Europe Intraocular Lens Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Intraocular Lens Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe's intraocular lens market is projected to register a CAGR of 5% during the forecast period, 2022-2027.

The COVID-19 pandemic made patients extremely hesitant to seek elective health care, including cataract and reconstructive surgery. The market was negatively affected by the COVID-19 pandemic and the resultant lockdowns placed by several countries. The visits to eye clinics or hospitals reduced drastically, and only emergency procedures were being performed. For instance, as per the study published in July 2021, titled 'Impact of the SARS-CoV-2 pandemic on ophthalmic care in Germany', concerning outpatient care and consultations from March to April 2020, a total of 69 (5.8%) participants indicated unlimited, 756 (63.5%) reduced, and 330 (27.7%) emergency care only, independent of the type of institution. Outpatient surgery was restricted to emergency surgery in 68% of clinics, 42.0% of inpatient wards, 45.0% of surgical medical care centers and group practices, and 33.0% of private practices. As the COVID 19 cases rose, many ophthalmologists temporarily closed their practices as a cautionary measure. In some cases, specialized isolated temporary clinics were opened to manage the critical cases among patients. During the pandemic, patients were more inclined toward telemedicine, which was critical in maintaining access to eye care.

The growth of the European intraocular lens market is due to the rising number of ophthalmic disorders and the aging population. The rising prevalence of ocular conditions, such as cataracts and diabetic retinopathy across the world, is driving the market’s growth.

As per the study published in August 2020, titled 'Prevalence and incidence of age-related macular degeneration (AMD) in Europe: a systematic review and meta-analysis, approximately 67 million people in the European Union are currently affected by any AMD and, due to population aging, this number is expected to increase by 15% until 2050. Similarly, as per the study published in August 2021, titled 'Five-year cumulative incidence and progression of age-related macular degeneration: results from the German population-based Gutenberg Health Study (GHS)', AMD occurred in 2.0% of the population and 18.1% of subjects with AMD showed progression within 5 years. There was a strong age dependency, with a higher risk in older subjects.

Other factors, such as increasing cases of cataracts in the diabetic population, are leading to the rising adoption of advanced premium intraocular lenses, which is likely to propel the growth of the European intraocular lens market. For instance as per the study published in December 2021 titled 'Senile Cataract in Patients with Diabetes with and Without Diabetic Retinopathy: A Community-Based Comparative Study', in 668 eyes, cataract and diabetic retinopathy were present in 35.5% and 32.2%, respectively. Diabetic retinopathy, age, duration of diabetes, and systolic BP were found to be independent risk factors for cataracts.

Moreover, in May 2021, Bausch + Lomb, a leading global eye health business of Bausch Health Companies Inc., announced the European launch of the company's first Extended Depth of Focus intraocular lens (IOL), LuxSmart, and a new monofocal IOL, LuxGood. Additionally, in March 2020, Alcon announced that AcrySof IQ Vivity, a first-of-its-kind intraocular lens (IOL) is now commercially available in select European markets, with additional countries to follow throughout 2020.

However, the high cost of the intraocular lens and poor reimbursement coverage is expected to hamper the market’s growth during the forecast period.

Key Market TrendsAccommodative IOL Expected to Grow at the Fastest Rate over the Forecast Period

Comparatively to monofocal IOLs, accommodating intraocular lenses are known to adapt effectively to post-surgical alterations. Patients with macular degeneration appreciate these because they help the eye muscles focus on distant and intermediate things. Presbyopia and astigmatism are two conditions that these lenses are frequently used to cure. Since monofocal intraocular lenses can offer the highest picture quality following surgery, they are frequently the first option for many people, and as a result, they account for the largest percentage of the market. The increasing cases of eye disorders and the increased number of surgeries related to eyes are important factors boosting the segment’s growth.

Moreover, According to data from "Deutschen GesundheitsberichtDiabetes 2021," more than 7 million persons in Germany had diabetes as of November 2020, and 12 million were predicted to have it by 2040. With the increasing cases of diabetes in the region, there is an increasing population affected with macular degeneration which in turn is expected to boost the growth of the segment over the forecast period.

Moreover as per the European Blind Union (EUB) updates from June 2021, in Europe alone, there are reportedly around 30 million blind and partially sighted people. Additionally, 1 in 30 Europeans lose their vision on average.

An increasing number of people facing these eye problems is a significant factor contributing to the significant growth of the segment.

Germany is Expected to Dominate the Intraocular Lens Market

Germany is expected to dominate the market owing to factors such as the easy availability of technologically advanced products, and high awareness among consumers.

Germany is one of the nations in Europe with the largest healthcare expenditure. As per deStatis (Statistisches Bundesamt) data on healthcare expenditure in Germany published in June 2022, Germany spent around EUR 441 billion in the healthcare sector. The expenditure accounted for 13.1% of the nation’s GDP. The Federal Statistical Office (Destatis) reported that this was an increase of EUR 16.3 billion, or 31.5%, compared with 2019. The increase in healthcare expenditure in the nation is expected to add to the country's market growth.

Moreover, as per the study published in August 2021 titled 'Five-year cumulative incidence and progression of age-related macular degeneration: results from the German population-based Gutenberg Health Study (GHS)', age-related macular degeneration (AMD) prevalence was 8.5% at baseline and 10.3% at follow-up. The cumulative 5-year-incidence was 2.0%. AMD progression within 5 years was seen in 18.1% of the participants. AMD incidence and AMD progression were associated with higher age, for each 10-year increase in age, the risk of AMD doubles.

Thus, the market is expected to witness significant growth during the forecast period due to the abovementioned factors.

Competitive Landscape

The European intraocular lens market is fragmented in nature, due to the presence of numerous market players. Major market players are focusing on partnerships, while signing agreements to enhance their market presence. The major players include Novartis AG (Alcon), Bausch Health Companies Inc. (Bausch + Lomb), Carl Zeiss Meditec AG, EyeKon Medical Inc., Hoya Corporation, HumanOptics AG, Johnson and Johnson Vision Care Inc., Lenstec Inc., Rayner, and STAAR Surgical Company. Furthermore, product innovation and technological advancements are expected to attract new market players.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.