Intraocular Lens Industry Overview
The global intraocular lens market size was valued at USD 4.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030. As a result of the outbreak of COVID-19 in December 2019, routine healthcare appointments were canceled in order to avoid the patients from contracting the virus. This had negatively impacted the market in the first half of 2020. As many patients were elderly and at a higher threat of suffering from COVID-19 symptoms, there was a significant drop in procedure volumes, which led to a loss in revenue and temporary or permanent closure of single ophthalmic practice units.
However, as many medical centers and practices reopened in the second half of 2020, it resulted in an increase in patient volumes. Moreover, the adoption of modified face-to-face appointments and telecommunication allowed for a small number of procedures to continue during the peak of the pandemic. However, there is still a backlog in certain procedures such as cataract surgeries. Furthermore, as the pandemic continues and the risk of occurrence of third or fourth wave in certain countries continues, ophthalmologists are constantly working hard to minimize the backlog of procedures while adhering to safety protocols.
Gather more insights about the market drivers, restraints, and growth of the Global Intraocular Lens market
The pandemic may have led to a long-term change in how ophthalmic procedures are carried out. This may be due to more procedures being carried out in ambulatory surgical centers and specialized clinics rather than in large settings. The introduction of vaccines and the government’s constant efforts to battle against the COVID-19 virus through mass vaccination and increased investment in R&D is helping the market to recover and make a substantial profit during the forecast period.
Despite the drop in sales of the intraocular lens during the pandemic, the market is recovering and is expected to grow steadily during the forecast period. Factors such as a rise in the incidence of cataracts and an increase in the number of diagnosed cases of blindness are major factors that are boosting the growth of the market. In addition, increasing awareness regarding cataracts and a rise in healthcare spending are expected to drive the sales of intraocular lenses.
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Intraocular Lens Market Segmentation
Grand View Research has segmented the global intraocular lens market based on product, end use, and region:
Intraocular Lens Product Outlook (Revenue, USD Million, 2017 - 2030)
- Monofocal Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Accommodative Intraocular Lens
Intraocular Lens End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgery Centers
- Eye Research Institutes
Intraocular Lens Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
November 2021: Alcon, Inc. announced its intention to acquire Ivantis, a company that develops and manufactures minimally-invasive surgery devices for glaucoma. The intended acquisition affirms Alcon’s commitment to further strengthen its industry-leading portfolio across refractive, retina, cataract, and glaucoma.
July 2021: Carl Zeiss Meditec AG announced the launch of its new ZEISS medical ecosystem. The company aims to introduce a fully integrated environment, which is technologically advanced, wherein a combination of devices, applications, data management, and services propel constant improvement of patient outcomes.
Key Companies profiled:
Some prominent players in the global intraocular lens market include:
- Alcon, Inc.
- Johnson and Johnson Vision Care, Inc.
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG (ZEISS International)
- Rayner
- EyeKon Medical, Inc.
- Lenstec, Inc.
- HumanOptics AG
- STAAR Surgical Company
- HOYA CORPORATION
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