Intraocular Lens (IOL) Global Market Overview 2021-2023 and Forecasts 2024-2030
Intraocular Lens (IOL) Market
Dublin, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The "Intraocular Lens (IOL) - A Global Market Overview" report has been added to ResearchAndMarkets.com's offering.
The global Intraocular Lens (IOL) market is estimated at US$4.6 billion in 2024 and is expected to record a CAGR of 5.9% during the 2024-2030 analysis period and stand at a projected US$6.5 billion by 2030.
The intraocular lens (IOL) market growth is driven by various factors, such as the increasing prevalence of eye conditions like cataracts and diabetic retinopathy, frequently associated with diabetes, and increased screen usage. Advancements in technology, like multifocal and toric lenses, enhance visual results further boosting the market demand.
The rise in minimally invasive cataract surgeries, government efforts, and better healthcare infrastructure, particularly in emerging countries, also helps drive market growth. Additionally, an increasing elderly population and higher disposable income levels improve the availability of advanced IOLs. Growing global recognition and comprehension of cataract therapies, combined with improvements in medical advancements, continue to enhance the market. The advancements of innovative IOLs and favorable medical tourism trends will likely continue driving market growth.
Intraocular Lens (IOL) Regional Market Analysis
In 2024, North America, led by the United States, dominates the market with an estimated 36.5% share. This dominance is driven by high healthcare investment, advanced technology adoption, and favorable reimbursement policies. Europe is the second-largest IOL market, fueled by an aging population and ongoing innovation.
Conversely, Asia-Pacific is projected to be the fastest-growing market with a 2024-2030 CAGR of 7.6% due to rising geriatric populations, increasing healthcare access, and medical tourism. Within Asia-Pacific, China holds the largest market share, while India is the fastest-growing market, reflecting its rapid advancements in healthcare infrastructure and increasing prevalence of eye conditions.
Intraocular Lens (IOL) Market Analysis by Type
Monofocal IOLs dominate the market with an estimated share of 48.3% in 2024 due to their low cost, widespread use in cataract surgeries, and favorable government reimbursement policies. However, the multifocal IOLs segment is expected to record the fastest CAGR of 6.7% during 2024-2030 due to rising demand for improved post-surgical vision correction, such as reducing dependence on reading glasses, and technological advancements making them more accessible and efficient in treating complex vision issues like astigmatism or presbyopia.
Intraocular Lens (IOL) Market Analysis by Material
In 2024, hydrophobic acrylic leads the market with a share of 34.3% due to its high refractive index, low water content, and suitability for minimally invasive surgeries. Ophthalmologists prefer them due to their high mechanical stability, biocompatibility, and low complication rates. Meanwhile, the hydrophilic acrylic IOL segment is projected to be the fastest-growing market with a CAGR of 6.9% during the forecast period 2024-2030, driven by their beneficial properties in specific applications and rising adoption.
Intraocular Lens (IOL) Market Analysis by End-User
The hospitals segment holds the largest market with an estimated 50.6% share in 2024, due to their advanced infrastructure, extensive services, and high volume of cataract surgeries. Their central role in IOL use is due to their comprehensive care, skilled ophthalmologists, and supportive government policies. On the other hand, the eye research institutes segment is anticipated to record the fastest CAGR of 7.2% during the analysis period 2024-2030, driven by their emphasis on innovation, research, and collaboration with industry. Their rapid market growth is further fueled by their contribution to developing new IOL technologies, as well as by government support and the expansion of their facilities.
Intraocular Lens (IOL) Market Report Scope
This global report on Intraocular Lens (IOL) analyzes the market based on type, material, and end-user. In addition to providing profiles of major companies operating in this space, the latest corporate and industrial developments have been covered to offer a clear panorama of how and where the market is progressing.
Key Metrics
Historical Period: 2021-2023
Base Year: 2023
Forecast Period: 2024-2030
Units: Value market in US$
Companies Mentioned: 10+
Key Attributes:
Report Attribute | Details |
No. of Pages | 257 |
Forecast Period | 2024 - 2030 |
Estimated Market Value (USD) in 2024 | $4.6 Billion |
Forecasted Market Value (USD) by 2030 | $6.5 Billion |
Compound Annual Growth Rate | 5.9% |
Regions Covered | Global |
Key Topics Covered:
INTRODUCTION
Product Outline
Intraocular Lens (IOL) Defined
Intraocular Lens (IOL) Types
Monofocal IOLs
Multifocal IOLs
Toric IOLs
Accommodating IOLs
Other IOLs (include Extended Depth of Focus (EDOF) IOLs and light adjustable IOLs)
Intraocular Lens (IOL) Materials
Hydrophobic Acrylic
Hydrophilic Acrylic
Silicone
Polymethyl Methacrylate (PMMA)
Others (include Collamer and PEG-PEA/HEMA/Styrene Copolymer)
Intraocular Lens (IOL) End-Users
Hospitals
Ophthalmic Clinics
Eye Research Institutes
Ambulatory Surgical Centers (ASCs)
KEY PLAYERS
Alcon Inc.
Bausch + Lomb Corporation
Carl Zeiss Meditec AG
Eyekon Medical Inc.
Hoya Corporation
HumanOptics Holding AG
Johnson and Johnson Vision Care, Inc.
Lenstec Inc.
Ophtec BV
Rayner Group
STAAR Surgical Company
For more information about this report visit https://www.researchandmarkets.com/r/h12goo
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