Intraocular Lens Market Trends

Growth Drivers

• Growing Prevalence of Diabetes - In 2021, there were about 536 million adults (20-79 years old) who had diabetes. According to projections, there would be approximately 642 million diabetics worldwide by 2030 and about 782 million by 2045. Diabetes is a major risk factor for several eye problems, including cataracts and diabetic retinopathy, which is why there is an increasing demand for intraocular lenses as the prevalence of the disease rises. The demand for therapeutic options including intraocular lenses rises along with the prevalence of diabetes since more people with diabetes are at risk for developing these eye diseases.
• Rising Geriatric Population - According to the World Health Organization, one in six persons on the planet would be 60 years of age or older by the year 2030. At this point, there would be 1.4 billion people, up from 1 billion in 2020, who are 60 years of age or older. Age is a major risk factor for cataracts, which are the main cause of vision loss in older persons, hence the growing geriatric population is driving up demand for intraocular lenses. The lens of the eye could become clouded and less flexible as we age, which impairs vision and makes things murky.
• Surge in Screen Exposure - People worldwide spend about 7 hours, 58 minutes every day in front of a screen. Since 2013 till 2023, daily screen time has climbed by about 49 minutes. The demand for intraocular lenses is rising as more people are exposed to screens, primarily since prolonged use of electronic screens, such as those on computers and mobile devices, may increase the incidence of vision issues such as presbyopia (age-related loss of near vision) and asthenopia (eye strain).
• Growth in Medical Tourist - Approximately 3 million patients travel to India annually from about 77 different countries for medical, wellness, and IVF treatments. 
• Upsurge in Disposable Income - In the United States, disposable personal income climbed to about USD 19706 billion in February 2023 from approximately USD 19616 billion in January 2023. People are inclined to choose modern IOLs that provide greater vision correction and higher quality of life when disposable income increases.

Challenges

• High Cost of Intraocular Lens
• Regulatory Barriers - Some manufacturers may find it difficult to launch new items into the intraocular lens market since the regulatory approval procedure for medical devices such intraocular lenses may be time-consuming and expensive. Additionally, regulatory regulations may differ from nation to nation, adding to the entry obstacles for manufacturers. Hence, this factor is estimated to hinder the growth of the market.
• Lack of Awareness Among People