Market Overview:
Intraocular lenses (IOLs) are artificial lenses made of silicone or acrylic material. These are surgically implanted inside the eye during cataract surgery which are used to serve the same functions as human eye lens of focusing light on the retina. IOLs help improve vision by replacing the cloudy natural lens with a clear artificial one that allows a person to see clearly after cataract surgery. Monofocal IOLs provide clear vision at a single distance whereas multifocal IOLs provide clear vision at multiple distances.
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.
Market key trends:
One of the key trends in the intraocular lens market is the technological advancement in lens materials and designs. To improve visual outcomes, companies are focusing on developing advanced lenses with higher optical purity, aspheric designs and multifocal IOLs. For instance, presbyopia-correcting IOLs allow clear vision both distance and near without glasses. Additionally, accommodating IOLs aim to restore the eye’s natural ability to focus on nearer objects by changing shape when the ciliary muscles contract. With growing geriatric population and increasing awareness about cataract surgery, the intraocular lens market is expected to witness significant growth over the forecast period.
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Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the intraocular lens market requires huge RD investments and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established intraocular lens manufacturers and availability of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many raw material suppliers and product differentiation is low.
Threat of new substitutes: The threat of new substitutes is low as intraocular lens is the most preferred treatment option for cataract patients.
Competitive rivalry: The competitive rivalry is high due to many established players operating in the intraocular lens market.
Key Takeaways
The global intraocular lens market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing cataract surgery rates and rising geriatric population.
Regional analysis: North America is expected to dominate the global intraocular lens market during the forecast period. This is attributed to the increasing number of cataract surgeries in the region. Asia Pacific is anticipated to exhibit the fastest growth rate over the forecast period owing to the growing geriatric population and healthcare expenditure in the region.
Key players operating in the intraocular lens market include Alcon, Bausch Lomb, Johnson Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG. Alcon captured the largest market share in 2020 due to its diverse product portfolio and strong distribution network across the globe.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
