Intraocular Lens (IOL) Market Size, Share & COVID-19 Impact Analysis, By Type (Monofocal, and Premium (Multifocal, Toric, and Others)), By Material (Polymethylmethacrylate (PMMA) and Foldable (Hydrophobic Acrylic and Silicone & Collamer)), By End-user (Hospitals & Ambulatory Surgery Centers, Specialty Clinics, and Academic & Research Institutes), and Regional Forecast, 2022-2029

The global intraocular lens (IOL) market size was valued at USD 3.65 billion in 2021. The market is projected to grow from USD 4.26 billion in 2022 to USD 6.77 billion by 2029, exhibiting a CAGR of 6.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with IOL experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global IOL market exhibited a decline of -10.0% in 2020 as compared to 2019.

Intraocular lens (IOL) is an artificial lens implanted in the eye during cataract and glaucoma surgeries. The increasing prevalence of cataracts has surged the demand for these procedures, coupled with significantly advanced product launches, collectively contributing to market growth. Furthermore, rising government support and favorable reimbursement policies have provided impetus for patients to undergo cataract surgery. This scenario has surged the adoption of these products. Rising initiatives to decrease the backlog of cataract surgeries and surge in eye care awareness in key countries are projected to drive market growth during the forecast period.

COVID-19 IMPACT 

Reduced Patient Visits Due to COVID-19 Negatively Influenced the Market Growth

The COVID-19 pandemic negatively impacted the market as there was a global drop in cataract and glaucoma surgical procedures. An additional factor that deepened the negative impact of the pandemic was the decline in the number of patient visits to ophthalmologists due to coronavirus. For instance, according to the 2020 data published by the National Institutes of Health (NIH), the COVID-19 pandemic significantly impacted the number of cataract procedures in Europe, with a 97.0% reduction between March and April 2020 compared to the same period in 2019. Thus, obstruction in terms of patient visits adversely impacted the number of cataract procedures.

Also, the pandemic has negatively impacted the sales of these products globally. Major players operating in the global market have reported significant sales declines in their revenues for FY 2020. For instance, the IOL business segment of major global players, such as Alcon, Inc.’s implantables segment, and Johnson & Johnson Vision Care, Inc., and Johnson & Johnson Surgical Vision, Inc.’s surgical segment, recorded significant declines in their annual revenues in 2020. However, the market witnessed a resurgence in terms of product sales in 2021. Furthermore, the company, Carl Zeiss Meditec AG, which has a robust presence in the international market in terms of its product portfolio, witnessed an upsurge in its sales in the year 2021 compared to 2020. For instance, their segment of ophthalmic devices, which includes monofocal, premium, and extended depth of focus (EDOF) products, witnessed an increase of 26.8% in 2021 compared to 2020. Moreover, increased adoption of advanced product offerings and a rise in patient visits to ophthalmologists are anticipated to elevate the market and return to its pre-pandemic growth levels.

LATEST TRENDS

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New Product Approvals for Extended Depth of Focus Products to Propel Market Growth 

In recent years, the global market witnessed several technologically advanced product offerings. The rising prevalence of cataracts has led to an intense need for these products. For the first time, in July 2016, the extended depth of focus products received the U.S. FDA approval. Thus, numerous players have continuously engaged in initiatives to develop their product portfolio in order to cater to patient demands globally. For instance, key players such as Alcon Inc. and J&J launched extended depth of focus products in 2020.

Furthermore, numerous advanced studies are being undertaken to explore the benefits of these newer technologies. For instance, as of May 2022, according to an ongoing study published by the ClinicalTrails.gov (U.S. National Library of Medicine), U.S. based SightMD sponsored a study to evaluate the impact of a novel extended depth of focus IOL on visual and lifestyle enhancement. Such key trends are predicted to contribute significantly to the global intraocular lens market growth.

DRIVING FACTORS

Increase in the Number of Cataract Surgeries to Drive Market Growth in the Forecast Period 

One of the most common ophthalmic procedures undertaken globally is cataract surgery. The rising prevalence of cataracts and visual impairments associated with cataracts has increased the volume of cataract surgeries performed worldwide. According to the article published by Cataract Refractive Surgery Today (CRST) in 2021, more than 20.0 million cataract procedures are performed each year globally. This rising number of cataract surgeries is estimated to drive the global market revenue during the forecast period.

Furthermore, the rising prevalence of blindness and cataracts is another primary reason for the market expansion. According to Association for Research in Vision and Ophthalmology, in 2020, an estimated 15.2 million people aged 50+ years were blind and a further 78.8 million had cataracts, which is expected to favor the market growth during the forecast period. Hence, the factors above mentioned are prominent drivers for the global market forecast to flourish over the forecast period.   

Launch of Several Government Initiatives for Cataract Elimination to Surge Product Demand

The rising prevalence of cataracts poses an economic and healthcare burden in numerous countries. This has led to the launch of several initiatives by various governments for the elimination of cataracts. Vision 2020 is a global initiative launched by the International Agency for the Prevention of Blindness (IAPB), intending to eliminate the leading causes of avoidable blindness worldwide. Vision 2020 involves the active participation of governments of 53 countries to accomplish the target of Vision 2020 through favorable reimbursement policies, eye checkup camps, and other measures. Thus, the development of such initiatives will firmly propel the global market growth in the forecast period.

RESTRAINING FACTORS

Lack of Reimbursement Policies for Premium Products in Various Countries to Hinder Growth Prospects

On a global level, there is still an intense need for cataract procedures; one of the substantial hindrances to market growth is the lack of reimbursement policies for premium products, especially in the emerging countries. These premium products are especially useful for indications such as cloudy vision and age-related vision loss, nearsightedness, farsightedness, or astigmatism. Despite the presence of several benefits related to this category, the lack of adequate reimbursement for these products restricts the market growth.

Additionally, in developed as well as developing countries, a significant proportion of the population is unaware of these premium product options, and there is an abundance of inadequate reimbursement policies. According to an article by the U.S. based Byrd & Wyandotte Eye Clinic in 2021, multifocal and toric lenses are considered premium IOLs, and insurance may not cover the cost of these lenses. The abovementioned factors hamper the adoption of these products, thus restricting the market growth.

SEGMENTATION

By Type Analysis

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Cost-Effectiveness of Monofocal to Enable its Market Dominance in 2021

The market is segmented based on type into monofocal and premium. The premium segment is further sub-segmented into multifocal IOL, toric, and others. The monofocal segment held a dominant global intraocular lens (IOL) market share as the products are cheaper than premium products. Also, the rising number of government initiatives for utilizing monofocal lenses for cataract surgeries has significantly propelled the segment’s expansion. According to the National Institutes of Health (NIH) article in 2022, monofocal lenses are amongst the most commonly implanted products. Furthermore, as these products are more favorably reimbursed, the popularity of these products amongst the general population also contributes to its growth prospects.

The premium segment is projected to witness growth prospects in the forecast period. This is due to some major advantages attributable to the premium segment in terms of treatment of complex vision problems such as presbyopia or astigmatism. Also, increasing technological advancements in the lenses to make them more cost-effective and easily available to end users at a reasonable price are contributing to the segmental growth.

By Material Analysis

High Demand for Hydrophobic Acrylic Products Favors the Foldable Segment’s Dominance during 2022-2029

The market can be segmented based on material into polymethylmethacrylate (PMMA) and foldable.

The foldable segment is sub-segmented into hydrophobic acrylic, hydrophilic acrylic, and silicone & collamer. The foldable segment dominates the market share due to its high refractive index and low water content and boosting its preference. Additionally, the products composed of foldable material can be inserted through small incisions and can be more widely utilized in cataract surgeries. For instance, a research article published in the journal IntechOpen in 2019 states that the hydrophobic acrylic products are some of the most commonly used intraocular lens amongst the modern foldable products. Such factors contributed to the segment’s expansion.

The polymethylmethacrylate (PMMA) segment is projected to have the second-largest market position in the forecast period. PMMA was one of the first materials used for the manufacturing of intraocular lens. PMMA is significantly used in Europe and the rest of the world due to its significant cost advantage compared to acrylic products. Hence, the cost-effectiveness of PMMA is anticipated to augment the segmental growth in 2022-2029.

By End-user Analysis

Favorable Government Policies to Drive the Growth of Hospitals & Ambulatory Surgery Centers 

Based on end-user, the market is segmented into hospitals & ambulatory surgery centers, specialty clinics, and academic & research institutes. The hospitals & ambulatory surgery centers segment dominates the market and is projected to grow as hospitals are prime care centers for cataract procedures. Furthermore, favorable government policies for cataract procedures and a rise in the number of government hospitals are some of the fundamental reasons for the growth of this segment.  According to a news article published by The Hindu in May 2022, the Government of India has proposed a special drive to clear the backlog of cataract surgeries. They will increase the number of cataract surgeries in the financial year 2022-23, 2023-24, and 2024-25 with 7.5 million, 9.0 million, and 10.5 million surgeries, respectively. The number of cataract surgeries will be done under a special campaign to clear the backlog, and all the Indian states shall be given guidance to conduct these procedures.

The specialty clinics segment occupies the second-largest market share in the year 2021. The rise in standalone eye clinics in developed and developing regions is projected to contribute to the segment’s growth. The academic & research institutes segment is expected to attain growth prospects due to active government efforts to train ophthalmologists and increasing number of doctors opting for fellowship programs to learn about the latest medical technologies.

REGIONAL INSIGHTS

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Based on region, the global market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The North America intraocular lens market size accounted for USD 1.24 billion in 2021 and this region is anticipated to lead the global market during the forecast period. The region’s market dominance is owing to the substantial demand for novel products such as custom cataract lenses, rapid adoption of these products, and favorable insurance policies. Moreover, regulatory approvals for these innovative products contribute to the region’s growth prospects.  

The European market is expected to be the second-largest region in 2021. The growth is due to the increasing number of cataract surgeries, rising adoption of femtosecond lasers to transect hydrophobic and hydrophilic acrylic lenses for cataract surgeries, and the increased preference for toric lenses. As per an article published by the National Institutes of Health (NIH) in 2020, Europe has an estimated 64.0% cataract prevalence for the population over 70 years, and it increases with age, with higher rates in Germany and Italy. Thus, the growing patient pool favors the global market growth.

The market in Asia Pacific is projected to develop significantly during the forecast period. Rising geriatric population is a common contributor to the overall prevalence of cataracts in the region since the aged population are more prone to cataracts. According to an article published by Multidisciplinary Digital Publishing Institute (MDPI) (Basel, Switzerland) in 2021, as per eight years of the study, the incidence rate for IOL dislocation was 360 per 1,000,000 person-years in South Korea. Thus, the rising cases of eye disorders in key countries in the rest of Asia Pacific region contributes to the overall region’s growth.

Moreover, the market of Latin America is expected to witness growth prospects due to the rising cataract and glaucoma surgery awareness.

The Middle East & Africa is predicted to grow slower due to the lack of public awareness and reimbursement policies in the developing countries in these regions.

KEY INDUSTRY PLAYERS

Robust Product Launches and Global Presence of Alcon and J&J to Lead the Market with their Peak Positions in 2021 

In terms of the competitive landscape, the market represents a consolidated structure with some major players accounting for a dominant proportion of the global market. Alcon Inc., acquired a peak market position with a robust portfolio for intraocular lens, which includes their ACRYSOF product portfolio and an established geographical presence. Also, novel product launches and emphasis on strategic initiatives have been some of the prominent driving factors for Alcon Inc. to capture a higher market share. Furthermore, the second leading players in the global market are Johnson & Johnson Vision Care, Inc. and Johnson & Johnson Surgical Vision, Inc. due to their strong market presence in key regions coupled with robust distribution networks. For instance, according to a survey published by Jobson Medical Information LLC in 2021, the two most popular monofocal lens choices on the survey were the Alcon IQ Aspheric with 43.0% and the Johnson & Johnson Vision Tecnis 1-piece with 36.0%.

The other market players, such as Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, HOYA, and STAAR Surgical Company, also generated significant sales for these products. Apart from this, focus on increasing their market presence through advanced launches and strategic initiatives is also anticipated to strengthen the market position of the above-mentioned companies.

LIST OF KEY COMPANIES PROFILED:

• Alcon Inc. (Switzerland)


• Johnson & Johnson Vision Care, Inc. and Johnson & Johnson Surgical Vision, Inc. (U.S.)


• Bausch & Lomb Incorporated (Canada)


• HOYA (Japan)


• STAAR SURGICAL (U.S.)


• Rayner Intraocular Lenses Limited. (U.K)


• Hanita Lenses (Israel)


• SIFI S.p.A (Italy)


• Biotech (Switzerland)

KEY INDUSTRY DEVELOPMENTS:

• September 2022: SIFI S.p.A launched Evolux extended monofocal intraocular lens. The product is based on a hydrophobic material and a non-diffractive profile to provide better intermediate and equivalent distance vision.


• April 2022: Rayner Intraocular Lenses Limited collaborated with Aston University to develop the next generation of lenses that gives patients a high-quality full range of vision.


• March 2022: Alcon Inc. launched the Clareon family of IOLs in the U.S by utilizing the most advanced material.


• January 2022: Alcon Inc. launched AcrySof IQ Vivity IOL (Vivity) in India. It is the first and only presbyopia-correcting intraocular lens (PC-IOL) with wavefront-shaping technology.


• January 2020: HOYA entered into a distributor partnership with GeMax. The organization GeMax is a specialty promotion service provider of IOLs with a strong market position and a professional reputation in China, covering more than 630 major hospitals in 32 provinces.

REPORT COVERAGE

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The global market research report consists of a detailed market overview. The global market is segmented by type, material, end-user, and geography. The market analysis highlights vital aspects such as market dynamics, key industry developments such as mergers, acquisitions, and partnerships, new product launches, an overview of government cataract initiatives, regulatory and reimbursement scenarios, prevalence of cataracts, number of cataract surgeries, key market players, and COVID-19 pandemic effect on the market. Apart from this, the report includes insights into the market trends and industry dynamics contributing to the market's growth.

Report Scope & Segmentation