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

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

The global intraocular lens market is projected to register a CAGR of 4.9% during the forecast period.

The COVID-19 epidemic has made patients extremely hesitant to seek elective health care, including cataract and reconstructive surgery. The market is negatively affected by the COVID-19 outbreak, which is majorly attributed to the lockdown placed by several countries. The visits to eye clinics or hospitals have reduced drastically, and only emergency procedures are being performed. As the COVID 19 cases are in rise, as a cautionary measure, many ophthalmologists have temporarily closed their practices. In some cases, specialized isolated temporary clinics have been opened to manage the critical cases among the patients.

Intraocular lenses (IOLs) are implantable medical devices used for vision correction. The key factors propelling the intraocular lens market are increasing ophthalmic issues, growing cases of cataracts in the diabetic population, and rising adoption of advanced premium IOLs. A large section of people above the age of 60 years is affected by several kinds of ophthalmic issues, which are chronic and demand eye corrections. Owing to such scenarios, the growth IOLs has increased with the demand, offering more precise solutions and varied options for physicians for a particular disease. Moreover, the presence of reimbursement policies for essential ophthalmic surgeries and a definite regulatory framework are enhancing growth in the market.

According to the National Eye Institute, 2020 the United States recorded 7.7 million diabetic retinopathy cases and 24 million cataract cases, and it is expected to reach 11.3 million and 38 million, respectively, by 2030. In addition, the American Association of Ophthalmology states that the major cause of visual impairment around the world is reported to be a cataract, and geriatric ocular issues are emerging as prime factors in the developing countries. Hence, such a rise in the ophthalmic conditions across the world is expected to drive the growth of the IOL market, over the forecast period.

Other than the adoption rate, there are few challenges associated with intraocular lenses, like the confusions and errors related to intraocular lenses (IOL), as well as the most errors related to incorrect IOL implantation, which restrict its usage. In addition, the increasing costs of IOLs and poor reimbursement coverage are expected to hamper the market growth, over the forecast period.

Key Market TrendsAccommodative IOL is Expected to Grow Fastest Over the Forecast Period

Due to the high transmission rate and lack of treatment, many countries have suffered and are continuing to bear a significant burden on both the countries’ economies and healthcare systems. The economic downfall in most of the countries might result in the loss of jobs for many people, which will lead to lesser capital to spend on healthcare. As a result, patients may reduce the frequency of visits to ophthalmology clinics, because of the delayed decisions to go ahead with the ophthalmic surgeries in hospitals during the COVID period.

Accommodative intraocular lenses are known to accommodate well with post-surgical changes, as compared to that of monofocal IOLs. These are preferred by patients suffering from macular degeneration, as they support the eye muscles in focusing on intermediate and distant objects. These lenses are widely used in the treatment of presbyopia and astigmatism. Whereas the monofocal intraocular lens is the first choice for many, as it can provide the best image quality after the surgery, and thus, they have the largest share in terms of percentage in the market. The increasing eye disorders and increased number of surgeries related to eyes are the important factors that are boosting the segment’s growth.

According to BrightFocus Foundation, 2020, 11 million people in the United States have some form of age-related macular degeneration which is expected to double to nearly 22 million by 2050. An increasing number of populations facing these eye problems is a major factor contributing to the significant growth of the segment.

North America has been Dominant in the Market and Similar is Expected Over the Forecast Period

Within North America, the United States has held the major share of the market and expected to dominate over the forecast period.

There is an increasing prevalence cataract, which is anticipated to propel the market over the forecast period. In addition to the age-related cataract, increasing cases of congenital cataracts is expected to favor the growth of the market. According to the National Eye Institute, 2020, by 2050, the number of people in the United States, with cataract is expected to double from 24.4 million to about 50 million.

According to the American Academy of Ophthalmology, 2019, myopia is a significant, prevalent disease in children with increasing progression rates. 80 million children were reported to be myopic, worldwide. Moreover, high myopia is associated with potentially blinding complications, such as glaucoma, retinal detachment, and myopic macular degeneration.

However, as the impact of COVID 19 is more in this region, a significant proportion of the elective surgeries are postponed, and the hospitals are converted into emergency units. Due to this, the market intraocular lens in the region is expected to register significant short term impact.

Competitive Landscape

Companies are focusing on surgical advancements for ophthalmic disorders at reasonable costs. Major manufacturers of intraocular lenses are investing in mergers and acquisitions, in order to expand revenue share and diversify product portfolio. Thus, the growing focus of companies on emerging countries and gradual shift toward new technologies are offering significant growth opportunities for the players in the market.

Additional Benefits:

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

Companies Mentioned

Alcon Inc.
Bausch Health Companies Inc.
Carl Zeiss Meditec AG
EyeKon Medical Inc.
HOYA CORPORATION
HumanOptics AG
Johnson and Johnson Vision Care Inc.
Lenstec Inc.
Rayner
STAAR Surgical Company

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