Intraocular Lenses Market is Raising to $5.2 Billion by 2030

With technical advancements and raising prevalence of cataracts and refractive errors, the market for intraocular lenses (IOLs) is reaching to $5.2bn by 2030.

Intraocular lenses (IOLs) market is expected to grow to $5.2bn by 2030, with a growth of over 20% in 2021 due to the raised demand for cataract surgeries, according to GlobalData.

Tina Deng, MSc, Principal Medical Devices Analyst at GlobalData, says: “During the pandemic, the market decreased by 17.2% globally due to cancellation of elective surgeries and decreased hospital admissions in 2020.

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An intraocular lens (IOL) is an artificial lens made of silicone or acrylic, placed within the eye when the natural lens is removed, most often for cataract.

‘Newer IOLs have been instrumental in providing spectacle-free vision at all distances, along with improvement in optics and aberration profiles.’
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North America, the largest market of IOLs, saw major revenue loss in Q2 2020 due to increased COVID-19 cases and cancellation of elective procedures.

As elective surgeries resumed in Q3 2020, the market saw a raise in demand for IOLs, with raising IOL sales.

“The underlying demand of IOLs remains strong. From the beginning of Q4 2020, there had been steady positive growth, and recovery has been strong in Q1 2021.

With a constant recovery in the upcoming quarters, GlobalData expects the market to fully recover from previous losses by the end of 2021.”

The market is expected to grow due to technical advancements. The innovations in this field have made cataract surgery truly refractive. Due to cost-effectiveness and favorable reimbursement polices, monofocal IOLs is the leading segment of the market.

Monofocal IOLs with enhanced depth of focus - such as Vivity from Alcon and TECNIS Eyhance from Johnson & Johnson Vision - are likely to displace standard monofocal IOLs as they offer patients more spectacle independence with negligible dysphotopsia, an aberrant optical phenomenon occurring after the implantation of an IOL.

Deng continues: “Newer IOLs (including trifocal, quadrifocal, extended depth-of-focus (EDOF), and adjustable IOLs) have been instrumental in providing spectacle-free vision at all distances, along with improvement in optics and aberration profiles.

The higher uptake of premium patient-pay lenses in the coming years is expected to grow the market to a new height.”

Source-Medindia