BVI Medical has gained US Food and Drugs Administration (FDA) approval for FineVision HP, the world鈥檚 first trifocal intraocular lens (IOL) for cataract surgery, in an effort to expand coverage in the IOL market and more specifically the multifocal intraocular lens market.
The IOL market was worth $4.6 billion worldwide in 2024 and is projected to reach $5.6 billion in 2034 with a compound annual growth rate (CAGR) of 2.1%. The multifocal IOL market was worth $820.5 million in 2024 and is estimated to reach $977.3 million in 2034 with a CAGR of 1.8%, according to GlobalData, a leading data and analytics company.
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The FineVision HP patented design offers vision at far, intermediate and near distances, providing an advantage over current intraocular lenses on the market. This development could present a substantial opportunity for BVI as it attempts to make a name for itself in the IOL market. Given the clear benefits of a trifocal intraocular lens, we may see increasing interest or preference towards BVI compared to competitor products.
BVI Medical remains a very small player in the market. The large players in control of the space, Alcon, Johnson & Johnson and Bausch Health, make up 35.6%, 15.7% and 7.5% of the market respectively. While it is therefore unlikely that the dynamic of the IOL market will change as a result of this news, it is possible that BVI could utilise its momentum to become a more significant player.
The overall IOL market is estimated to continue to grow at a steady rate as an ageing population increases the prevalence of vision loss, creating further demand for eye care procedures. More government investment in eye care facilities, advancements in research and technology, and growing awareness of vision-related conditions are expected to be major drivers of growth. Reduced accessibility of these procedures in developing countries and the global lack of skilled ophthalmologists are likely to operate as barriers.
Although BVI makes up a small portion of the IOL market, this FDA approval provides a compelling launch point for its growth potential. Assuming that BVI focuses on market strategies such as partnerships with leading cataract surgeons and speciality centres, robust surgeon training and patient education, and forming strategic collaborations with payers and distributors to increase adoption, we can expect BVI to capture meaningful share in the IOL space.
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By GlobalData