Global Intraocular Lens Market is expected to witness a CAGR of 5-6% by 2026 but is likely to be affected by Recession in 2023

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.

Global Intraocular Lens Market is Likely to Stay Resilient Through the Recession in 2023

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 upcoming recession, patients are poised to delay elective surgical procedures including cataract surgeries until the future of the broader economy looks promising. In key regions such as the United States, cataract surgeries involving monofocal IOLs are 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 present economic and financial conditions, patients are set to be less willing to incur the costs of these private pays or discretionary procedures and may choose to forgo or delay such procedures and might consider trading down to more affordable choices.

Moreover, in United States, 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, thus harming patient access to needed surgical care. Proposed reimbursement cuts are likely to impact millions of beneficiaries who depend on Medicare to access sight-saving and sight-restoring procedures.

Under-penetrated Advanced Technology IOLs (AT-IOLs) Offer Multiple Growth Opportunities in Global Intraocular Lens Market

The global intraocular lens market is shifting from monofocal IOLs to premium IOLs/advanced technology IOLs. There lies a huge and an untapped market in the premium IOLs/advanced technology IOLs segment as current penetration stands at 7% outside the USA and 14% in USA. The higher pricing of premium IOLs/advanced technology IOLs is poised to drive the Intraocular lens market value in the upcoming years.

Aggressive Growth Strategies Followed by the Key Market Players to Establish Their Foothold in the Global Intraocular Lens Market

All the leading and established 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 larger market share.

For instance,
• 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.

The outlook of the intraocular lens market looks promising due to the rising geriatric population and rising cases of cataract, technological innovations in IOLs, increased access to care, growing investments in promotion and customer education by IOL manufacturers across the world, growing number of eye care professionals and dedicated eye hospitals, improving technology access and better patient awareness, and 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 well-established 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.

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Ruta Halde
Associate, Medi-Tech Insights
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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

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