Global intraocular lens market to grow by $1.17b through 2028

Its expansion is attributed to a rise in ophthalmic diseases, particularly cataracts.

The global intraocular lens (IOL) market is projected to grow by $1.17b until 2028 at an estimated compound annual growth rate (CAGR) of 5.01%, said Technavio.

The sector’s expansion is attributed to a rising prevalence of ophthalmic diseases, particularly cataracts amongst the ageing population.

In addition, age-related macular degeneration, presbyopia, and diabetic eye conditions are contributing to the rising demand for IOLs.

“The market is also driven by the trend towards minimally invasive surgeries and the availability of skilled ophthalmologists,” the report said.

Meanwhile, key developments include the introduction of new patents for IOLs and the expansion of insurance plans that cover cataract surgeries. 

Moreover, there is also a growing interest in premium IOLs, such as multifocal and toric lenses, for enhanced vision correction. 

“Telemedicine is also playing a role in increasing access to IOLs, especially in remote areas,” the report added.