Intraocular Lens Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Intraocular Lens Market is segmented by Product (Monofocal, Accommodative, Multifocal, and Toric Intraocular Lens), End User, (Hospitals, Ambulatory Centers, Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Intraocular Lens Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 4.9 %

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Market Overview

The global intraocular lens market is projected to register a CAGR of 4.9% during the forecast period.

The COVID-19 epidemic has made patients extremely hesitant to seek elective health care, including cataract and reconstructive surgery. The market is negatively affected by the COVID-19 outbreak, which is majorly attributed to the lockdown placed by several countries. The visits to eye clinics or hospitals have reduced drastically, and only emergency procedures are being performed. As the COVID 19 cases are in rise, as a cautionary measure, many ophthalmologists have temporarily closed their practices. In some cases, specialized isolated temporary clinics have been opened to manage the critical cases among the patients.

Intraocular lenses (IOLs) are implantable medical devices used for vision correction. The key factors propelling the intraocular lens market are increasing ophthalmic issues, growing cases of cataracts in the diabetic population, and rising adoption of advanced premium IOLs. A large section of people above the age of 60 years is affected by several kinds of ophthalmic issues, which are chronic and demand eye corrections. Owing to such scenarios, the growth IOLs has increased with the demand, offering more precise solutions and varied options for physicians for a particular disease. Moreover, the presence of reimbursement policies for essential ophthalmic surgeries and a definite regulatory framework are enhancing growth in the market.

According to the National Eye Institute, 2020 the United States recorded 7.7 million diabetic retinopathy cases and 24 million cataract cases, and it is expected to reach 11.3 million and 38 million, respectively, by 2030. In addition, the American Association of Ophthalmology states that the major cause of visual impairment around the world is reported to be a cataract, and geriatric ocular issues are emerging as prime factors in the developing countries. Hence, such a rise in the ophthalmic conditions across the world is expected to drive the growth of the IOL market, over the forecast period.

Other than the adoption rate, there are few challenges associated with intraocular lenses, like the confusions and errors related to intraocular lenses (IOL), as well as the most errors related to incorrect IOL implantation, which restrict its usage. In addition, the increasing costs of IOLs and poor reimbursement coverage are expected to hamper the market growth, over the forecast period.

Scope of the Report

Intraocular lens is a lens implanted in the eye as part of a treatment for cataracts or myopia. Several types of intraocular lenses are available in the market, to improve vision. 

The Intraocular Lens Market is segmented by Product (Monofocal, Accommodative, Multifocal, and Toric Intraocular Lens), End User, (Hospitals, Ambulatory Centers, Other), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.

By Product
Monofocal Intraocular Lens
Accommodative Intraocular Lens
Multifocal Intraocular Lens
Toric Intraocular Lens
By End User
Hospitals
Ambulatory Centers
Others
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Accommodative IOL is Expected to Grow Fastest Over the Forecast Period

Due to the high transmission rate and lack of treatment, many countries have suffered and are continuing to bear a significant burden on both the countries’ economies and healthcare systems. The economic downfall in most of the countries might result in the loss of jobs for many people, which will lead to lesser capital to spend on healthcare. As a result, patients may reduce the frequency of visits to ophthalmology clinics, because of the delayed decisions to go ahead with the ophthalmic surgeries in hospitals during the COVID period.

Accommodative intraocular lenses are known to accommodate well with post-surgical changes, as compared to that of monofocal IOLs. These are preferred by patients suffering from macular degeneration, as they support the eye muscles in focusing on intermediate and distant objects. These lenses are widely used in the treatment of presbyopia and astigmatism. Whereas the monofocal intraocular lens is the first choice for many, as it can provide the best image quality after the surgery, and thus, they have the largest share in terms of percentage in the market. The increasing eye disorders and increased number of surgeries related to eyes are the important factors that are boosting the segment’s growth.

According to BrightFocus Foundation, 2020, 11 million people in the United States have some form of age-related macular degeneration which is expected to double to nearly 22 million by 2050. An increasing number of populations facing these eye problems is a major factor contributing to the significant growth of the segment.

Global

North America has been Dominant in the Market and Similar is Expected Over the Forecast Period

Within North America, the United States has held the major share of the market and expected to dominate over the forecast period.

There is an increasing prevalence cataract, which is anticipated to propel the market over the forecast period. In addition to the age-related cataract, increasing cases of congenital cataracts is expected to favor the growth of the market. According to the National Eye Institute, 2020, by 2050, the number of people in the United States, with cataract is expected to double from 24.4 million to about 50 million.

According to the American Academy of Ophthalmology, 2019, myopia is a significant, prevalent disease in children with increasing progression rates. 80 million children were reported to be myopic, worldwide. Moreover, high myopia is associated with potentially blinding complications, such as glaucoma, retinal detachment, and myopic macular degeneration. 

However, as the impact of COVID 19 is more in this region, a significant proportion of the elective surgeries are postponed, and the hospitals are converted into emergency units. Due to this, the market intraocular lens in the region is expected to register significant short term impact.

Intraocular Lens Market Growth Rate By Region

Competitive Landscape

Companies are focusing on surgical advancements for ophthalmic disorders at reasonable costs. Major manufacturers of intraocular lenses are investing in mergers and acquisitions, in order to expand revenue share and diversify product portfolio. Thus, the growing focus of companies on emerging countries and gradual shift toward new technologies are offering significant growth opportunities for the players in the market.

RECENT DEVELOPMENTS

In July 2021, Johnson & Johnson Vision received approval from the United States Food and Drug Administration for its Tecnis Synergy and Tecnis Synergy Toric II intraocular lenses.

In February 2021, the United States Food and Drug Administration provided its approval to the Johnson & Johnson Vision’s TECNIS EyhanceTM and TECNIS EyhanceTM Toric II intraocular lens for the treatment of cataract patients in the United States.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Ophthalmic Issues and Eye Diseases

      2. 4.2.2 Increasing Cases of Cataract in the Diabetic Population

      3. 4.2.3 Rising Adoption of Advanced Premium IOLs

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of IOLs

      2. 4.3.2 Lack of Reimbursement Policies

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product

      1. 5.1.1 Monofocal Intraocular Lens

      2. 5.1.2 Accommodative Intraocular Lens

      3. 5.1.3 Multifocal Intraocular Lens

      4. 5.1.4 Toric Intraocular Lens

    2. 5.2 By End User

      1. 5.2.1 Hospitals

      2. 5.2.2 Ambulatory Centers

      3. 5.2.3 Others

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 South korea

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Middle East and Africa

        1. 5.3.4.1 GCC

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Rest of Middle East and Africa

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil

        2. 5.3.5.2 Argentina

        3. 5.3.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Alcon Inc.

      2. 6.1.2 Bausch Health Companies Inc.

      3. 6.1.3 Carl Zeiss Meditec AG

      4. 6.1.4 EyeKon Medical Inc.

      5. 6.1.5 HOYA CORPORATION

      6. 6.1.6 HumanOptics AG

      7. 6.1.7 Johnson and Johnson Vision Care Inc.

      8. 6.1.8 Lenstec Inc.

      9. 6.1.9 Rayner

      10. 6.1.10 STAAR Surgical Company

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Global Intraocular Lens Market market is studied from 2018 - 2026.

The Global Intraocular Lens Market is growing at a CAGR of 4.9% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Carl Zeiss Meditec AG, HOYA Corporation, Alcon Inc., Bausch Health Companies Inc., EyeKon Medical Inc. are the major companies operating in Global Intraocular Lens Market.

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