Intraocular Lens Market to Reach $6.5 Billion Globally by 2031 at a CAGR of 5.6%: Allied Market Research
Rising prevalence of cataract surgery, increasing adoption of advanced high-end intraocular lenses, and development of new intraocular lenses by a large number of key players are driving the growth of the global lens market intraocular.
PORTLAND, Oregon., June 7, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Intraocular Lens Market by type (monofocal intraocular lens, high-end intraocular lens), by material (polymethyl methacrylate, silicone, hydrophobic and hydrophilic acrylic materials), by end user (hospitals, ambulatory surgery centers, ophthalmology clinics and eye research institutes ): Global Opportunities Analysis and Industry Forecast, 2021-2031.” According to the report, the global intraocular lens market size generated $3.8 billion in 2021, and should reach $6.5 billion by 2031, with a CAGR of 5.6% from 2022 to 2031.
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Drivers, constraints and opportunities
Rising prevalence of cataract surgery, increasing adoption of advanced high-end intraocular lenses, and development of new intraocular lenses by a large number of key players are driving the growth of the global lens market intraocular. However, an unfavorable reimbursement scenario for premium lenses and postoperative issues such as refractive errors are restraining the market growth. On the other hand, technological innovations and increasing number of product approvals are creating new opportunities in the coming years.
- During the Covid-19 pandemic, patients suffering from cataracts and other eye problems were hesitant to seek immediate care due to the possibility of cross-contamination in hospitals and clinics. Many ophthalmologists have had to temporarily close their practices.
- Visits to eye clinics or hospitals have decreased significantly. According to the study conducted by the National Center for Biotechnology Information in 2021, patient visits to eye care hospitals decreased by 3.5% during the pandemic. This, in turn, has reduced the demand for intraocular lenses and negatively impacted the intraocular lens market.
The Monofocal Intraocular Lens Segment to Maintain Its Leading Status Over the Forecast Period
Based on type, the monofocal intraocular lens segment accounted for the highest market share in 2021, contributing more than three-fifths of the global intraocular lens market, and is expected to maintain its leading status during the forecast period. . This type of lenses are the preferred choice of many ophthalmologists, which, in turn, has led to revenue dominance for this segment. However, the high-end intraocular lens segment is expected to experience the Highest CAGR of 7.2% from 2022 to 2031, due to their competence in treating patients with complex retinal problems.
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Hospital segment to maintain its leading position during the forecast period
On the basis of end-user, the hospital segment held the highest market share in 2021, accounting for more than half of the global intraocular lens market, and is expected to maintain its leading position during the forecast period . This is due to the increase in the number of cataract procedures performed in hospital settings. However, the eye clinics segment is expected to show the fastest CAGR of 6.8% from 2022 to 2031. This is attributed to the increase in the number of discrete eye clinics.
North America maintain revenue dominance by 2031
Based on the region, North America contributed the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global intraocular lens market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to policies of Favorable reimbursement for cataract treatment in this region. However, Asia Pacific is expected to show the fastest CAGR of 6.9% during the forecast period. This is attributed to the increased awareness of advanced treatment options and the huge cataract-susceptible geriatric population base.
Main market players
- Bausch Health, Inc.
- Carl Zeiss Meditech
- EyeKon Medical, Inc.
- human optics
- Hoya Company
- Johnson & Johnson
- Lenstec, Inc.
- Intraocular lens Rayner Ltd.
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