Intraocular Lens Market - Growth, Trends, COVID-19 Impact, And Forecasts (2023 - 2028)

Intraocular Lens Market - Growth, Trends, COVID-19 Impact, And Forecasts (2023 - 2028)

The intraocular lens market is projected to register a CAGR of 5.6% during the forecast period.

The COVID-19 pandemic made patients hesitant to seek elective health care, including cataracts and reconstructive surgery. The pandemic adversely affected the market and the resultant lockdowns placed by several countries. Visits to eye clinics or hospitals were reduced drastically, and only emergency procedures were performed. According to the data published by the National Center for Biotechnology Information in December 2021, patient numbers visiting eye care hospitals fell to a mere 3.5% in India. As the number of 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 critical cases among patients.

During the pandemic, patients were more inclined toward telemedicine, which was critical in maintaining access to eye care. However, initiatives such as expansion by key market players are expected to increase market growth over the forecast period. For instance, in July 2022, Rayner expanded its presence in France. Similarly, the company also expanded its presence in Australia in January 2022. Such expansions are anticipated to increase the availability of products in those countries, which is expected to increase market growth during the forecast period.

Intraocular lenses (IOLs) are implantable medical devices used for vision correction. The key factors propelling the intraocular lens market include increasing ophthalmic issues, growing cases of cataracts in the diabetic population, and rising adoption of advanced premium IOLs. According to the American Academy of Ophthalmology, in 2021, myopia, an eye-focusing disorder, was a significant, prevalent disease that affected an estimated 25% of Americans. Moreover, high myopia is associated with potentially blinding complications, such as glaucoma, retinal detachment, and myopic macular degeneration. Hence, such an increase in ophthalmic conditions across the world is expected to drive the growth of the IOL market over the forecast period.

Moreover, many companies are launching new products and receiving approvals in the market to strengthen their position. For instance, in October 2021, Alcon Inc., a division of Novartis, launched the AcrySof IQ Vivity IOL (Vivity), the first and only presbyopia-correcting intraocular lens (PC-IOL) with wavefront-shaping technology in India. Similarly, in July 2021, Johnson & Johnson Vision received approval from the US Food and Drug Administration for its Tecnis Synergy and Tecnis Synergy Toric II intraocular lenses. Furthermore, in February 2021, the US Food and Drug Administration approved Johnson & Johnson Vision’s TECNIS Eyhance and TECNIS Eyhance Toric II intraocular lens for the treatment of cataract patients in the United States. Thus, such product launches and approvals are expected to increase market growth during the forecast period.

However, the increasing costs of IOLs and poor reimbursement coverage are expected to hamper the market growth over the forecast period.

Monofocal intraocular (IOL) is an intraocular lens with a fixed focus from one distance. The intraocular lens focuses on the light that enters through the cornea and pupil onto the retina. A monofocal intraocular lens has equal power in all regions and a single zone of clear focus, producing excellent vision from a determined distance. Patients with cataracts in both eyes prefer monofocal intraocular lenses so they can select one of the three focuses for both eyes (near focus, mid-distance, and distant focus). A monofocal intraocular lens is the first choice for many, as it can provide the best image quality after surgery.

Factors such as increasing research studies and product launches by key market players are expected to boost market growth over the forecast period. The study published in the Scientific Report in January 2022 mentioned that cataracts and blepharoptosis are common ophthalmic problems in older adults in Korea; the prevalence of blepharoptosis in middle-aged to older adults is over 10%, and cataract is 15%. Thus, the increasing prevalence of ophthalmic disease boosts market growth over the forecast period. The rising product launches have increased the adoption of monofocal intraocular lenses. For instance, in March 2022, Alcon launched Clareon Monofocal, Clareon PanOptix, and Clareon Vivity IOLs in the US. Similarly, in February 2021, Johnson & Johnson received the approval of the US Food and Drug Administration for the next-generation monofocal intraocular lens, Tecnis Eyhance, and Tecnis Eyhance Toric II IOLs, for the treatment of cataract patients.

Thus, due to the abovementioned factors, the segment is expected to witness significant growth over the forecast period.

North America holds the major market share, and it is expected to dominate over the forecast period, owing to an increase in vision-related disorders, high adoption of new technologies and products in the healthcare sector, and a surge in demand for better healthcare facilities.

In addition, the increasing prevalence of cataract issues, such as age-related cataracts and congenital cataracts, is anticipated to propel the market’s growth over the forecast period. According to statistics published by NVision Centers, in 2022, it was found that about 12 million people aged 40 years and above are suffering from vision impairment in the United States. Similarly, a July 2021 article in the Ontario Association of Optometrists stated that 1.2 million Canadians, including 466,000 people in Ontario, have vision impairment. More than 8 million Canadians, including over 3.1 million in Ontario, have one of the four primary eye illnesses (age-related macular degeneration, glaucoma, diabetic retinopathy, and cataracts) and are either experiencing or at risk of losing their vision. The market is anticipated to develop due to the rising frequency of eye illnesses and the increased need for intraocular lenses.

Product launches by market players in the region are another factor in market growth. For instance, in February 2021, Johnson and Johnson received approval from the US Food and Drug Administration for the TECNIS Eyhance TM and TECNIS Eyhance TM Toric II intraocular lens for the treatment of cataract patients in the United States. Similarly, in January 2021, Alcon launched the first non-diffractive extended depth-of-focus intraocular lens in the United States, the AcrySof IQ Vivity IOL. Such product launches provide innovative and advanced products, which are expected to increase market growth during the forecast period.

Thus, the abovementioned factors are expected to increase market growth over the forecast period in the region.

Companies are focusing on surgical advancements for ophthalmic disorders at reasonable costs. Major manufacturers of intraocular lenses are investing in mergers and acquisitions to expand revenue share and diversify product portfolios. Thus, the growing focus of companies in emerging countries and the gradual shift toward new technologies offer significant growth opportunities for players in the market. Some major market players include Alcon, Hoya Corporation, Carl Zeiss MediTech AG, Bausch Health Companies Inc., and EyeKon Medical Inc., among others.

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