The aging population is driving an increase in cataract procedures worldwide. Other factors driving the global intraocular lens market include the switch from monofocal to premium and advanced technology IOLs, the steady growth of monofocal IOLs in line with the procedural market, and favorable reimbursement scenarios in a few key markets. On the other hand, some of the key factors that are expected to impede the growth of the global intraocular lens market include comparatively higher pricing and limited/partial coverage of premium IOLs and advanced technology IOLs.
Intraocular lenses (IOLs) are permanent, artificial lenses that are mostly made of silicone, acrylic, or other plastic compositions and can replace the eye’s natural lens to restore both near and distant vision.
To know more about the research report, fill out a quick inquiry for a sample report: https://meditechinsights.com/intraocular-lens-market/request-sample/
Intraocular Lens Market is Likely to Stay Largely Resilient Through Recession, Though the Value Mix is Expected to be Adversely Impacted
Compounding the adverse impact of Covid-19, the Russia-Ukraine war has amplified the slowdown in the global economy, which is entering what could become an extended period of feeble growth and elevated 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 looming recession, patients are expected to delay elective surgical procedures including cataract surgeries until the future of the broader economy looks more promising. In key markets such as the USA, 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 current 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. Moreover in USA, 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.
Under-penetrated Premium/Advanced Technology IOLs (AT-IOLs) Offers Ample Growth Opportunities in Intraocular Lens 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 USA. The relatively higher pricing of premium IOLs/advanced technology IOLs is expected to drive the intraocular lens market value in the coming years.
Technological Advancements in Intraocular Lens (IOLs) is Driving the Growth of Global Intraocular Lens Market
The intraocular lens market is expected to be bolstered by recent and consistent technological advancements.
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 United States.
- In September 2022, SIFI announced the launch of Evolux™, a novel extended monofocal intraocular lens (IOL), based on a hydrophobic material and a non-diffractive profile, designed to provide better intermediate vision and equivalent distance vision when compared to a standard monofocal IOL.
“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, USA
Organic and Inorganic Growth Strategies Adopted by Market Players to Establish Their Foothold in Intraocular Lens Market
The major players operating in the global intraocular lens market have adopted both organic and inorganic growth strategies such as new product launches, expansion, investments, acquisitions, partnerships to garner a higher 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.
- In March 2022, Johnson & Johnson announced a €35m investment in its Limerick facility to expand its advanced manufacturing footprint in Ireland. The company plans to begin producing intraocular lenses in Limerick, Ireland.
Competitive Landscape Analysis: Intraocular Lens Market
The global intraocular lens market is marked by the presence of prominent 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.
A growing number of eye care professionals and specialized eye hospitals, improved patient awareness and technology accessibility, an increase in government initiatives and awareness campaigns to control and treat blindness, and the growing number of elderly people and cases of cataracts, along with technological advancements in IOLs, increased access to care, and ongoing investment in promotion and customer education by IOL manufacturers worldwide, all bode well for the intraocular lens market.
Get Detailed Insights on Intraocular Lens Market : https://meditechinsights.com/intraocular-lens-market/
