Asia Pacific Intraocular Lens (IOL) Market Size, Share & COVID-19 Impact Analysis, By Type (Monofocal, and Premium {Multifocal, Toric, and Others}), By Material (Polymethylmethacrylate (PMMA) and Foldable {Hydrophobic Acrylic, Hydrophobic Acrylic, and Silicone & Collamer}), By End-user (Hospitals & Ambulatory Surgery Centers, Specialty Clinics, and Academic & Research Institutes), and Regional Forecast, 2023-2030

Asia Pacific is the third largest region in the global Intraocular Lens (IOL) market. It is projected to grow at a CAGR of 7.5% during the forecast period. The global market for Intraocular Lens is projected to grow from USD 4.24 billion in 2022 to USD 7.19 billion by 2030.

The prevalence of cataracts and glaucoma is rising across the Asia Pacific region. This has led to the strong demand for intraocular lenses in the market. Subsequently, rising initiatives by various government and non-government organizations to clear the cataract surgery backlogs have boosted the product demand. For instance, in October 2020, Kansai Nerolac Paints, India, a subsidiary of Japanese paint company Kansai Paint Co., Ltd., accomplished an initiative by organizing a “Free Eye Check-up and Cataract Surgery” camp at Goindwal Sahib. A team of experienced doctors and support staff carried out eye care checkup activities and successfully conducted about 100 cataract surgeries. Thus, many cataract surgical procedures favor the Asia Pacific IOL market growth. Furthermore, rising strategic initiatives by key market players to launch advanced offerings augment market growth.

Our report on the Asia Pacific Intraocular Lens market share covers the following countries/regions – China, Japan, India, Australia, Southeast Asia, and the Rest of Asia Pacific.

LATEST TRENDS

Product Approvals for Advanced IOLs to Boost the Market Expansion

Recently, the market is witnessing a prominent trend: rising approvals for advanced products such as extended-depth-of-focus IOLs. Leading players continuously focus on product launches in the market. The adaptability of these products is easy as they have more benefits as compared to conventional IOLs. Such a factor strongly boosts the market growth during the forecast period.

• For instance, Johnson & Johnson Vision Care, Inc.‘s product TECNIS Synergy PC-IOL was first launched in Europe and Asia Pacific in 2019.

DRIVING FACTORS

Upsurge in Number of Cataract Procedures Expands the Market Growth

The rising prevalence of ophthalmic diseases strongly contributes to the number of cataract surgeries. Surgeries with monofocal Intraocular Lens are carried out as they are more cost effective compared to other IOLs. Also, the increased focus of government bodies to reduce the cataract surgery burden augments the market's growth during the forecast period. Robust product adoption contributes to market expansion, as most cataract surgeries require IOL.

• According to a news article published in the Hindustan Times (2022), approximately 3.6 million cataract surgeries in India were performed during COVID-19 pandemic (2020-21).

RESTRAINING FACTORS

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High Cost Cataract Surgeries and Lack of Reimbursement Support Deter the Market Growth 

Although there is an intense need for IOLs due to the rising cataract surgery burden, some factors hinder the market growth. One of the most prominent factors that impact the market are the expensive cataract surgeries. Similarly, lack of reimbursement support, specifically in Low Middle Income Countries (LMICs) of the Asia Pacific region, greatly deters product adoption. Also, key countries, such as in Japan, the insurance does not cover the cost of premium/multifocal intraocular lenses (cataract lenses), prescribed eyeglasses, and eye drops or medications in its plans.

• For instance, the EYE CLINIC TOKYO website states that Intraocular Lens (IOL) surgery charges are not covered by insurance (including Japan’s National Health Insurance). Due to such scenario patients extremely hesitant to seek elective health care for eyes. Such factors restrain market expansion.

KEY INDUSTRY PLAYERS

The market's competitive landscape is consolidated type, as it has a few dominant market players. The companies such as Alcon Inc., Johnson & Johnson Vision Care, Inc., Bausch & Lomb Incorporated, and HOYA Corporation are the major players in the Asia Pacific market. These players hold a significant position in the market due to their strong product portfolio and geographical presence across Asian countries.

Other emerging players include STAAR Surgical Company and Carl Zeiss Meditec AG. Strategic initiatives to expand their regional presence favor these companies' market position.

LIST OF KEY COMPANIES PROFILED:

• Alcon Inc. (Switzerland)
• Bausch & Lomb Incorporated (Bausch Health Companies, Inc.) (Canada)
• Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.) (U.S.)
• HOYA Corporation (Japan)
• Rayner Group (U.K.)
• Hanita Lenses (Israel)
• SIFI S.p.A (Italy)
• Biotech (Switzerland)
• STAAR SURGICAL (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• July 2022: Rayner Group expanded its Asia Pacific business by commercializing its product in France.
• January 2022: Rayner Group opened a regional office in Australia to continue its global commercial expansion.
• June 2021: Rayner Group acquired Surgicon Healthcare Pvt. Limited in Mumbai, India, to further expand its global presence. Surgicon Healthcare Pvt. Ltd. distributes ophthalmic products such as consumables and Intraocular Lens implants.

REPORT COVERAGE

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The report comprises an exhaustive Asia Pacific market analysis. The market is segmented by type, material, end-user, and geography. The report depicts the market's major aspects, such as market size, growth, market dynamics, key industry developments, cataract prevalence and procedures by key countries, an overview of government cataract initiatives, regulatory and reimbursement scenarios, key players, and COVID-19 pandemic impact on the market.

Report Scope & Segmentation