Intraocular Lens Market Analysis India - Size and Forecast 2024-2028

India Intraocular Lens Market Size 2024-2028

The India intraocular lens market size is forecast to increase by USD 131.8 million at a CAGR of 10.87% between 2023 and 2028.

• The market is experiencing significant growth, driven by the increasing prevalence of ophthalmic diseases and the rising demand for vision correction surgeries. According to the World Health Organization, approximately 285 million people worldwide are estimated to be visually impaired, with 39 million of these cases attributable to cataracts. The market is experiencing growth as advancements in vision care technology offer patients more precise and customizable lens options, improving visual outcomes after cataract surgery. Moreover, the trend toward medical tourism for affordable ophthalmology surgeries in countries with lower costs is fueling market growth. However, the market is also characterized by intense competition among manufacturers, leading to innovations and advancements in lens technology to differentiate offerings and cater to diverse patient needs. These factors collectively contribute to the dynamic growth of the market.

What will be the size of the India Intraocular Lens Market during the forecast period?

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• The market is witnessing significant growth due to the increasing prevalence of cataracts, particularly in the elderly population. Cataract surgeries, which utilize IOLs, have become more commonplace with the advent of minimally invasive surgeries. The diabetic population is also a significant consumer base due to the higher risk of cataracts and other vision impairments associated with diabetes. Presbyopia, glaucoma, and diabetic retinopathy are other conditions driving demand for IOLs. Skilled surgeons and ophthalmologists perform cataract surgeries using various IOL types, including monofocal and multifocal lenses made of acrylic materials like hydrophobic acrylic and polymethyl methacrylate. Insurance plans cover cataract surgeries, making them more accessible to a wider population.
• Ambulatory surgery centers, specialty clinics, research institutes, and surgical procedures also contribute to the market's growth. Vision impairment from cataracts, glaucoma, and other eye conditions continues to be a significant health concern, leading to increased eye care awareness and demand for premium IOL products.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Product
  • Monofocal intraocular lens
  • Multifocal intraocular lens
  • Toric intraocular lens
  • Accommodative intraocular lens
• End-user
  • Hospitals
  • Ophthalmic clinics
  • Ambulatory surgery centers
• Geography
  • India

By Product Insights

• The monofocal intraocular lens segment is estimated to witness significant growth during the forecast period. The market is driven by the increasing prevalence of cataracts, particularly In the aging population. According to the World Health Organization, approximately 20.5 million cataract surgeries are performed annually worldwide, with a large portion of these procedures being performed on individuals aged 60 and above. With the rise of minimally invasive surgeries, cataract surgeries have become more common and effective, leading to an increased demand for advanced IOL technologies. Presbyopia, a common age-related condition that affects the ability to focus on near objects, is another factor fueling the growth of the IOL market. Skilled ophthalmologists and eye care access are essential for the successful implementation of these technologies.
• Monofocal IOLs made of hydrophobic acrylic materials are the most commonly used lenses in cataract surgeries. However, multifocal and toric lenses are gaining popularity due to their ability to correct refractive errors such as myopia, hyperopia, and astigmatism. Insurance plans and reimbursement policies play a significant role in the adoption of premium IOLs. Advanced ophthalmic clinics and hospitals are investing in these technologies to provide better vision outcomes for patients with cataracts, glaucoma, diabetic retinopathy, and other vision impairments. FDA approvals and research from eye care institutions further support the development and implementation of these innovative IOL technologies. The diabetic population is also a growing market for IOLs due to the high prevalence of cataracts and visual loss associated with diabetes.

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The Monofocal intraocular lens segment was valued at USD 42.00 million in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of India Intraocular Lens Market?

• Increasing prevalence of ophthalmic diseases is the key driver of the market. The prevalence of various eye disorders, including refractive errors, cataracts, glaucoma, retinal diseases, and dry eyes, is on the rise in India. Among these, cataracts are a significant concern, as they can lead to blindness if left untreated. A cataract is an eye condition characterized by clouding of the natural lens in the eye. This disorder can be caused by several factors, such as advancing age, ultraviolet radiation, diabetes, smoking, and hypertension. The number of cataract surgeries in India has been increasing due to government initiatives and growing awareness of eye care. In 2022, the Indian government aimed to perform more cataract surgeries to address the rising prevalence of this condition.
• Intraocular lenses (IOLs), which are artificial lenses implanted during cataract surgery, have gained popularity due to the availability of premium products, such as monofocal lenses made of hydrophobic acrylic and polymethyl methacrylate. These advanced IOLs are being used in ambulatory surgery centers, specialty clinics, and research institutes for surgical procedures. Health insurance coverage and vision correction benefits have also contributed to the growth of the IOL market in India.

What are the market trends shaping the India Intraocular Lens Market?

• Increasing medical tourism for low-cost ophthalmology surgeries is the upcoming trend in the market. Intraocular lenses (IOLs), which are artificial lenses implanted during eye surgeries to replace the natural lens, have gained significant traction in the medical tourism industry. Globally, the demand for premium IOLs, including monofocal lenses made of hydrophobic acrylic and polymethyl methacrylate (PMMA), is increasing due to rising eye care awareness and the growing prevalence of eye disorders and visual impairments. Surgical procedures such as cataract removal and glaucoma surgery are common reasons for patients to seek medical care in ambulatory surgery centers and specialty clinics, both domestically and internationally. Medical tourism offers patients from developed countries, such as the US and Canada, the opportunity to access affordable, high-quality IOL treatments in developing countries like India, Mexico, South Korea, and Thailand.
• These destinations provide accredited hospitals and healthcare systems, advanced surgical procedures, and short waiting times. Health insurance coverage and research institutes also contribute to the growth of the IOL market in these regions. The Medical Tourism Association (MTA), a global non-profit trade organization, plays a vital role in facilitating sustainable medical tourism by promoting low-cost treatment options and ensuring the highest standards of care.

What challenges does India Intraocular Lens Market face during the growth?

• Intense competition among manufacturers of intraocular lenses is a key challenge affecting the market growth. The Intraocular Lens (IOL) market in India is marked by significant competition, with established players dominating the landscape. These global companies offer a range of IOLs, including monofocal lenses made of hydrophobic acrylic and polymethyl methacrylate. The affordability of these premium products, coupled with growing eye care awareness, has led to an increase in demand for IOLs in India. However, the intense competition among companies results in pricing wars, which can negatively impact market growth. Ambulatory surgery centers, specialty clinics, research institutes, and surgical procedures for eye disorders and vision correction drive the demand for IOLs.
• Health insurance coverage and the growing number of individuals with visual impairments further fuel market growth. Global companies invest heavily in product innovation, marketing, and promotional activities to gain market share and maintain profit margins.

Exclusive India Intraocular Lens Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the market.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Alcon Inc.
• Appasamy Associates Pvt. Ltd.
• Aravind Eye Care System
• Bausch Health Companies Inc.
• Biotech Healthcare Holding GmbH
• Care Group Sight Solution Pvt. Ltd.
• Carl Zeiss AG
• EssilorLuxottica
• Excellent Hi Care Pvt. Ltd.
• FREEDOM MEDICARE SAS
• Global Ophthalmic Pvt. Ltd.
• Grevis Pharmaceuticals Pvt. Ltd.
• HOYA Vision Care Europe Hoya Holdings N.V
• Johnson and Johnson Services Inc.
• NanoVision
• Nayam Innovations Pvt. Ltd.
• Omni Lens Pvt. Ltd.
• SMR Ophthalmic Pvt. Ltd.
• STAAR Surgical Co.
• Syon Med Pvt. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is witnessing significant growth due to the increasing prevalence of cataracts, particularly in the aging population. Cataract surgeries have become commonplace, with minimally invasive procedures gaining popularity. Presbyopia, a common age-related condition, also contributes to the market's growth. Insurance plans and reimbursement policies play a crucial role in the market's expansion. Skilled surgeons and ophthalmologists, along with advanced ophthalmic clinics, are driving the demand for IOLs. Monofocal IOLs made of hydrophobic acrylic materials are the most commonly used type, but multifocal lenses and toric lenses are gaining traction.

Moreover, cataract surgery, a surgical intervention for vision impairment caused by cataracts, is a major application area. Diabetic population, elderly population, and those with refractive errors such as myopia, hyperopia, and astigmatism, are key consumer groups. Premium IOLs, offering superior visual outcomes and astigmatism correction, are increasingly being adopted. FDA approvals and vision restoration are key factors influencing the market. IOL technologies continue to evolve, with ongoing research in hospitals and eye research institutes, while advancements in biotech and the growing demand for contact lenses are driving innovation in vision correction and cataract treatment options. Conditions like glaucoma, diabetic retinopathy, and surgical interventions for various eye disorders also contribute to the market's growth. The market is expected to continue its upward trajectory, offering substantial opportunities for stakeholders.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across India
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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