The global intraocular lens market size was USD 4,21 Billion in 2023 and is calculated at USD 4.56 Billion in 2024. The market is projected to reach USD 7.43 Billion by 2034, and register a revenue 4.7% over the forecast period (2025-2034).

Premium Insights:

Growth of the global Intraocular Lens (IOL) market has been increasing steadily due to rapidly aging population and increasing prevalence of age-related diseases and conditions, and also the number of younger individuals reporting vision and sight disorders has been increasing. Conditions such as cataracts, myopia, hyperopia, and presbyopia continue to increase, and can be attributed to increasing elderly population and extended and habitual use of mobile phones and tablet devices, extensive screen time or work hours on computers and laptops, UV exposure, lifestyle changes, and flagging activities and physical exercise among younger individuals. Prevalence of diabetes has also been rising rapidly, and is not restricted to any specific age group or gender. Individuals with diabetes are more likely develop glaucoma earlier compared to non-diabetics, and this can lead to cataracts among a sizable population earlier in life than previously seen.

A number of other factors are also driving growth of the global intraocular lens market. Technological advancements in IOL and procedures for surgical implanting, less time for procedures, simplicity and low risk related to minimally-invasive surgeries, less time for recovery, rising spending capacity among individuals, favorable health insurance cover for some procedures in some countries, and rising awareness regarding the advantages of IOL procedures are also key factors. In addition, government funding and private-public programs and initiatives for sight restoration and correction of avoidable blindness, and programs and initiatives to enable easy access to quality healthcare services and facilities are contributing to increasing demand for intraocular lenses.

Intraocular Lenses (IOL) are artificial lenses produced using various biocompatible materials such as silicone, acrylic, hydrophobic, hydrophilic materials, and are designed to replace affected the natural crystalline lens of the eyes. These lenses correct refractive errors and also improve vision. Advancements in monofocal intraocular lens, multifocal intraocular lens, toric intraocular lens, and accommodating intraocular lens to address various conditions are also supporting rising adoption rates among increasing number of individuals.

Growth of the Intraocular Lens market is also supported by continuous evolution in procedures and manufacturing processes, with design, materials, and production techniques related to IOLs becoming more precise and also enabling customized to individual specifics. Procedures like micro-incision cataract surgery also require less time, offer quicker recovery times, and are highly effective in restoring or correcting vision. Use of robotics for surgical procedures has also enhanced safety and outcomes, while enhancing precision as a result of preoperative measurements and analysis, and use of advanced diagnostic tools.

Moreover, integration of smart technologies are enabling more positive outcomes, and availability of adjustable focus IOLs and extended depth of focus lenses, Advanced-Technology Intraocular Lenses (ATIOLs), including aspheric IOLs, toric IOLs, multifocal IOLs, accommodative IOLs, and Light Adjustable Lens (LAL), and improved and quick non-invasive post-surgical adjustments using UV lights and vision tests post-healing of eye are also factors driving appeal and supporting intraocular lens market growth.

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Top Intraocular Lens (IOL) Market Drivers and Trends:

• Increasing Elderly Population: The global population is aging rapidly, and as cataracts are more prevalent in older individuals, the need for cataract surgeries and potential demand for IOLs increases significantly. Need to cater to needs of elderly individuals is also supporting focus on development and innovations in multifocal and toric IOLs to address presbyopia correction and astigmatism management.
• Rising Prevalence of Eye Disorders: Prevalence of conditions such as cataracts, myopia, hyperopia, and presbyopia are rising globally, driven by increased screen time, UV exposure, and lifestyle changes. While not exhibiting any immediate adverse effects, these factors contribute to the early onset of these conditions, necessitating IOLs for vision correction at a later stage.
• Technological Advancements in IOLs: Continuous advancements in IOL technology, such as premium lenses like multifocal, toric, and accommodating IOLs, offer better visual outcomes and less dependence on glasses. These innovations attract more patients seeking quality vision improvement, and the world is more connected and aware, with ease of access to information and product visibility supporting decisions and enhancing understanding of these and related subjects and topics.
• Growing Healthcare Infrastructure in Emerging Markets: Healthcare systems and infrastructure is undergoing rapid modernization in various countries and regions and the trend is having positive impact on this market. For instance, the healthcare systems in countries in Asia Pacific, Latin America, and Africa are improving rapidly, and access to advanced eye care services, including cataract surgeries, is also increasing. Rising prevalence of sight disorders and related conditions in these regions and improving healthcare infrastructure and facilities have been supporting demand for IOL implant procedures to a significant extent more recently.
• Increasing Awareness and Access to Eye Care: Rising awareness regarding these procedures and technologies ranks high among the other factors driving growth of the intraocular lens market. Awareness regarding these solutions and the benefits and advantages, as well as simplicity and low risk of procedures have been subsequently driving incline in number of individuals opting to undergo cataract surgeries. Also, availability of IOLs and provision of services and campaigns promoting early diagnosis and treatment, along with affordable healthcare options, are contributing significantly to growth of the IOL market.
• Preference for Minimally-Invasive Procedures: These procedures being minimally-invasive such as micro-incision cataract surgery, and use of advanced diagnostic tools and robotics enable more precise and safe surgery, with favorable outcomes. Integration of advanced technologies and the nature of these procedures are positioning IOL surgeries in high appeal among individuals, and these factors are expected to continue to support growth of the intraocular lens market.

Intraocular Lens (IOL) Market Restraining Factor Insights

• Cost Factor and Potential Adverse Effects: High cost, especially for premium IOLs can limit affordability and access for certain patient demographics. While the surgical procedure may seem simple and quick, the cost of consultation and pre- and post-operative formalities can be high. This can be further magnified by availability of skilled ophthalmic surgeons in certain countries and regions, which can drive up costs if patient is required to make extensive travel arrangements to another country or region. Potential risks and adverse effects such as infection or inflammation post IOL implantation can act as a deterrent for some individuals.
• Inadequate Healthcare Insurance: Despite presence of healthcare insurance policies for eye-related treatments and surgeries in various developed and developing countries, reimbursement policies do not cover cost of premium intraocular lens, prescribed eyeglasses, and eye drops or medications. This can have a negative impact on a wider potential patient base and hamper growth of the IOL market.
• Availability of Alternative Solutions: Besides IOL implants, popularity of alternative vision correction methods such as laser eye surgery and phakic intraocular lenses can have a negative impact on wider adoption. Apprehension related to post-operative complications and cost factor compared to alternatives can impact growth of the intraocular lens market.

Intraocular Lens (IOL) Market Opportunities

• Novel Material Development and Design: Companies operating in the global intraocular lens market can focus on development and innovation in lens materials and design. Further advancements in hydrophobic acrylics and accommodating polymers can serve to improve biocompatibility and enhance visual outcomes. This can appeal to a wider bae of potential patients and also enable companies to cater to new markets and expand revenue streams.
• Technological Advancements and Emerging Markets: Advances such as postoperative adjustable lenses and wavefront-shaping technology can address more specific visual needs and present lucrative growth opportunities for companies operating in the market. Companies can also focus on countries and markets in Asia Pacific and Latin America and address needs of the steadily aging population and leverage opportunities arising from rising awareness related to eye health and available solutions and products as well understanding among populations regarding advantages and benefits. Opportunities are also available as governments in countries in these regions are encouraging more cataract surgeries to reduce backlogs as part of objectives to address avoidable blindness among populations and to also achieve goals and implement new initiatives.

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Intraocular Lens (IOL) Market Segmentation:

By Product Type:

• Monofocal IOL
• Multifocal IOL
• Toric IOL
• Accommodating IOL

By Material:

• Silicone IOL
• Acrylic IOL
• Hydrophobic IOL
• Hydrophilic IOL

By Application:

• Cataract Surgery
• Refractive Lens Exchange
• Trauma-induced Cataracts
• Pediatric Cataracts

By End-User:

• Hospitals
• Ophthalmic Clinics
• Ambulatory Surgical Centers (ASCs)
• Eye Research Institutes

Segment Insights:

By Product Type:

The multifocal IOL segment is expected to account for largest revenue share over the forecast period, and this can be attributed to increasing demand for presbyopia-correcting solutions and rising awareness regarding the benefits of these products. Aging global population is also contributing to increasing prevalence of presbyopia and cataracts, which in turn is driving need for corrective procedures. Another advantage, that multifocal IOLs can serve to address cataracts and presbyopia, and this can be done with a single procedure for both.

By Material:

Among the material segments, the acrylic IOL segment is expected to account for largest revenue share over the forecast period. Primary factors supporting demand for acrylic lenses are lightweight, optical clarity, and reduced risk of inflammation. These products are also appealing to patients owing to better affordability compared to other materials, biocompatibility, and likelihood surgeons and specialists recommend this material for majority of patients, especially in developing economies.

By Application:

Among the application segments, the cataract surgery segment is expected to continue to account for largest revenue share. Increasing aging population and rising prevalence of cataracts is a key factor driving growth of this segment. Better access to healthcare facilities and ophthalmic surgeons due to rising investment in healthcare infrastructure expansion and modernization, increasing programs and initiatives to address avoidable blindness, medical needs of elderly populations, and efforts to enable easy access to services and care are major factors driving growth of this segment.

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By End-User:

The hospitals segment among the end-user segments is expected to continue to account for largest revenue share over the forecast period. Factors such as hospitals having the requisite facilities and systems, infrastructure, ophthalmic surgeons and medical professionals, and the trust individuals have in credibility of hospitals are driving growth of this segment.

Regions and Countries

North America

• United States
• Canada
• Mexico
  

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India

Rest of Asia Pacific

• Latin America
• Brazil
• Argentina

Rest of Latin America

• Middle East & Africa
• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA

Intraocular Lens (IOL) Market Regional Landscape:

Among the regional markets, North America Intraocular Lens (IOL) market leads in terms of revenue share, and the US is the major revenue contributor. This is attributed to high prevalence of cataracts, spending capacity among patients, and presence of advanced healthcare infrastructure and ophthalmic surgeons and medical professionals.

The Asia Pacific market is registering a revenue growth, with majority contribution from China and India. The region also has a rapidly ageing population, with cataract surgeries and vision correction procedures in high demand. Increasing healthcare awareness and improving access to eye care services due to rising investment in healthcare infrastructure and systems are also key factors supporting revenue growth of the market in the region. Growth of the IOL market in Europe is driven by large population of elderly individuals, and high rate of age-related medical conditions, including cataract and presbyopia, in Germany and the UK.

Latin America is also registering incline in market growth, primarily due to increasing awareness about eye health, rising prevalence of cataracts, and expanding access to healthcare in countries such as Mexico and Brazil. This is further supported by government initiatives and awareness campaigns to encourage individuals to leverage schemes and programs to undergo cataract surgeries. Increasing access to ophthalmology services and the rise of specialized eye care centers are also expected to open avenues for companies operating in the region, but premium IOLs would be limited in terms of appeal in such price-sensitive markets.

Middle East and Africa market revenue is expected to remain moderate owing to low awareness regarding IOL and procedures and advantages in some regions with large older populations, low spending capacity of patients, and limited access to healthcare facilities and services.

Intraocular Lens (IOL) Market Competitive Landscape:

Company List:

• Alcon Inc.
• Johnson & Johnson Vision (part of Johnson & Johnson MedTech)
• Bausch & Lomb
• Carl Zeiss Meditec AG
• HOYA Corporation
• STAAR Surgical Company
• Rayner Intraocular Lenses Limited
• Ophtec BV
• HumanOptics AG
• Eyekon Medical Inc.
• Lenstec Inc.
• Biotech Vision Care Pvt. Ltd.
• Oculentis GmbH (Part of Teleflex Incorporated)
• PowerVision Inc.
• Medicontur Medical Engineering Ltd.

Competitive Landscape:

The global Intraocular Lens (IOL) market landscape is highly competitive, and companies are adopting various strategies to leverage opportunities and expand consumer base and market share. Major companies are focusing on research and development of new and innovative IOL technologies, materials, safer procedures, and also expanding product portfolios. Entering into collaborations and agreements to expand market reach is also a strategy in the market. A key factor that has major impact on revenues is marketing of products and visibility. Companies are investing in marketing campaigns and advertising, as well as initiating awareness programs to reach wider consumer bases. Technologies are also playing a major role in innovation of products and design, as well as production and materials.

Recent Developments

• May 28, 2024: Bausch + Lomb Corporation announced approval from Health Canada for its enVista Envy full visual range intraocular lens, which the company mentioned is also the first global regulatory approval of the new lens. The enVista Envy features ActivSync Optic Intelligent Energy Distribution, which optimizes vision in every lighting condition, and ClearPath technology, which helps reduce light scattering. Bausch + Lomb, in October 2023, had launched the enVista Aspire monofocal and toric intraocular lenses with Intermediate Optimized (IO) optics in the US. Unlike conventional spherical monofocal IOLs and lower-order aspheric IOLs, enVista Aspire optics allow for a range of vision beyond one focal point.
• February 15, 2024: Johnson & Johnson MedTech announced launch of Tecnis PureSee presbyopia-correcting IOL, which features a proprietary, purely refractive design that delivers uninterrupted, high-quality, vision with high best-in-category contrast and low-light performance, comparable to a monofocal IOL. The company announced that the product would be available in Europe, Middle East, and Africa.

Frequently Asked Questions:

Q: What is the global intraocular lens market size in 2023 and what is the projection for 2034?

A: The global intraocular lens market size was USD 4.21 billion in 2023 and expected to reach USD 7.35 billion in 2034.

Which regional market accounted for largest revenue share in 2023, and what is the expected trend over the forecast period?

A: North America accounted for largest revenue share in 2023, and is also expected to continue to maintain its lead in terms of growth rate over the forecast period.

Q: Which are the major companies are included in the global intraocular lens market report?

A: Major companies in the market report are Alcon Inc., Johnson & Johnson Vision, Bausch & Lomb, Carl Zeiss Meditec AG, HOYA Corporation, STAAR Surgical Company, Rayner Intraocular Lenses Limited, Ophtec BV, HumanOptics AG, Eyekon Medical Inc., Lenstec Inc., Biotech Vision Care Pvt. Ltd., Oculentis GmbH (Part of Teleflex Incorporated), PowerVision Inc., Medicontur Medical Engineering Ltd.

Q: What is the projected revenue CAGR of the global intraocular lens market over the forecast period?

A: The global intraocular lens market is expected to register a CAGR of 5.2% between 2025 and 2034.

Q: What are some key factors driving revenue growth of the intraocular lens market?

A: Some key factors driving market revenue growth include increasing aging population, high prevalence of cataracts among individuals of varying ages, especially elderly populations, technological advancements in IOL designs, and rising demand for premium IOLs for presbyopia and astigmatism correction.