Intraocular Lens (IOL) Market to Reach USD 8.26 billion by 2032; Increasing Cases of Cataract to Project a Growth Course for the Market

The global intraocular lens (IOL) market size is projected to show strong growth by attaining USD 8.26 billion by 2032. Fortune Business Insights™ in its report titled “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” observes that the market size in 2023 stood at USD 4.52 billion and reached USD 4.82 billion in 2024. The market is expected to witness a strong CAGR of 7.0% during 2024-2032. Rising cases of cataract and glaucoma are projected to drive market growth. Increasing support and favorable reimbursement policies are expected to expand market development. New product approval for extended depth of focus products is set to push market development.

TECNIS Eyhance Toric II by Johnson & Johnson Vision to Set Progression for Market Growth

In June 2021, Johnson & Johnson Vision launched its TECNIS Eyhance Toric II intraocular lens, which has the TECNIS Simplicity Delivery System for the treatment of cataract patients with astigmatism in Europe. TECNIS Eyhance Toric II offers various benefits such as high-quality intermediate and 20/20 distance vision. This product launch is set to expand the presence of the company and cater to a wide set of audience.  

Decrease in the Number of Ophthalmic/Cataract Surgical Procedures Led to Negative Market Growth

The COVID-19 pandemic has negatively impacted the sales of these products globally. Major players operating in the global market have reported significant sales declines in their revenues for FY 2020, which negatively affected the market growth due to the drop in cataract and ophthalmic surgical procedures. The market witnessed a resurgence in terms of product sales in 2021.   

New Product Approvals for Extended Depth of Focus Products to Propel Market Growth

Product approvals for novel extended depth of focus IOL are anticipated to fuel the Intraocular Lens market growth. The prevalence of cataracts has led to an intense need for these products. Numerous players have been engaged in initiatives to develop their product portfolio to satisfy patient demands globally. Advanced studies to explore the benefits of new technologies led to the development of an extended depth of focus lens. In 2020, Alcon Inc. and J&J launched extended depth of focus IOL products.

Various Government Initiatives to Expand Demand for the Product

One of the key driving factors for the IOL market growth is the launch of various government initiatives that escalate product demand. One such initiative is Vision 2020, which was launched by the International Agency for the Prevention of Blindness (IAPB). The initiative was launched to eliminate the avoidable causes of blindness worldwide. It involves the active participation of 53 countries for achieving the target using favorable reimbursement policies, eye checkup camps, and other measures.

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New Product Launch Strategies by the Market Players to Drive Market Share

Key players in the market have opted for new launch strategies. For example, in June 2021, Alcon Inc. launched AcrySof IQ Vivity. It is the first and only non-diffractive extended depth of focus product in the U.S. New product launches and focus on strategic initiatives by Alcon Inc. are likely to capture a higher market share. The other market players, such as Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, HOYA, STAAR Surgical Company, and others, also generated significant sales.

Notable Industry Development

• January 2022: Alcon Inc. launched AcrySof IQ Vivity IOL (Vivity) in India. It is the first and only presbyopia-correcting intraocular lens (PC-IOL) that has wavefront-shaping technology.

List of Key Companies Profiled in the Report:

• Alcon Inc. (Switzerland)


• Johnson & Johnson Vision Care, Inc. and Johnson & Johnson Surgical Vision, Inc. (U.S.)


• Bausch & Lomb Incorporated (Canada)


• HOYA (Japan)


• STAAR SURGICAL (U.S.)


• Rayner Intraocular Lenses Limited. (U.K)


• Hanita Lenses (Israel)


• SIFI S.p.A (Italy)


• Biotech (Switzerland)

Further Report Findings

• North America held the largest Intraocular Lens market share and stood at USD 1.53 billion in 2023. Regulatory approvals for these innovative products contribute to the region’s growth prospects.


• The region also witnessed a demand for novel products such as custom cataract lenses, rapid adoption of these products, and favorable insurance policies.


• Europe is expected to have considerable growth in the market due to the increasing number of cataract surgeries, growing adoption of femtosecond lasers to transect hydrophobic and hydrophilic acrylic lenses for cataract surgeries, and increased preference for toric lenses. 

Table of Segmentation