North America Intraocular Lens Market Size

North America Intraocular Lens Market Analysis

The North American Intraocular Lens Market size is expected to grow from USD 2.12 billion in 2023 to USD 2.89 billion by 2028, registering a CAGR of 6.41% during the forecast period.

During the COVID-19 pandemic, several communities, industries, businesses, and lives were adversely affected owing to the restrictions imposed in the region. Almost all sectors were affected by the COVID-19 pandemic. There were a number of elective cataract surgeries during the COVID-19 pandemic due to the restrictions imposed by the government. The reduction in the number of intraocular surgeries during the COVID-19 pandemic significantly impacted the growth of the intraocular lens market. However, the growth of the companies was driven by innovative new product launches coupled with strong commercial execution and underpinned by markets recovering from the COVID-19 pandemic. For instance, as per the Alcon annual report in 2021, the surgical revenues benefited from the launch of Vivity, a non-diffractive presbyopia-correcting intraocular lens, in the United States. Thus, the market that was affected during the pandemic is expected to grow with new product approvals and launches over the forecast period.

Factors driving the market growth include the rising burden of ophthalmic disorders and the increasing number of cataract cases in diabetic people. According to the report by the Canadian Council of the Blind, in May 2021, around 1.2 million people in Canada were living with vision impairments such as myopia, hyperopia, astigmatism, and presbyopia, and the number of vision loss cases was 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 lento treatment of eye disorders such as myopia, hyperopia, astigmatism, and presbyopia.

Furthermore, the product launches by the key market players in the region are also expected to add to the market growth due to the wide spread of the products in the region. 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, which is likely to boost the growth of the intraocular lens market over the forecast period.

However, the increasing costs of the intraocular lens and poor reimbursement coverage are expected to hamper the market growth over the forecast period.