Global Monofocal Intraocular Lens Market – Industry Trends and Forecast to 2029

Market Analysis and Size

This market is being driven by the explosive growth of geriatric and related eye problems, rising rates of diabetes and eye diseases globally, technological advancements in intraocular lenses, and expanding government programmes to control and treat cataract-related blindness. More than half of the older population in the US get cataract surgery, according to a recent survey (over the age of 80).

Data Bridge Market Research analyses that the monofocal intraocular lens market which was USD 4.0 billion in 2021, would rocket up to USD 6.22 billion by 2029, and is expected to undergo a CAGR of 5.67% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Intraocular lenses, artificial lenses inserted into the eyes of those with impairments following cataract surgery, are called intraocular lenses. The National Center for Biotechnology Information estimates that 6 million cataract operations are performed annually. The market's growth can be attributed to a rise in the use of high-end lenses, which offer advantages such enhanced visual performance and minimal astigmatism.

Monofocal Intraocular Lens Market Dynamics

Drivers

• Technological developments

A prominent trend gaining traction in the intraocular lens industry is technological developments in intraocular lenses. For instance, the first intraocular lens featuring wavefront-shaping technology, the AcrySof IQ Vivity IOL (Vivity), was commercially released in January 2022 by Alcon, a pioneer in the eye care industry. Indian ophthalmologists have access to this revolutionary lens for patients undergoing cataract surgery. The increasing frequency of cataracts and technological developments are the key factors propelling growth in the global monofocal intraocular lens market.

• Rising problems of cataract

The primary factor causing blindness is cataracts. The number of people who have cataracts will rise together with the average lifespan. The results of cataract surgery have been surprisingly good in recent years, which is propelling the monofocal intraocular lens market.

• Increasing prevalence of cataract

According to the World Health Organization, cataract is currently the primary cause of vision impairment and is a major concern on a global scale. The prevalence of cataracts has increased along with the need for intraocular lenses, which has rise globally. According to the Vision Council, in 2021, 76.2 percent of American adults underwent surgery for vision correction, and 22.1 percent of respondents said they still need it. These elements support the market's development.

Opportunities

Governments and non-governmental organisations (NGOs) are also supporting free eye exams, free surgery, and health reimbursements in a number of nations, which is advancing the sector. Also projected to contribute to market expansion is investment in research and development (R&D) to create sophisticated lenses that can help patients with both near- and far-sightedness.

Restraints/Challenges

Nevertheless, operations and treatments come at a high cost, and there might be many reflecting failures and errors afterward, which are important bottlenecks affecting the global monofocal intraocular lens market.

This monofocal intraocular lens market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the monofocal intraocular lens market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Monofocal Intraocular Lens Market

The COVID-19 hugely affected the market because it made many patients afraid to go to hospitals and other institutions for medical care and cataract surgery. Despite a decline in intraocular lens sales during the pandemic, the market is rebounding and is predicted to grow steadily during the forecast period as a result of greater awareness of glaucoma and increased spending on healthcare, which are expected to promote intraocular lens sales. Due to the global shutdown, only emergency operations and minor procedures were carried out.

Recent Development

• The US Food and Drug Administration gave its blessing to Johnson & Johnson Vision's Tecnis Synergy and Tecnis Synergy Toric II intraocular lenses in July 2021.
• The TECNIS EyhanceTM and TECNIS EyhanceTM Toric II intraocular lenses from Johnson & Johnson Vision were given approval by the US Food and Drug Administration in February 2021 for the treatment of cataract patients in the country.

Global Monofocal Intraocular Lens Market Scope

The monofocal intraocular lens market is segmented on the basis of type, material and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Monofocal Intraocular Lens
• Accommodative Intraocular Lens
• Multifocal Intraocular Lens
• Toric Intraocular Lens

 Material

• Hydrophobic Acrylic
• Hydrophilic Acrylic
• Polymethylmethacrylate (PMMA)
• Others

End-Users

• Hospitals
• Surgical Centers
• Ambulatory Surgical Centers
• Ophthalmology Clinics
• Eye
• Research Institutes

Monofocal Intraocular Lens Market Regional Analysis/Insights

The monofocal intraocular lens market is analysed and market size insights and trends are provided by country, type, material and end-user as referenced above.

The countries covered in the monofocal intraocular lens market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America will have a dominant share in the intraocular lens (IOL) market from 2022 to 2029, due to increased prevalence of cataract disorders in the region, particularly among the elderly and middle-aged, is critical for future growth potential.

Asia-Pacific region is expected to be the fastest-growing segment during the forecast period due to the presence of a high geriatric and diabetic demographic.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Monofocal Intraocular Lens Market Share Analysis

The monofocal intraocular lens market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to monofocal intraocular lens market.

Some of the major players operating in the monofocal intraocular lens market are:

• Valeant Pharmaceuticals International, Inc. (Canada)
• Novartis AG (Switzerland)
• STAAR Surgical (U.S.)
• Johnson & Johnson Private Limited (U.S.)
• Rayner Intraocular Lenses Limited (U.K.)
• OPHTEC BV (Netherlands)
• Carl Zeiss Meditec AG (Germany)
• SAV IOL SA (Switzerland)
• Hoya Corporation (Japan)
• BVI (Belgium)
• Oculentis (Germany)

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