Global Intraocular Lens (iols) Market Was Valued At Us$ 3.9 Billion In 2021 And Is Likely To Grow At A Cagr Of ~5-6% By 2026

By Author: Tejashri
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The Global Intraocular Lens (IOLs) Market was valued at US$ 3.9 billion in 2021 and is set to witness a growth rate of ~5-6% in the next 5 years. Some of the main factors driving the global IOLs market are the increase in cataract procedures due to an ageing population, the switch from monofocal IOLs to premium IOLs/advanced technology IOLs, the steady growth of monofocal IOLs in line with the procedural market, and favorable reimbursement scenarios in certain key markets.

However, some of the key elements that are expected to hamper market expansion are comparatively higher pricing and limited/partial coverage of premium/advanced technology IOLs.

Intraocular Lens (IOLs) Market Likely to Stay Largely Resilient Through Recession, Though the Value Mix is Expected to be Adversely Impacted

The Russia-Ukraine war has amplified the impact of COVID-19 and the global economic slowdown, which might result in extended periods of limited growth and high inflation. The situation is likely to lead to supply-chain disruptions and the risk of stagflation which might further curtail global economic growth.

Due to ...
... the impending recession, patients are anticipated to delay elective surgical procedures including cataract surgeries until the future of the broader economy looks more promising. In key markets such as the U.S., cataract surgeries involving monofocal IOLs are generally fully covered by medical insurance providers or government reimbursement programs whereas implantation of premium or advanced technology IOLs may only be partially covered, with the individual paying out-of-pocket for the non-covered-component. Considering the present economic and financial conditions, patients are expected to be less willing to incur the costs of these private pays or discretionary procedures and may choose to forgo such procedures or products and might consider trading down to more affordable options.

Furthermore, in the U.S., the 2023 Medicare Physician Fee Schedule final rule released by the Centers for Medicare & Medicaid Services (CMS) confirms a ~4.5% cut to surgeons and anesthesiologists, harming patient access to needed surgical care. Proposed reimbursement cuts are likely to adversely impact millions of beneficiaries who depend on Medicare to access sight-saving and sight-restoring procedures. However, healthcare insulation in key markets such as the U.S is likely to offset the anticipated adverse impact of the recession as most Americans now have health insurance. Payors are also expected to continue to inject capital into the healthcare economy.

Explore Premium Report on Intraocular Lens (IOLs) Market @ https://meditechinsights.com/intraocular-lens-market/

Under-penetrated Premium/Advanced Technology IOLs (AT-IOLs) Offers Ample Growth Opportunities in Intraocular Lens (IOLs) Market

The intraocular lens market is shifting from monofocal IOLs to premium IOLs/advanced technology IOLs. There lies a huge untapped potential market in the premium IOLs/advanced technology IOLs segment as current penetration stands at 7% outside the U.S. and 14% in the U.S. The comparatively higher pricing of premium IOLs/advanced technology IOLs is anticipated to drive the IOLs market value in the coming years.

Technological Advancements in Intraocular Lens (IOLs) is Driving the Growth of Global Intraocular Lens (IOLs) Market

Technological developments are expected to boost the intraocular lens (IOLs) market.

For instance,

In September 2022, Alcon introduced Clareon Toric IOL at the American Academy of Ophthalmology (AAO) 2022 annual meeting in Chicago, U.S., and completed the Clareon Collection. Clareon Toric is a glistening-free toric intraocular lens with exceptional clarity and unrivaled stability. It was rolled out across select practices in the U.S.

“Approximately 2.2 billion people globally suffer from impaired vision, and nearly 20% (200 million) people worldwide suffer vision impairment or blindness caused by cataract or uncorrected refractive error. There is a pressing need to increase manufacturing operations related to IOLs in order to cater to growing eye health needs.” - Operations Director, Leading IOL Manufacturer, U.S.

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in Intraocular Lens (IOLs) Market

The players operating in the IOLs market accepted both organic and inorganic growth strategies such as new product launches, expansion, investments, acquisitions, partnerships to gather market share.

For instance,

In September 2022, Johnson & Johnson Vision announced the availability of presbyopia-correcting intraocular lens (PC-IOL) powered by InteliLight technology, TECNIS Symfony OptiBlue IOL. The extended-depth-of-focus (EDOF) lens expands presbyopia correction to more patients and joins TECNIS Synergy IOL, a high-performance hybrid lens designed for spectacle independence, in the InteliLight portfolio

The outlook for the intraocular lens market looks promising due to the ageing population and increasing incidences of cataract, technical developments in IOLs, improved access to care, continuous investments by IOL manufacturers worldwide in promotion and education, a growing number of eye care professionals and dedicated eye hospitals, improving technology access and better patient awareness, and increasing government initiatives and awareness initiatives to control and treat blindness.

Competitive Landscape Analysis of Intraocular Lens (IOLs) Market

The global intraocular lens (IOLs) market is marked by the presence of prominent players such as Alcon, Johnson & Johnson Vision, Bausch + Lomb, and Zeiss. Other players operating in the market are HOYA Surgical Optics, BVI (Subsidiary - PhysIOL), Rayner Intraocular Lenses, SAV-IOL, SIFI S.p.A, Ophtec, STAAR Surgical Company, among others.

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