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Market Overview

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The global market for intraocular lenses (IOLs) exhibited significant growth in recent years and is projected to continue its upward trend. In 2022, the market was valued at USD 5.14 billion, and it is expected to reach USD 7.82 billion by 2028, growing at a compound annual growth rate (CAGR) of 7.25% from 2022 to 2028.

The latest generation of IOLs incorporates innovative materials, surface treatments, coatings, and moisture networks, enhancing comfort for contact lens wearers. Vendors in the market have shifted their usage pattern of raw materials over the past decade. Unlike earlier plastic polymer lenses, which provided comfort but lacked oxygen breathability, superior lens materials are now being used to overcome this limitation. These new materials can transmit up to 10 times more oxygen to the cornea, offering improved comfort and high oxygen permeability. Silicone hydrogel is one such advanced material that provides enhanced comfort and oxygen permeability.

The number of cataract procedures has witnessed a significant increase in recent years and is expected to further rise in the foreseeable future due to the higher incidence of cataracts and advancements in minimally invasive cataract surgical procedures. An intraocular lens implant is a synthetic, artificial lens used to replace the focusing ability of the eye’s natural lens during cataract surgery, which is commonly performed to restore vision. The implant works similarly to a natural lens by refracting light rays as they enter the eye, thereby aiding accurate vision.

The global demand for high-quality vision care is rising and evolving as the world’s population ages. With more than 80% of blindness cases being preventable with early diagnosis and treatment, various types of IOLs are available to address visual impairments. The aging population in several regions is associated with an increase in chronic eye diseases, driving the growth of the intraocular lens market.

In 2021, approximately 29.7 million cataract surgeries were conducted worldwide, with the US accounting for 4.7 million of them. As cataracts become more prevalent with age, affecting around 50% of people by age 60, surgery becomes necessary to restore vision. The premium IOL market is projected to grow at a faster rate as cataract procedure volumes return to pre-COVID-19 levels. The revenue for global premium IOLs is expected to exhibit a CAGR of 9.03% from USD 1.5 billion in 2021 to USD 2.5 billion in 2028, outpacing the revenue growth of traditional IOLs.

Vendors in the intraocular lens market are focused on leveraging innovative technology platforms to enhance the comfort and usability of IOLs. Advancements in lens technology, such as toric lenses for astigmatism correction and multifocal lenses for presbyopia correction, have significantly improved the entrenchment of IOLs in modern-day cataract surgery. The prevalence of cataracts among individuals aged 40 and above ranges from 11.8% to 18.8%, driving the adoption of cataract surgery as a viable treatment option. The concept of refractive cataract surgery has emerged, where premium IOLs like toric IOLs, multifocal IOLs, and extended-depth-of-focus IOLs are increasingly being used to meet patients’ needs. Furthermore, advancements in surgical techniques play a crucial role in improving postoperative visual outcomes, alongside IOL calculation and design.

The global elderly population is set to grow rapidly, and this demographic shift correlates with an increase in age-related eye diseases. By 2030, the number of people aged 60 years and over is estimated to reach 1.4 billion, while those over 80 years will increase to 202 million. Vision impairment disorders, including macular degeneration, are projected to see a substantial rise as well. Early diagnosis, treatment, and the availability of diverse IOLs are important in addressing this growing demand for quality vision care.

Vendors strategically focus on developing and launching vision care products for various visual impairment disorders, such as presbyopia, myopia, hypermetropia, astigmatism, aphakia, cataract, and keratoconus. New product approvals/launches and ongoing research and development activities enable vendors to expand their market presence, foster growth, and maintain a competitive position in the intraocular lens market. Technological advancements have been witnessed in IOL materials and structural design, with extended depth-of-focus (EDOF) IOLs, toric IOLs, and aspheric IOLs designed to enhance vision quality. Materials used in IOLs have evolved from rigid to foldable and soft materials, predominantly acrylics. These advancements aim to reduce the size of IOLs, minimize post-implantation side effects, improve biocompatibility, provide adaptability, and filter specific light. Future developments in IOLs aspire to closely resemble the original lens.

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Market Segmentation

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The market is segmented based on various factors, including product, material, end-user, and geography.

Segmentation by Product
Traditional/Monofocal IOL
Premium IOL
Phakic IOL

Segmentation by Material
Hydrophobic Acrylic
Hydrophilic Acrylic
Silicone
PMMA

Segmentation by End-user
Standalone Eye Care Centers & ASCs
Hospitals
Eye Research Institutes

Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Spain
APAC – China, Japan, India, South Korea, Australia
Latin America – Brazil, Mexico, Argentina
Middle East & Africa – South Africa, Saudi Arabia, Turkey

The global intraocular lens market is divided into polycarbonate, plastic, and other product types. The traditional/monofocal IOL segment dominates the industry with a market share of 61.37% and is expected to experience the highest incremental growth in the forecast period. Monofocal IOLs have been in use for a long time and are still the most widely used today. While the quality of materials and designs has improved, the functionality of these lenses remains the same. Monofocal IOLs provide equal power across all areas, have a single zone of clear focus, and offer excellent visual acuity at a fixed distance. They can be made of polymethyl methacrylate (PMMA), which is rigid, or foldable materials such as silicone, hydrophobic, and hydrophilic acrylic.

Among the foldable materials, hydrophobic acrylic dominates the global intraocular lens market with a market share of 54.80%. It is projected to experience the highest incremental growth of USD 1.4 billion in the forecast period. Hydrophobic acrylic IOLs are modern foldable IOLs that are widely used due to their design as copolymers of acrylate and methacrylate derived from PMMA. Their foldable nature allows for manipulation during surgery and quick return to their original shape. However, proper positioning is necessary due to their poor self-centering ability. Hydrophobic acrylic lenses have lower posterior capsule opacification (PCO) rates compared to PMMA IOLs, but slightly higher rates compared to silicone. The hydrophilic acrylic segment is expected to witness the highest compound annual growth rate (CAGR) of 7.59% and incremental growth of USD 789.03 million in the forecast period, contributing to the overall growth of the intraocular lens market.

In terms of end-users, standalone eye care centers & ASCs hold a major share of 63.62% in 2022 and are expected to maintain their dominance in the forecast period. These centers play a vital role in IOL implantation and cataract surgery, providing primary eye care services unlike hospitals that offer specialized treatments. They are preferred for primary follow-ups and treatment for eye health. The standalone eye care centers & ASCs segment is projected to register a CAGR of 7.67% during the forecast period, from 2022 to 2028.

North America accounted for the largest market share of 35.57% in the global intraocular lens market in 2022. The region benefits from a well-developed healthcare infrastructure, high adoption of advanced eye care products, and increased healthcare expenditure, driving market growth. The growing awareness and aging population in the region are expected to further drive market growth. The demand for eye diagnosis, especially for cataract and glaucoma, is increasing alongside the aging population. North America’s demand for vision care products is supported by high awareness, availability of innovative products, and a well-connected healthcare delivery system. The region has easy accessibility to vision care products and services.

The Asia-Pacific (APAC) region is anticipated to dominate the global intraocular lens market during the forecast period, with a projected CAGR of 8.88% from 2022 to 2028. The region is experiencing a significant increase in the population aged 65 and above, expected to more than double from 547 million in 2016 to nearly 1.3 billion by 2050. This demographic shift will lead to a high demand for intraocular lenses. Vision disorders account for about 3.7% of total healthcare expenditure in the region. Increased investment in research and development in healthcare, including vision care, is driven by public and private initiatives, particularly in emerging APAC countries. Supported by favorable government policies and free trade economics, the region has improved availability and access to pharmaceutical and medical device products.

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Competitive Landscape

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The global intraocular lens market is characterized by consolidation, with a limited number of major players holding significant market shares. Alcon, Bausch & Lomb, HOYA, Johnson & Johnson, and ZEISS are the dominant companies in this market. Additionally, Oculentis, Ophtec, PhysIOL, Rayner Group, and STAAR Surgical Company are notable vendors offering a wide range of intraocular lenses and holding reasonable market shares. To expand their customer base and increase their market shares, many key players are implementing various growth strategies, including launching new products, forming distribution agreements, establishing partnerships, engaging in mergers and acquisitions, and expanding geographically.

Key companies profiled in this report include Alcon, Bausch & Lomb, HOYA, Johnson & Johnson, ZEISS, AcuFocus, Aurolab, Biotech Healthcare Group, BVI, Care Group, Excellent Hi-Care, Eyekon Medical, Hanita Lenses, HumanOptics, Lenstec, NIDEK, Omni Lens, Ophtec, Rayner Group, RXSIGHT, SAV-IOL, SIFI S.p.A, STAAR SURGICAL, TELEON, ZARACCOM LENSES.

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Recent Industry Developments

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Johnson & Johnson Vision introduced the TECNIS Symfony OptiBlue IOL in September 2022. This intraocular lens is specifically designed to correct presbyopia and is powered by InteliLight technology.

In March 2022, Johnson & Johnson announced an investment of USD 37 million in its Limerick facility. The purpose of this investment is to expand the advanced manufacturing capabilities of the facility in Ireland.

Alcon, in September 2022, made an announcement during AAO 2022 regarding the availability of the Clareon family of IOLs. These intraocular lenses are intended for adult patients who have undergone cataract surgery and require correction for aphakic vision.

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Key Questions Answered

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What is the size of the global intraocular lens market?

The global intraocular lens market had a valuation of USD 5.11 billion in 2022 and is projected to reach USD 7.82 billion by 2028.

What is the growth rate of the intraocular lens market?

The global intraocular lens market is experiencing a compound annual growth rate (CAGR) of 7.25% from 2022 to 2028.

What are the emerging trends in the intraocular lens market?

Some of the emerging trends in the global intraocular lens market include the increasing adoption and usage of premium IOLs, advancements in product innovation and next-generation IOLs, and the rapid development of cataract surgical technology.

Which companies are prominent players in the global intraocular lens market?

Alcon, Bausch & Lomb, HOYA, Johnson & Johnson, and ZEISS are among the key players in the global intraocular lens market.

Which region holds the largest market share in the global intraocular lens market?

North America currently holds the largest market share in the global intraocular lens market, with a valuation of USD 1.83 billion in 2022.