Intraocular Lens Market Size

Intraocular Lens Market Analysis

The Intraocular Lens Market size is estimated at USD 6.46 billion in 2024, and is expected to reach USD 8.90 billion by 2029, growing at a CAGR of 6.63% during the forecast period (2024-2029).

The COVID-19 pandemic made patients hesitant to seek elective health care, including cataracts and other surgeries. The pandemic adversely affected the market and the resultant lockdowns placed by several countries. Visits to eye clinics or hospitals were reduced drastically, and only emergency procedures were performed. According to the data published by the National Center for Biotechnology Information in December 2021, patient numbers visiting eye care hospitals fell to a mere 3.5% in India. As the number of COVID-19 cases rose, many ophthalmologists temporarily closed their practices as a cautionary measure.

In some cases, specialized isolated temporary clinics were opened to manage critical cases among patients. During the pandemic, patients were more inclined toward telemedicine, which was critical in maintaining access to eye care. There was a very steep increase in the numbers in the secondary and tertiary centers from January 2021. Hence, the pandemic disrupted the market growth of intraocular lenses due to reduced ophthalmic practices and surgeries. However, the market is expected to witness significant growth in the future due to the increase in cataract surgery cases and the rise in the adoption of IOLs among the population.

Key factors propelling the intraocular lens market include increasing ophthalmic issues, growing cases of cataracts in the diabetic population, and rising adoption of advanced premium IOLs. According to the American Academy of Ophthalmology, in 2021, myopia, an eye-focusing disorder, was a significant, prevalent disease that affected an estimated 25% of Americans. Moreover, high myopia is associated with potentially blinding complications, such as glaucoma, retinal detachment, and myopic macular degeneration. Moreover, as per the International Myopia Institute, the researchers estimated that myopia and high myopia are expected to show a significant increase in prevalence globally, affecting nearly 5 billion people and 1 billion people, respectively, by 2050. Hence, such an increase in ophthalmic conditions across the world is expected to drive the growth of the IOL market over the forecast period.

Furthermore, an increase in diabetes is a significant driver of market expansion since diabetes causes various ophthalmic issues, including cataracts. As per the 2022 report from the International Diabetic Federation (IDF), 537 million people around the world will be living with diabetes in 2021, and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Thus, as the diabetic population is more prone to suffer from cataracts, the market is likely to grow over the forecast period.

Moreover, many companies are launching new products and receiving approvals in the market to strengthen their position. For instance, in October 2021, Alcon Inc., a division of Novartis, launched the AcrySof IQ Vivity IOL (Vivity), the first and only presbyopia-correcting intraocular lens (PC-IOL) with wavefront-shaping technology in India. Similarly, in November 2021, LensGen, Inc., a privately held ophthalmic medical device company, received approval for an Investigational Device Exemption (IDE) from the U.S. Food and Drug Administration (FDA) to initiate a pivotal study of the company's Juvene intraocular lens (IOL), a premium lens for presbyopia. Additionally, in September 2022, Rayner publicized that the world's first implantations of RayOne EMV Toric had been performed by two highly respected surgeons from the UK. RayOne EMV Toric is the awaited toric variant of Rayner's popular RayOne EMV enhanced monofocal IOL that was developed in collaboration with Professor Graham Barrett. Thus, such product launches and strategic activities are expected to contribute to the market growth during the forecast period.

Owing to the increase in the number of ophthalmic issues and eye diseases rise in product launches and approvals, the demand for intraocular lenses is likely to rise throughout the forecast period. However, the increasing costs of IOLs and poor reimbursement coverage are expected to hamper the market growth over the forecast period.