Intraocular Lens Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Apr 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Intraocular Lens market size is expected to be worth around US$ xx billion by 2030, according to a new report by Vision Research Reports.

The global Intraocular Lens market size was valued at US$ 7.27 billion in 2020 and is anticipated to grow at a CAGR of xx% during forecast period 2021 to 2030.

Growth Factors

Monofocal IOLs are viewed as a traditional solution for retinal correction. These lenses have a fixed focus for one distance and are most beneficial for patients with cataract in both eyes. Their adoption is also high since they serve as a low-cost solution.

Premium intraocular lenses include multifocal, toric, and accommodative. Advanced benefits offered by premium lenses include multifocal aperture, improved visualization, elimination of the need for glasses after cataract, and higher precision. These features are boosting their adoption globally despite being relatively more expensive.

North America accounted for the largest revenue share in 2016. Rising adoption of premium IOLs in the U.S. and growing number of patients suffering from cataract are boosting the intraocular lens market. Asia Pacific is expected to exhibit the fastest growth rate over the forecast period. Rise in the geriatric population and increasing diabetic population in developing countries is resulting in greater adoption of cataract and other retinal procedures, thereby boosting the APAC market for intraocular lenses.

However, high costs associated with cataract treatment and poor reimbursement for conventional as well as advanced surgeries are challenging the growth of the market for intraocular lenses. Moreover, post-surgical complications threaten to limit growth.

Key trends:

• Rise in geriatric and diabetic population to continue to support growth
• Monofocal IOLs serve as low-cost solution for retinal correction
• Despite being expensive, premium intraocular lenses have been gaining demand thanks to key benefits offered

Report Highlights

Rapidly evolving technologies, rise in government funding, and increasing investments by private entities have changed the dynamics of the healthcare industry. Technical advancement is pushing the demand for solutions for the treatment of presbyopia, macular degeneration in diabetic patients, and other ophthalmic disorders.

Accommodative IOLs are preferred by patients suffering from macular degeneration as they support the eye muscles in focusing on intermediate and distant objects. These lenses are widely used in the treatment of presbyopia and astigmatism.

Toric intraocular lenses are especially beneficial for patients suffering from moderate and high astigmatism. These patients suffer from either hyperopia or myopia or sometimes both. Toric IOLs eliminate the need for incision implants required traditionally during astigmatism surgical procedures. 

The need for development of cost-effective and efficient intraocular lenses has been driving research and development activities in this product segment. This is sure to present lucrative opportunities to players in the IOL market.

Hospitals have been reporting maximum cataract and vision repair surgeries in the past and are expected to retain their dominance as an end-use segment in the market for intraocular lenses. Availability of technologically advanced facilities for retinal scans and diagnosis of corneal disorders is propelling its growth.

Critical patients are often referred to as super-specialty ophthalmic clinics. Ambulatory surgery centers have been gaining prominence in the market for intraocular lenses owing to miniaturization of surgical devices and availability of specialty doctors. This will enable the segment to register the fastest growth over the forecast period. Rise in CSR activities has also led to an increase in new hospital outpatient facilities (ambulatory centers), enabling treatment facilities to reach remote areas.  

North America dominated the IOL market in 2016 and is expected to retain its lead throughout the forecast period. Rising incidences of cataract and other ophthalmic disorders are propelling the growth of the region. In addition, presence of well-defined regulatory guidelines and reimbursement policies for cataract treatments is boosting revenue generation in the market.

Asia Pacific is expected to exhibit the fastest growth in terms of revenue. Anticipated rise in the diabetic population, coupled with the inclusion of eye care in several national social security systems, is likely to boost the market for intraocular lenses in Asia Pacific.

Patients living with diabetes are more prone to cataract, macular degeneration, and other ophthalmic disorders, resulting in greater need for various types of intraocular lenses. According to the International Diabetes Federation, the western Pacific region accounted for the largest diabetic population of 77 million, while the East Asian region accounted for 59 million. India accounted for 50.8 million and China 43.2 million of the diabetic population in the latter region.  

A massive patient pool and expanding healthcare tourism industry are propelling the growth of the IOL market in developing countries like China and India. Moreover, government initiatives to develop and commercialize cost-effective treatment options and collaborative efforts of private and government entities to set up eye care facilities are driving the growth of the market in Asia Pacific.

Key Players

Alcon, Inc. (division of Novartis AG), Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, HOYA GROUP.

Market Segmentation

  • Product Outlook 

    • Monofocal IOL

    • Multifocal IOL

    • Toric IOL

    • Accommodative IOL

  • End-use Outlook 

    • Hospitals

    • Ophthalmic Clinics

    • Ambulatory Care Centers

    • Eye Research Institutes

  • Regional Outlook 

    • North America

      • The U.S.

      • Canada

    • Europe

      • The U.K.

      • Germany

    • Asia Pacific

      • China

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

The Intraocular Lens market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Intraocular Lens market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Intraocular Lens market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Intraocular Lens market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Intraocular Lens market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Intraocular Lens capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Intraocular Lens by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Intraocular Lens market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Intraocular Lens market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Intraocular Lens market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Intraocular Lens industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Intraocular Lens market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Intraocular Lens market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Intraocular Lens market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Intraocular Lens market. These factors have benefited the growth of the global market for Intraocular Lens. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Intraocular Lens. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Intraocular Lens are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Featured Research Reports

  • Featured Research Reports

    Intravascular Ultrasound Devices Market (By Product: IVUS Consoles and IVUS Catheters; By Application, By End User: Hospitals, Specialty Clinics, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 - 2030

    Read more...
  • Featured Research Reports

    Intravascular Ultrasound Devices Market (By Product: IVUS Consoles and IVUS Catheters; By Application, By End User: Hospitals, Specialty Clinics, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 - 2030

    Read more...
  • Featured Research Reports

    Minimally Invasive Surgery Market (By Procedure, Disorder Type, End User: Hospitals, Ambulatory Surgical Centers, Clinics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 - 2028

    Read more...
  • Featured Research Reports

    Minimally Invasive Surgery Market (By Procedure, Disorder Type, End User: Hospitals, Ambulatory Surgical Centers, Clinics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 - 2028

    Read more...
  • Featured Research Reports

    Minimally Invasive Surgery Market (By Procedure, Disorder Type, End User: Hospitals, Ambulatory Surgical Centers, Clinics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 - 2028

    Read more...