Asia Pacific Intraocular Lens Market

Asia Pacific Intraocular Lens Market Size (2024 to 2032):

The size of the Asia Pacific intraocular lens market was valued at USD 0.87 billion in 2023. This market is expected to grow at a CAGR of 6.8% from 2024 to 2032 and be worth USD 1.57 billion by 2032 from USD 0.93 billion in 2024. 

MARKET SCENARIO

In recent times, the use of intraocular lenses has increased due to the increasing prevalence of cataracts in the aging population. The growing adoption of high-end intraocular lenses, such as fitting intraocular lenses and multifocal intraocular lenses, and increasing government initiatives are some of the key factors driving the growth of the APAC IOL market. Moreover, the increased healthcare awareness is also driving the growth of the APAC Intraocular Lenses market.

The increasing prevalence of cataracts, the increasing demand for minimally invasive procedures, and advancements in technology are the major drivers that are significantly boosting the market penetration during the forecast years.

According to the World Health Organization (WHO), around 22 million cataract surgeries have been performed and are expected to reach around 35 million by 2025. The large number of patients and increased government funding. These factors will lead to significant growth in the years to come.

However, the high costs associated with cataract treatment and the low reimbursement for conventional and advanced surgeries are challenging the growth of the intraocular lens market. The availability of advanced technologies such as micro incision cataract surgery and femtosecond lasers would create opportunities for the global intraocular lens market. The global intraocular lens market trend is multi-distance vision capability. Post-surgical complications, such as refractive errors and the like, threaten to limit growth.

SEGMENTAL ANALYSIS

Asia Pacific Intraocular Lens Market Analysis By Material

• Polymethylmethacrylate (PMMA)
• Silicone
• Hydrophobic Acrylic

Asia Pacific Intraocular Lens Market Analysis By Type

• Monofocal Intraocular Lens
• Premium Intraocular Lens
• Toric Intraocular Lens
• Multifocal Intraocular Lens
• Accommodating Intraocular Lens

Asia Pacific Intraocular Lens Market Analysis By End User

• Hospitals
• Ophthalmology Clinics
• Eye Research Institutes
• Ambulatory Surgical Centers

GEOGRAPHICAL ANALYSIS

• India
• China
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC.

The multiple lucrative opportunities offered by the intraocular lens market in the densely populated APAC regions are expected to drive the market growth at the fastest rate during the forecast period. The market in these regions are expected to grow at a profitable rate during the forecast period owing to the increase in the geriatric population and an exponential increase in the diabetic population in these regions such as China, Taiwan, Singapore and Pacific regions etc. Developing economies such as Japan, China and India are the major contributors to regional market revenues.

China is expected to post the fastest growth rate during the forecast period. The increase in geriatric population and growing diabetic population in developing countries is leading to increased adoption of cataracts and other retinal procedures, driving the APAC intraocular lens market.

Patients with diabetes are more prone to cataracts, macular degeneration, and other ophthalmic disorders, resulting in an increased need for various types of intraocular lenses. According to the International Diabetes Federation, the Western Pacific region had the largest diabetic population of 78 million, while the East Asia region had 62 million. India accounted for 52.6 million and China 45.7 million of the diabetic population of the latter region.

Massive patient pool and expanding health tourism industry are driving the growth of IOL market in developing countries such as China and India. Additionally, government initiatives to develop and commercialize cost-effective treatment options and the collaborative efforts of private and government entities to establish eye care centers are driving market growth in Asia Pacific during the forecasted period 2024 to 2032.

KEY MARKET PLAYERS

Top Companies dominating the Asia Pacific Intraocular Lens Market Profiled in the Report are Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, Alcon, Inc. (division of Novartis AG), EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, Physiol s.a., Calhoun Vision Center, and Oculentis GmBH.