Market Trends of Intraocular Lens Industry
The Monofocal Intraocular Lens Segment is Expected to Hold a Significant Market Share Over the Forecast Period
A mono-focal intraocular lens (IOL) is an intraocular lens with a fixed focus from one distance. This lens focuses on the light that enters through the cornea and pupil onto the retina. A mono-focal intraocular lens has equal power in all regions and a single zone of clear focus, producing excellent vision from a determined distance. Patients with cataracts in both eyes prefer mono-focal intraocular lenses so they can select one of the three focuses for both eyes (near focus, mid-distance, and distant focus). A mono-focal intraocular lens is the first choice for many, as it can provide the best image quality after surgery.
Factors such as increasing research studies and product launches by key market players are expected to boost market growth over the forecast period. A study published in the Scientific Reports in January 2022 mentioned that cataracts and blepharoptosis are common ophthalmic problems in older adults in Korea; the prevalence of blepharoptosis in middle-aged to older adults is over 10%, and cataract is 15%. Also, as per the 2022 Vision Index report, research supported the prevalence of myopia, with most respondents (81%) having trouble seeing objects at a distance and short-sightedness being the most common diagnosis for those who had their eyesight examined by an optometrist (40%) in Australia in 2022.
Thus, the increasing prevalence of ophthalmic disease is expected to boost segmental growth over the forecast period. The rising product launches are increasing the adoption of mono-focal intraocular lenses. For instance, in March 2022, Alcon launched Clareon Monofocal, Clareon PanOptix, and Clareon Vivity IOLs in the United States.
Furthermore, advancements in technology and increasing product approvals, along with partnerships and collaborations by key players, are anticipated to drive segmental growth. For instance, in September 2022, SIFI SpA launched Evolux, a novel extended mono-focal IOL based on a hydrophobic material and a non-diffractive profile, designed to provide better intermediate vision and equivalent distance vision compared to a standard mono-focal IOL.
Similarly, in July 2022, cuFocus Inc. received FDA approval for its breakthrough IC-8 Apthera IOL for the treatment of cataracts. The Apthera IOL was the first and only non-toric extended depth of focus IOL approved for 82% of cataract patients with as much as 1.5 diopters (D) of corneal astigmatism.
Therefore, the segment is predicted to grow over the forecast period due to the rising eye issues, increase in product launches, and the high demand for mono-focal intraocular lenses.
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is expected to hold a significant market share over the forecast period, owing to an increase in vision-related disorders, high adoption of new technologies and products in the healthcare sector, and a surge in demand for better healthcare facilities. For instance, according to the ophthalmology management's May 2022 update, there were 128 million presbyopes in the United States. That number is estimated to increase as millennials turn 40 and become presbyopic. Thus, an increase in cases of presbyopia is likely to drive the market over the forecast period.
Additionally, the increasing prevalence of cataract issues, such as age-related cataracts and congenital cataracts, is anticipated to propel the market's growth over the forecast period. According to statistics published by NVision Centers, in 2022, it was found that about 12 million people aged 40 years and above had vision impairment in the United States. Hence, the market is anticipated to grow due to the rising frequency of eye illnesses and the increased need for intraocular lenses.
Product launches by market players in the region are another market growth driver. For instance, in November 2023, Alcon Inc. launched Clareon Vivity in Canada. Clareon Vivity was the first non-diffractive extended depth of focus (EDOF) intraocular lens (IOL) on Alcon’s lens platform. It is designed for patients seeking a continuous comprehensive range of vision. Clareon Vivity leverages a wavefront shaping optic principle, trademarked as X-WAVE technology, to extend the depth of focus and provide a mono-focal-like visual disturbance profile. Similarly, in July 2022, AcuFocus, Inc. received approval from the US FDA for its IC-8 Apthera Intraocular Lens (IOL).
The IC-8 Apthera Intraocular Lens (IOL) is an artificial lens that is implanted in the eye of adult patients. The lens provides vision correction after the eye’s natural lens is removed due to becoming cloudy. The IC-8 Apthera IOL is used in adults with cataracts who need eye surgery and have only a tiny amount (1.5 diopters or less) of abnormal curve to the cornea (astigmatism). It is implanted in the non-dominant eye only after the dominant eye successfully implants a mono-focal or mono-focal toric intraocular lens targeted for distance vision (emmetropia). Such product launches are expected to boost growth during the forecast period.
Thus, the prevalence of vision-related disorders, the presence of major market players, and increasing product launches in the country are expected to drive the growth of the market in North America.
