Intraocular Lens Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Material (Polymethyl Methacrylate, Silicone, Hydrophobic Acrylic), By End Users (Hospitals, Ophthalmology Clinics, Eye Research Institutes), And By Geography - Forecasts From 2021 To 2026

The intraocular lens market is projected to grow at a CAGR of 5.58% during the forecast period to reach US$15.676 billion by 2026 from US$10.717 billion in 2019. Intraocular lenses are artificial lens that is implanted in the eyeball in place of the natural lens. The natural lens loses its efficiency with aging, leading to vision impairment and eventually blindness to the person. The intraocular lens replaces the natural lens of the patient and enables them to have an uninterrupted vision and prevents blindness. The intraocular lens is used to correct eye diseases such as cataract, myopic, and hyperopic, for better vision of the person.

The prime reason driving the market growth during the forecasted period is surging cases of vision impairment. A study by the World Health organization found that globally, in 2020, more than 2.2 billion people have vision impairment. Of these 1 billion people have an impairment that is preventable with adequate and timely treatment. Moreover, the report predicts that vision impairment will be suffered by more than 4.8 billion people, more than half the global population, in 2050. Changing lifestyles patterns and work culture are the proxy reason leading to the surge. Moreover, the growing geriatric population is reckoned to increase the potential cases of cataracts which will drive the market size.

The potential causes of cataracts in the aging population is a key factor that will drive the market growth during the forecasted period.

A cataract is the leading eye problem/disease which is widely common among the aged population and causes preventable blindness among the aged group. WHO reports that annually, cataracts cause preventable blindness in 100 million eyes, and affect millions of patients around the globe. A cataract develops slowly over years and consumes the vision power of the patients. It is preventable by the operation of the patients, that is through the removal of the natural blurry eye lens with an artificial lens that does not get blur.

The surging proportion of the aged population in the global demography is reckoned to increases the cases of potential cataract patients which will drive the market growth. United Nation report that in 2019, people aged 65 and above accounted for 9% of the global population, roughly around 703 million. However, the organization forecast that this proportion will increase to more than 15% by 2050 to 1.5 billion people. Low fertility rate coupled with better social security and healthcare systems is calculated to be the prime factor increasing the proportion of the aged population and potential of cataracts. The estimate of growing cases is projected to open new prospects for the intraocular lens market.

Lifestyle complexities are forecasted to increase cases of myopic and hyperopic among children and adults. However, growing disposable income is estimated to increase consumer expenditure for surgeries to refrain from the use of spectacles, encouraging the market growth of intraocular lenses.

Another key market driver is rising cases of myopic and hyperopic among children and adults. The rise in digitalization and increased usage of electronic devices are clinically proven to cause strain of eyes, damaging them and leading to myopic, hyperopic, or other eye problems. in the digital world, smartphones and smart devices have become a necessity but do have a severe impact on the eyes. Research and innovation have led to the development of devices that affect eyes less, however, still do impact the viewer’s vision. Rising penetration of these devices is anticipated to increase cases of myopic and hyperopic among all age groups, which will drive market growth.

The coronavirus pandemic has increased the usage of devices to an exponential level. To contain the spread of the virus, the government implemented lockdowns and physical shutdowns. Hence, to continue their operations, businesses adopted virtual platforms which increased the usage of electronic devices. Furthermore, the physical shutdown of educational institutes encouraged online mode of education, increasing, on average, 2 hours/ day of student’s screen time. Overall, the global average screen time increased by 25%. Ophthalmology experts believe that the coronavirus pandemic boosts the cases of vision impairment at an exponential rate. A study by Healio found that 90% of Eat Asian teenagers and 40% of U.S. teenagers have developed vision impairment during the lockdown with an increase in screen time.

In adults, particularly the workforce, similar trends are observed. The work from home culture has severely impacted eyesight, increasing the cases of myopic and hyperopic at a lucrative rate. Growing lifestyle complexities and greater consumption of fast food or ready-to-eat food have increased the severity due to lack of required nutrition. However, with growth in disposable income and, except in case of a pandemic, and availability of superior technology, a rise in demand for the intraocular lens is estimated for surgeries and hospitals and clinics, boosting the market growth.

Intraocular Lens Market Scope:

Key Market Segments

• By Material
  • Polymethyl Methacrylate (PMMA)
  • Silicon
  • Hydrophobic Acrylic
• By End Users
  • Hospitals
  • Ophthalmology Clinics
  • Eye Research Institutes
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Taiwan
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the intraocular lens market size by 2026?
A1. The intraocular lens market is projected to reach a market size of US$15.676 billion in 2026.

Q2. What is the size of global intraocular lens market?
A2. Intraocular Lens Market was valued at US$10.717 billion in 2019.

Q3. What are the growth prospects for the intraocular lens market?
A3. The global intraocular lens market is projected to grow at a CAGR of 5.58% over the forecast period.

Q4. How is the global intraocular lens market segmented?
A4. The intraocular lens market has been segmented by material, end-user, and geography.

Q5. What factors are anticipated to drive the intraocular lens market growth?
A5. The prime reason driving the intraocular lens market growth during the forecasted period is surging cases of vision impairment.