear of surgery, confusion about available lens options, and concerns regarding the financial implications of their choices make it difficult for patients to make a choice.

One of the major new technological advancements in the intraocular lens market would be adjustable and exchangeable lenses. For instance, in April 2024, RxSight, Inc. (U.S.)  announced the commercial launch of the latest version of the Light Adjustable Lens + (LAL+) in the U.S., which is a customizable intraocular lens (IOL) used for cataract surgeries.

Use of Next-Generation Monofocal IOLs

Monofocal IOLs have a fixed focus for one distance. Enhanced monofocal lenses are lenses that have a higher-order aspheric profile on the anterior surface of the optic, whose power gradually increases from the periphery to the center of the lens. As compared to standard monofocal lenses, enhanced monofocal lenses perform better at near and intermediate distances.

Several companies are manufacturing enhanced monofocal lenses that can improve quality of life and deliver better images. For instance, in February 2021, Johnson & Johnson Services, Inc. (U.S.) received the U.S. Food and Drug Administration (FDA) approval for the TECNIS Eyhance TM and TECNIS Eyhance TM Toric II intraocular lens for the treatment of cataract patients. This is a next-generation monofocal lens and can be used in patients with or without astigmatism.

Intraocular Lens Market Opportunity

Rising Preference for Minimally Invasive Ophthalmic Surgeries

Over the past few years, there have been notable advancements to minimize surgical trauma and improve outcomes leading to faster recovery of the patient. Various ophthalmic surgeries, such as cataract surgeries, are performed with minimal invasiveness, which begins with small-incision cataract surgeries and continuous improvement in instrumentation and IOL technologies.

Recent times have witnessed remarkable developments and advancements in ophthalmic technologies and the components used for their construction. For instance, in March 2022, the D.O.R.C Dutch Ophthalmic Research Center (Netherlands ) launched the EVA NEXUS, an ophthalmic surgical system with various new technological inclusions, such as a SmartIOP infusion system, trocar cannula system, and micro-injection system. This system can be used for minimally invasive cataract and vitrectomy surgery.

Intraocular Lens Market Analysis: Key Findings

By Type: In 2024, the Multifocal Intraocular Lens Segment to Dominate the Intraocular Lens Market

Based on products, the market is segmented into multifocal lenses, monofocal lenses, accommodative lenses, toric lenses, phakic lenses, and others. In 2024, the multifocal lenses segment is expected to account for the largest share of 28.9% of the intraocular lenses market. Multifocal intraocular lenses provide different focus at distant and near vision objects. The large share of the segment is attributed to factors such as proven/predictable results, cost-effectiveness, minimum maintenance, and the high prevalence of cataracts in older people. The key market players are undertaking various strategic initiatives to innovate multifocal intraocular lenses. For instance, in May 2020, Johnson & Johnson Vision (U.S.) announced the U.S. launch of the TECNIS Multifocal Toric II Intraocular Lens (IOL). This IOL includes features of a new generation of frosted haptics, offering more surface texture and friction between the lens haptics and the capsular bag.

By Material: In 2024, the Hydrophobic Acrylic Segment to Dominate the Intraocular Lens Market

Based on materials, the market is segmented into hydrophobic acrylic, hydrophilic acrylic, polymethyl methacrylate, silicone, and other materials. In 2024, the hydrophobic acrylic segment is expected to account for the largest share of the intraocular lens market. Hydrophobic acrylic is the most commonly used type of material in IOLs. This material is composed of crosslinked copolymers of acrylic esters and other acrylic ester co-monomers, with a carbon backbone and ester side groups. The large share of the segment is attributed to factors such as the increasing popularity of ophthalmologists, good mechanical stability, good uveal biocompatibility, ease of manufacturing, and lower rates of complications in IOL. For instance, in June 2022, Battig Treuhand AG (Switzerland) announced the launch of the Eyecryl SERT – Advanced Monofocal IOL at the 80^th Annual Conference of the All India Ophthalmological Society in Mumbai, India. The Eyecryl SERT IOLs are made of hydrophobic acrylic materials containing natural yellow chromophores and are intended to be implanted in the posterior chamber of the eye for visual correction of aphakia.

By Application: In 2024, the Cataract Surgery Segment to Dominate the Intraocular Lens Market

Based on applications, the market is segmented into cataract surgery, astigmatism, corneal disorders, and other applications. In 2024, the cataract surgery segment is expected to account for the largest share of 52.4% of the intraocular lens market. Cataract surgery, also known as lens replacement surgery, is the removal of the natural lens of the eye and replacing it with an artificial one. IOLs used in cataract surgeries decrease or eliminate a person’s dependence on corrective eyewear, carry out daily activities without the use of contact lenses or glasses, and are also used for correcting presbyopia. The large share of the segment is attributed to factors such as the increasing number of cataract surgeries, growing demand for intraocular lenses, and increasing technological advancements in intraocular lenses. For instance, according to the American Academy of Ophthalmology (U.S.), globally, over 10 million cataract surgeries are performed each year.

By End User: In 2024, the Hospitals Segment to Dominate the Intraocular Lens Market

Based on end users, the market is segmented into hospitals, ophthalmic clinics, and ambulatory surgery centers. In 2024, the hospitals segment is expected to account for the largest share of the market. The large share of the segment can be attributed to the high influx of patients in hospitals & clinics due to the presence of highly skilled healthcare professionals and advanced infrastructure, the increasing number of cataract surgeries, and the proliferation of specialized eye care clinics.

Geographical Analysis

By Geography: In 2024, North America to Dominate the Intraocular Lens Market

In 2024, North America is expected to account for the largest share of 41.8% of the intraocular lens market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The largest share of the segment is primarily due to the presence of major intraocular lens companies such as Johnson & Johnson Services, Inc (U.S.), a well-established healthcare infrastructure, and the high prevalence of eye diseases such as astigmatism, hyperopia, presbyopia, corneal ectasias, and post-refractive surgeries in this region.

However, Asia-Pacific is slated to register the highest CAGR of 8.5% during the forecast period. This is attributed to factors such as the rising awareness about eye care, improving healthcare systems in countries such as China and India, increasing healthcare expenditures, and the growing awareness about intraocular lenses.

Intraocular Lens Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the intraocular lens market 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).

Intraocular Lens Industry Overview: Latest Developments from Key Industry Players

• In March 2024, Alcon, Inc. (U.S.) launched the Clareon Family of IOLs in India. These IOLs deliver visual outcomes and exceptional clarity that lasts. The materials used in this IOL use the lowest levels of haze and subsurface nanoglistenings (SSNGs).

• In February 2024, Johnson & Johnson Services, Inc. (U.S.) launched the TECNIS PureSee refractive presbyopia-correcting lens in Europe, Middle East & Africa (EMEA). This lens provides uninterrupted high-quality vision, functional near vision for increased spectacle independence, and excellent distance and intermediate vision, among other advantages.

• In September 2023, Medicontur Medical Engineering Ltd. (Hungary) launched the ELON Toric IOL, which has toric optics between the cylindric powers of 1.0 and 6.0D to provide simultaneous presbyopia and astigmatism correction.
• In October 2023, Bausch + Lomb Corporation (Canada) launched the enVista Aspire monofocal and toric intraocular lenses (IOLs) with intermediate optimized (IO) optics.

Intraocular Lens Market Research Summary

Key questions answered in the intraocular lens market report: