Among the major factors propelling the global intraocular lens market are the aging population-driven increase in cataract procedures, the transition from monofocal IOLs to premium IOLs/advanced technology IOLs, the consistent growth of monofocal IOLs in tandem with the procedural market, and favorable reimbursement scenarios in a few key markets.
Intraocular lenses are permanent, artificial lenses composed mostly of silicone, acrylic, or other plastic materials that can replace the eye’s native lens to restore both near and far vision.
Notwithstanding the significant impact on the value mix, the global intraocular lens market is predicted to weather the recession.
The conflict between Russia and Ukraine has added to the devastating effects of COVID-19 and the global economic downturn, which is about to enter what might be a long period of slow growth and high inflation. Supply-chain disruptions and the possibility of stagflation are anticipated outcomes of the scenario, which might further impede the growth of the world economy.
Patients are expected to put off elective medical procedures like cataract surgery until the outlook for the overall economy improves due to the looming recession.
Cataract surgeries involving monofocal IOLs are generally fully covered by medical insurance providers or government reimbursement programs in key markets such as the United States, 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. Given the present economic and financial situation, patients are predicted to be less willing to absorb the price of these private pay or discretionary operations and may elect to forego such procedures or items in favor of more economical alternatives.
Furthermore, in the United States, the Centers for Medicare & Medicaid Services (CMS) confirmed a 4.5% decrease to surgeons and anesthesiologists in the 2023 Medicare Physician Fee Schedule final rule, limiting patient access to critical surgical treatment. Proposed reimbursement decreases are anticipated to have a negative impact on millions of Medicare beneficiaries who rely on Medicare for sight-saving and sight-restoring treatments. However, healthcare insulation in major countries like as the United States is likely to counterbalance the recession’s expected negative impact, as most Americans already have health insurance. Payers are also predicted to continue to invest in the healthcare industry.
Underserved Premium/Advanced Technology IOLs (AT-IOLs) Provide Significant Growth Opportunities in the Intraocular Lens Market
The worldwide intraocular lens market is transitioning away from monofocal IOLs and toward premium/advanced technology IOLs. The premium IOLs/advanced technology IOLs category has a large untapped potential market, with current penetration of 7% outside the US and 14% in the US. In the approaching years, the comparatively higher cost of premium IOLs/advanced technology IOLs is predicted to boost the IOLs market value.
Explore Accurate Analysis of the Intraocular Lens (IOLs) Market with a Sample Report PDF @ https://www.globenewswire.com/fr/news-release/2022/11/23/2561659/0/en/Global-Intraocular-Lens-Market-valued-at-3-9-billion-in-2021-is-set-to-witness-a-growth-of-5-6-in-the-next-5-years-but-is-likely-to-be-impacted-by-Recession-in-2022-23.html
Intraocular Lens Technological Advancements are Driving the Intraocular Lens Market
Recent and persistent technical improvements are projected to support the global intraocular lens 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 US.
“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.
Leading Market Players Use Organic and Inorganic Growth Strategies to Establish a Strong Foothold in the Intraocular Lens Market
To increase their market dominance, the main companies in the worldwide intraocular lens market have used both organic and inorganic growth methods such as new product releases, expansion, investments, acquisitions, and alliances. As an example,
- 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.
A growing number of eye care professionals and specialized eye hospitals, improved patient awareness and technology accessibility, a growing number of government initiatives and awareness campaigns to control and treat blindness, and technological advancements in IOLs, increased access to care, and ongoing investment in promotion and customer education by IOL manufacturers worldwide make the outlook for the intraocular lens market quite promising.
Competitive Landscape Analysis: Intraocular Lens Market
The intraocular lens market is marked by the presence of established market 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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