Rising Cataract Surgical Rates is Driving Artificial Lenses Market

The global market for intraocular lenses (IOLs)—an artificial lens inserted into the eye to treat conditions such cataracts—is forecast to steadily grow from $4.3 billion in 2021 to $4.7 billion by the end of the decade, according to Globaldata. The expansion will primarily be driven by the increasing capacity of many hospitals and clinics across all regions to perform more cataract surgeries as the need for surgical treatment remains high.
 
According to the World Health Organization, globally 2.2 billion people have a near or distance vision impairment. Cataracts most frequently occur as a result of age-related degenerative processes in the lens. Typically, only moderate to severe cases undergo cataract surgery. Cataracts can only be treated with surgery, whereby the eye’s lens is replaced with an intraocular lens (IOL).
 
“The rise in prevalence of cataracts and refractive error around the globe has compelled governments to start initiatives to lower the number of patients suffering from partial or complete blindness,” said Brian Hicks, a senior analyst at GlobalData. “We expect an increase in the number of eye surgeries and use of IOLs for both cataracts and refractive errors in the next decade.”
 
There are several types of IOLs, which are categorized based aspects such as their composition material, focal lengths, and whether they’re toric (of a particular shape). These include advanced-technology intraocular lenses, which include aspheric IOLs, toric IOLs, multifocal IOLs, and accommodative IOLs. These have made a paradigm shift in the management of cataracts.
 
“Newer IOL technologies, including trifocal, quadrifocal, and extended depth-of-focus (EDOF) lenses, have been instrumental in providing spectacle-free vision at all distances. While the existing monofocal lenses continue to dominate the market at present, the newer IOL technologies are expected to slowly catch up and increase their market share among all types of lenses,” Hicks said.