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.
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.
- 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.
- 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.
The outlook for the intraocular lens market looks quite promising due to the rising geriatric population and cases of cataract, technological advancements in IOLs, increased access to care, continued investment in promotion and customer education by IOL manufacturers across the globe, a growing number of eye care professionals and dedicated eye hospitals, improving technology access and better patient awareness, and increasing government initiatives and awareness initiatives to control and treat blindness.
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.
Key Strategic Questions Addressed
- What is the market size & forecast of the intraocular lens market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the intraocular lens market?
- What are the key trends defining the intraocular lens market?
- What are the major factors impacting the intraocular lens market?
- What are the opportunities prevailing in the IOLs market?
- Which region has the highest share in the global market? Which region is expected to witness the highest growth rate in the next 5 years?
- Who are the major players operating in the IOLs market?
- What are the key strategies adopted by players operating in intraocular lens market?
The study has been compiled based on the extensive primary and secondary research.
Secondary Research (Indicative List)
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, R&D Managers, Business Development Managers, Consultants
Demand Side Stakeholders:
- Stakeholders in Hospitals, Ophthalmic Clinics, Ambulatory Surgery Centers, Ophthalmic Research Institutes, Ophthalmologists, Eye Specialists, among others.
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.
Research findings derived through secondary sources & internal analysis were validated with Primary Interviews, Internal Knowledge Repository, and Company Sales Data.