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

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

The North American intraocular lens market is expected to witness a CAGR of 3.9% during the forecast period.

During the COVID-19 pandemic, several communities, industries, businesses, and lives were adversely affected owing to the restrictions imposed by various countries. Almost all sectors were affected by the COVID-19 pandemic. An article titled “Impact of cessation of regular cataract surgery during the COVID pandemic on the rates of posterior capsular rupture and post-operative cystoid macular edema” published in February 2022 indicated that there was a reduction in the number of elective cataract surgeries during the COVID-19 pandemic. The article suggested that the hiatus of 9 months from routine high-volume elective cataract surgeries, probably because of the degradation of the micro-surgical skills, resulted in operative complications. The reduction in the number of intraocular surgeries during the COVID-19 pandemic significantly impacted the growth of the intraocular lens market.

Certain factors that are driving the market growth include the rising burden of ophthalmic disorders and the increasing number of cataract cases in diabetic people. According to "The cost of vision loss and blindness in Canada" released in May 2021 by the Canadian Council of the Blind, around 1.2 million people in Canada were living with vision impairments such as myopia, hyperopia, astigmatism, presbyopia, and the number of vision loss cases were increasing over time. The rising cases of vision impairment across the region are likely to add to the growth of the studied market over the forecast period since the intraocular lenses could be used in the treatment of eye disorders such as myopia, hyperopia, astigmatism, and presbyopia.

Intraocular lenses are most widely used in the treatment of cataracts. According to an article titled "The Statistics on Eye Disease in America (2022)" published in February 2022, over 20.5 million people in the United States were living with cataracts. the numbers were projected to rise to 30 million by the year 2028. The rising prevalence of cataracts is expected to add to the market growth.

The product launches by the key market players in the region are also expected to add to the market growth. For instance, in June 2021, Johnson & Johnson Vision launched TECNIS Synergy and TECNIS Synergy Toric II presbyopia-correcting intraocular lens (PC-IOLS) in North America for cataract patients. The next-generation PC-IOLs provide an extended depth of focus and multifocal technologies to deliver the widest range of continuous vision and the best near vision among leading PC-IOLs. Such activities are likely to boost the growth of the intraocular lens market over the forecast period.

Other than the adoption rate, there are a few challenges associated with intraocular lenses, like the confusion and errors related to intraocular lenses (IOL) are found to be among the most common postoperative adverse events, as well as the most errors related to incorrect IOL implantation, which restricts 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 TrendsThe Accommodative IOL Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period

Accommodative intraocular lenses are known to accommodate well post-surgical changes, as compared to mono-focal intraocular lenses. According to an article titled "Accommodating IOLs: The Technology in 2022 (A Good Option?)" published in February 2022, accommodating intraocular lenses provide sharper distance vision, reduced dependence on glasses for reading, improved near vision without compromising distance vision, and minimal complications after surgery. These lenses are preferred by patients suffering from macular degeneration, as they support the eye muscles in focusing on intermediate and distant objects without any side effects. These lenses are widely used in the treatment of presbyopia and astigmatism. Such studies advocating the benefits of the accommodative intraocular lenses are expected to boost the growth of the market segment over the forecast period.

Also, the rising number of diabetic cases in the region is a major factor contributing to the market growth. In diabetic patients, high blood sugar (blood glucose) levels over time can lead to structural changes in the lens of the eye that can accelerate the development of cataracts and hence, the demand for accommodative IOLs is expected to increase in the region, fuelling growth in the segment. For instance, according to the National Diabetes Statistics Report updated in January 2022, around 37.3 million people in the United States have diabetes, which equates to around 11.3% of the total population. Also, the report stated that around 96 million people aged 18 years or older in the United States have prediabetes.​ The diabetic population, who are more susceptible to cataracts is expected to add to the growth of the accommodating intraocular lens segment over the forecast period.

Recent studies in accommodating intraocular lenses focused on their application in various visual impairment problems are adding to the growth of the market. An article titled “Artificial accommodating intraocular lens powered by an ion polymer-metal composite actuator” published in June 2021 discussed the production of an artificial accommodating intraocular lens design with a method to transfer energy to a membrane-shaped ion polymer metal composite actuator, thin enough to be inserted in the eye. The novel prototype allowed for reproducible and repeatable results and lessened astigmatic vision. Such studies focusing on innovations in accommodating intraocular lenses are expected to boost the growth of the studied market over the forecast period.

Therefore, due to the above-mentioned factors, the accommodating intraocular lenses segment is expected to hold a major market share over the forecast period.

United States is Expected to Hold a Significant Share in the Market Over the Forecast Period

The rise in the adoption of highly advanced techniques and systems in the manufacturing of intraocular lenses and the technological advancements made in these lenses are expected to boost the growth of the market in the United States. The high awareness among the population on the availability of innovative vision corrective surgeries in the medical field contributes to the high market growth in the nation.

According to the United States Center for Disease Control and Prevention article on Fast Facts of Common Eye Disorders updated in June 2020, approximately 12 million people 40 years and over in the United States have vision impairment, including 1 million who are blind, 3 million who have vision impairment after correction, and 8 million who have vision impairment due to uncorrected refractive error. The article also stated that an estimated 93 million adults in the United States are at high risk for serious vision loss, but only half have visited an eye doctor in the previous twelve months. The large population suffering from vision disorders in the United States region and the necessity for proper treatment for such disorders is adding to the growth of the intraocular lenses market in the nation during the forecast period.

Several market players have focused on the launch of intraocular lenses in the United States, which is adding to the growth of the studied market. In January 2021, Alcon launched the AcrySof IQ VivityTM IOL (Vivity), a non-diffractive extended depth of focus intraocular lens (IOL) in the United States. Vivity is a one-of-its-kind, non-diffractive extended depth of focus IOL which employs Alcon’s proprietary non-diffractive X-WAVE technology, which stretches and shifts light without splitting the lens. Such activity in the nation is likely to add to the market growth over the forecast period.

Thus, owing to the aforementioned factors, the United States’ intraocular lens market is expected to grow significantly over the forecast period.

Competitive Landscape

The North American intraocular lens market is highly competitive and consists of a few major players. Companies, like 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., Alcon, Rayner, and STAAR Surgical Company, among others, hold a substantial share in the market studied.

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