According to a new market research “Intraocular Lens (IOL) Market by Type (Traditional/Monofocal (Spheric, Aspheric), Premium (Multifocal, Accommodating, and Extended Depth of Focus), and Phakic), Material (PMMA, Foldable), End User (Hospital, Clinic), and Region — Global Forecast to 2022”, published by MarketsandMarkets™, the market is expected to reach USD 4.56 Billion by 2022 from an estimated USD 3.50 Billion in 2017, at a CAGR of 5.4%. The key factors driving the growth of this market include the growing geriatric population and corresponding eye disorders; rising incidence of eye diseases & diabetes across the globe; technological advancements in intraocular lenses; and increasing government initiatives to control and treat blindness caused by cataract.

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By type, the traditional/monofocal IOLs segment accounted for the largest share of the market in 2017

On the basis of type, the Intraocular Lens Market is broadly segmented into traditional/monofocal IOLs, premium IOLs, and phakic IOLs. In 2017, the traditional/monofocal IOLs segment accounted for the largest share of this market. The large share of this segment can be attributed to the higher adoption of monofocal IOLs, such as aspheric IOLs. Aspheric monofocal IOLs are easy to insert, induce significantly less or zero spheric aberration, and create very effective contrast sensitive optical images for patients.

By type of material, foldable IOLs accounted for the largest share of this market in 2017

On the basis of type of material, the Intraocular Lens Market is further segmented into foldable IOLs and PMMA IOLs. In 2017, the foldable IOLs segment held the largest share of this market and is expected to grow at the highest CAGR during the forecast period due to their advantages over PMMA IOLs; for example, foldable IOLs are smaller and require smaller incisions for IOL insertion and minimize the risk of post-operative errors in the eye.

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Hospitals and clinics were the largest end users of IOLs in 2017

Based on the type of end users, this market is segmented into hospitals and clinics and ambulatory surgical centers (ASC). The hospitals and clinics segment dominated the Intraocular Lens Market in 2017. The increasing prevalence of eye disorders across the globe coupled with the large patient pool treated at hospitals and clinics and the growing number of hospitals in emerging countries are the major factors driving the growth of this segment.

North America dominated the market in 2017

North America accounted for the largest share of the Intraocular Lens Market in 2017, followed by Asia Pacific. The largest share of the North American region is mainly attributed to the rising prevalence of age-related eye diseases, the increasing number of cataract surgical procedures, increasing healthcare expenditure, and technological innovations in intraocular lenses.

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The key players in the global Intraocular Lens Market are Alcon, Inc. (US) (Novartis AG (Switzerland)), Bausch + Lomb (US) (Valeant Pharmaceuticals International (Canada)), Johnson & Johnson Vision Care, Inc. (US), Carl Zeiss Meditec (Germany), HOYA Corporation (Japan), STAAR Surgical Company (US), Rayner Intraocular Lenses Limited (UK), PhysIOL (Belgium), Ophtec BV (Netherlands), Swiss Advanced Vision (SAV IOL) (Switzerland), Oculentis GmbH (Germany), NIDEK CO., LTD. (Japan), Aurolab (India), Omni Lens Pvt Ltd. (India), Care Group (India), Hanita Lenses R.C.A Ltd. (Israel), and Fred Hollows Intraocular Laboratory (Eritrea).