The Global "Intra Ocular Lens Market" is expected to grow at a CAGR of 7.90% during the forecasting period (2022-2029).
Intraocular lenses (IOL) are medical devices implanted inside the eye to replace natural eye lenses to treat cataracts or refractive errors. IOLs come in different focusing powers, just like prescription eyeglasses or contact lenses. These IOLs reduce dependence on glasses by giving clear vision for more than one set distance.
The increasing incidence of cataracts drives the global intraocular lens market growth. The increase in the prevalence of diabetes and innovations in treatment procedures is urging the international intraocular lens market development.
The increasing cases of cataracts in the diabetic population will drive market growth.
Intraocular lenses (IOLs) are implantable medical devices used for vision correction. The key facto s propelling the intraocular lens market are increasing cases of cataracts in the diabetic population. 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 primary cause of visual impairment around the world is reported to be a cataract, and geriatric ocular issues are emerging as prime factors in 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.
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. Due to such scenarios, the growth of IOLs has increased with the demand, offering more precise solutions and varied options for physicians for a particular disease. Moreover, reimbursement policies for essential ophthalmic surgeries and a solid regulatory framework enhance the market's growth.
Government initiatives and awareness programs to eliminate avoidable blindness are expected to propel the market's demand for an intraocular lens. For instance, in 2011, Lions Clubs International Foundation (LCIF), in partnership with the Peoples Republic of China, initiated a new phase of their campaign in China known as SightFirst China Action (SFCA) aims at preventing blindness. Since it's for action in 1997, the foundation invested more than $30.8 million for more than 5 million cataract surgeries and the up-gradation of 300 eye care institutions and above. In addition, the Chinese government-funded more than $200 million to support their campaign. Thus, these factors drive the market's growth in the forecast period.
Confusions and errors related to intraocular lenses are likely to hamper the market growth.
However, a few challenges are associated with intraocular lenses, like the confusions and errors related to intraocular lenses (IOL) and the most mistakes 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.
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 been reduced drastically, and only emergency procedures are performed. As the COVID 9 cases are rising, many ophthalmologists have temporarily closed their practices as a cautionary measure. In some cases, specialized isolated temporary clinics have been opened to manage the critical issues among the patients. 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. These factors will hamper the market growth during the pandemic.
The accommodative IOL segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Accommodative intraocular lenses are known to accommodate well with post-surgical changes compared to 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. Over the last few years, several approaches have been proposed to improve accommodative intraocular lenses' designs and outcomes. People receiving helpful lenses had more posterior capsule opacification ( PCO), associated with poorer distance vision. However, the effect of the lenses on PCO was uncertain. Further research is required to improve how accommodative IOLs may affect near visual function and whether they provide any durable gains. Additional tr als, with longer follow-up, comparing different accommodative IOLs, multifocal IOLs, and monofocal IOLs, would help map out their relative efficiency and associated late complications.
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 significant factor contributing to the substantial growth in the segment in the forecast period.
North America region holds the largest market share of the Global Intra Ocular Lens Market.
North America is expected to dominate the overall intraocular lens market in the forecast period. There is an increasing prevalence of cataracts, which is anticipated to propel the market over the forecast period. In addition t age-related cataracts, increasing cases of congenital cataracts are expected to favor the market's growth. According to the National Eye Institute, 2020, by 2050, the number of people in the United States with cataracts 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.
As per the Vision Council, around 76.2% of adults in the U.S. underwent vision correction surgery in 2015, and approximately 22.1% of the adults expressed that they need vision correction. Rising cataracts and other ophthalmic disorders are propelling the region's growth. In addition, the presence of well-defined regulatory guidelines and reimbursement policies for cataract treatments is driving revenue generation in the market.
The intraocular lens market is a moderately competitive presence of local and global companies. Some of the players contributing to the market's growth include Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, EyeKon Medical Inc., HOYA CORPORATION HumanOptics AG, Johnson and Johnson Vision Care Inc., Lenstec Inc., Rayner, STAAR Surgical Company, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the intraocular lens market globally. For instance, 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.
Johnson and Johnson Vision Care Inc.
Overview:
Johnson and Johnson Vision Care, Inc. provides optical supplies. The company offers ophthalmic frames, lenses, sunglasses, and disposable contact lenses. Johnson and Johnson vision care markets its products worldwide.
Product Portfolio:
TECNIS Toric II IOL: The TECNIS Toric II IOL delivers sharp vision and low-light performance. The lens is indicated for the visual correction of aphakia and pre-existing corneal astigmatism of one diopter or greater in adult patients with or without presbyopia in whom a cataractous lens has been removed by phacoemulsification and who desire improved uncorrected distance vision, reduction in a residual refractive cylinder, and increased spectacle independence for distance vision. The device is intended to be placed in the capsular bag.
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