Intraocular Lens Market Trends

Growth Drivers

• Rising geriatric population: According to the World Health Organization, one in six persons on the planet will be 60 years of age or older by the year 2030. Age is a major risk factor for cataracts, which is the main cause of vision loss in older persons. Hence the growing geriatric population is driving up demand for intraocular lenses. These factors are propelling the growth of the market during assessed time.
• Rising screen exposure: According to Pew Research Center in March 2024, 38% of teens say that they spend too much time on their smartphones. This leads to increased demand for intraocular lenses because more people are exposed to screens, primarily due to prolonged use of electronic screens, such as those on computers and mobile devices. This will increase the incidence of vision issues such as asthenopia (eye strain).
• Rising awareness of eye health: The World Health Organization commemorates World Sight Day on the second Thursday of October every year to raise awareness about the importance of protecting eyes and vision. The growth of the market can also be attributed to factors such as rising surgical procedures, and the advent of advanced diagnostic tools. People get to understand the disease and respective treatment.

Challenges

• Regulatory Barriers: Some manufacturers may find it difficult to launch new items into the market since the regulatory approval procedure for medical devices such as intraocular lenses may be time-consuming and expensive. Additionally, regulatory regulations may differ from nation to nation, adding to the entry obstacles for manufacturers.
• Complications associated with the intraocular lenses: The major problem with the lenses is that the user may develop corneal edema, retinal detachment, or glaucoma. The longer the IOL stays dislocated, there would be higher the risk of scarring.