Market for Intraocular lens (IOL) or tiny artificial lens that replace clouded natural lenses are expected to grow nearly $5.0 billion in 2033 from $4.1 billion in 2022, according to a report on Wednesday.
The report by GlobalData, a leading data and analytics company, shows that the IOL's market expansion is propelled by the increasing capacity of healthcare facilities worldwide to conduct cataract surgeries.
IOL replaces the eye's natural lens that is removed during cataract surgery. The lens bends (refracts) light rays that enter the eye, helping people to see.June is observed as the Cataract Awareness Month to raise awareness towards the staggering number of individuals grappling with visual impairments, particularly cataracts.
According to the World Health Organization (WHO), globally 2.2 billion people have a near or distance vision impairment.Cataracts most frequently occur because of age-related degenerative processes in the lens. Since cataracts can only be treated with surgery, typically only moderate to severe cases undergo treatment, whereby the eye's lens is replaced with an IOL.
"The rise in the 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, Senior Medical Device Analyst at GlobalData, in a statement.
"GlobalData expects an increase in the number of eye surgeries and the use of IOLs for both cataracts and refractive errors in the next decade," he added.There are several types of IOLs, which are categorised based on aspects such as their composition material, focal lengths, and whether they are toric.
These include advanced-technology intraocular lenses, which include aspheric IOLs, toric IOLs, multifocal IOLs, and accommodative IOLs.These have significantly shifted the way in which cataracts are managed today.
"Newer IOL technologies, including trifocal, quadrifocal, and extended depth-of-focus (EDOF) lenses, have been instrumental in providing spectacle-free vision at all distances," Hicks said.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," he noted.