Market Trends of North America Intraocular Lens Industry
Accommodative Intraocular Lens is Expected to Exhibit Fastest Growth Over the Forecast Period
Accommodative intraocular lenses (IOLs) are known to accommodate post-surgical changes compared to mono-focal intraocular lenses. As per the data published by NVISION Eye Centers in February 2022, accommodating intraocular lenses provides sharper distance vision, reduced dependence on glasses for reading, improved near vision without compromising distance vision, and minimal complications after surgery. These lenses are preferred by patients suffering from macular degeneration, as they support the eye muscles in focusing on intermediate and distant objects without any side effects. These lenses are widely used in the treatment of presbyopia and astigmatism. Thus, various advantages of accommodative intraocular lenses are expected to boost the market segment's growth over the forecast period.
Furthermore, the growing prevalence of diabetes in the area is a significant factor driving the market's expansion because, over time, high blood glucose levels can cause structural changes in the eye's lens that can hasten the development of cataracts. As a result, the demand for accommodative IOLs in the area rises. For instance, according to the National Diabetes Statistics Report updated in January 2022, around 37.3 million people in the United States have diabetes, which equates to around 11.3% of the total population. Thus, the high burden of the diabetic population, who are more susceptible to cataracts, is expected to add to the growth of the accommodating intraocular lens segment over the forecast period.
Recent studies in accommodating intraocular lenses focused on their application in various visual impairment problems add to the market's growth. An article published by PLoS One in June 2021 discussed the production of an artificial accommodating intraocular lens design with a method to transfer energy to a membrane-shaped ion polymer metal composite actuator, thin enough to be inserted in the eye. The novel prototype allowed for reproducible and repeatable results and lessened astigmatic vision. Such studies focusing on innovations in accommodating intraocular lenses are expected to boost the growth of the studied market over the forecast period.
United States is Expected to Hold a Significant Share in the Market Over the Forecast Period
The rise in the adoption of highly advanced techniques and systems in the manufacturing of intraocular lenses and the technological advancements made in these lenses are expected to boost the growth of the market in the United States. The high awareness among the population of the availability of innovative vision corrective surgeries using Intraocular lenses in the medical field contributes to the high market growth in the nation.
Furthermore, the growing risk of vision impairment due to various chronic diseases increases the demand for Intraocular lenses and drives the market's growth. For instance, in November 2022, NIH stated that 1.8% of United States dementia cases were associated with visual impairment and projected that by 2050, that total would rise to around 250,000 cases. Additionally, it was noted that the incidence of vision impairment in older adults was higher for Hispanics, at 11%, compared to 8.3% overall for Blacks and non-Hispanic Whites. Thus, older age, along with chronic diseases like dementia, increases the risk of vision impairment and the demand for intraocular lenses which is expected to boost the market over the forecast period.
Several market players have focused on the launch of intraocular lenses in the United States, which is adding to the growth of the studied market. In March 2022, Alcon launched its Clareon family of intraocular lenses (IOLs) in the United States. It delivers exceptional vision, clarity, and predictable refractive outcomes in a glistening-free IOL material. Such activity in the nation is likely to increase the widespread availability of a product, which adds to the market growth over the forecast period.
