Intraocular Lens (IOL) Market to Reach 7.35 Billion by 2034

Vantage Market Research releases its latest comprehensive report on the ‘Intraocular Lens Market’ with a forecast period of 2025-2034. In 2023, the Global Intraocular Lens (IOL) Market size was USD 4.21 billion, and is calculated at USD 4.43 billion in 2024. The market is calculated to reach USD 7.35 billion in 2034, and register a revenue CAGR of 5.2% over the forecast period (2025-2034).

Market Overview:

Demand for Intraocular Lens (IOL) has been increasing significantly over the past few years, driven by rapidly aging population and increasing prevalence of age-related diseases and conditions, and increase in number of younger individuals requiring vision correction and need for treatments for sight or eye disorders. Prevalence of cataracts, myopia, hyperopia, and presbyopia continues to increase, and besides age factor, screen time and excessive use of mobile phones, tablet devices, hectic work schedules and or long work hours on computers and laptops, UV exposure, lifestyle changes, and other factors are contributing to growth of the global Intraocular Lens (IOL) market. Rising prevalence of diabetes and cataracts and glaucoma is also a key factor contributing to market growth. 

Technological advancements in IOL design, materials, and implanting techniques are also contributing to rising popularity of these products. Less operative time for procedures, low risk related to minimally-invasive surgeries, quick recovery, and rising awareness regarding the advantages of IOL procedures are other key factors driving revenue growth of the Intraocular Lens (IOL) market. Also, government funding and private-public programs and initiatives for sight restoration and correction of avoidable blindness, and charity programs and initiatives are contributing to increasing demand for intraocular lenses. 

Demand for intraocular lenses based on biocompatible materials such as silicone, acrylic, hydrophobic, and hydrophilic materials continues to remain stable. Companies focusing on advancements in monofocal intraocular lens, multifocal intraocular lens, toric intraocular lens, and accommodating intraocular lens to address various conditions are also gaining traction in the market. 

Use of robotics for surgical procedures is also enhancing safety and patient outcomes owing to high precision, preoperative measurements, and analysis, and use of advanced diagnostic tools. Integration of smart technologies are also 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 factors driving appeal and supporting intraocular lens market growth. 

Some Key Takeaways:

• The global intraocular lens market landscape is highly competitive, with leading companies adopting various strategies to innovate and offer more advanced solutions.
• North America intraocular lens market leads in terms of revenue share, with the US remaining the largest revenue contributor.
• In Europe intraocular lens market, Germany and the UK are key revenue contributors. 
• Asia Pacific market is registering a revenue growth, with majority contribution from China and India.
• Latin America is also moderate registering incline in market growth, primarily due to large elderly population and increasing revenue from Mexico and Brazil.
• The multifocal IOL segment is expected to account for largest revenue share over the forecast period owing to increasing demand for presbyopia-correcting solutions.
• Among the material segments, the acrylic IOL segment is expected to account for largest revenue share over the forecast period.
• Among the application segments, the cataract surgery segment is expected to continue to account for largest revenue share.
• The hospitals segment among the end-user segments is expected to continue to account for largest revenue share over the forecast period.

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.

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.

Intraocular Lens 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

Regional Segmentation: 

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