North America Intraocular Lens Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.41 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Intraocular Lens Market Analysis
The North American Intraocular Lens Market size is expected to grow from USD 2.12 billion in 2023 to USD 2.89 billion by 2028, registering a CAGR of 6.41% during the forecast period.
During the COVID-19 pandemic, several communities, industries, businesses, and lives were adversely affected owing to the restrictions imposed in the region. Almost all sectors were affected by the COVID-19 pandemic. There were a number of elective cataract surgeries during the COVID-19 pandemic due to the restrictions imposed by the government. The reduction in the number of intraocular surgeries during the COVID-19 pandemic significantly impacted the growth of the intraocular lens market. However, the growth of the companies was driven by innovative new product launches coupled with strong commercial execution and underpinned by markets recovering from the COVID-19 pandemic. For instance, as per the Alcon annual report in 2021, the surgical revenues benefited from the launch of Vivity, a non-diffractive presbyopia-correcting intraocular lens, in the United States. Thus, the market that was affected during the pandemic is expected to grow with new product approvals and launches over the forecast period.
Factors driving the market growth include the rising burden of ophthalmic disorders and the increasing number of cataract cases in diabetic people. According to the report by the Canadian Council of the Blind, in May 2021, around 1.2 million people in Canada were living with vision impairments such as myopia, hyperopia, astigmatism, and presbyopia, and the number of vision loss cases was increasing over time. The rising cases of vision impairment across the region are likely to add to the growth of the studied market over the forecast period since the intraocular lento treatment of eye disorders such as myopia, hyperopia, astigmatism, and presbyopia.
Furthermore, the product launches by the key market players in the region are also expected to add to the market growth due to the wide spread of the products in the region. For instance, in June 2021, Johnson & Johnson Vision launched TECNIS Synergy and TECNIS Synergy Toric II presbyopia-correcting intraocular lens (PC-IOLS) in North America for cataract patients. The next-generation PC-IOLs provide an extended depth of focus and multifocal technologies to deliver the widest range of continuous vision and the best near vision among leading PC-IOLs, which is likely to boost the growth of the intraocular lens market over the forecast period.
However, the increasing costs of the intraocular lens and poor reimbursement coverage are expected to hamper the market growth over the forecast period.
North America Intraocular Lens Market Trends
Accommodative Intraocular Lens is Expected to Exhibit Fastest Growth Over the Forecast Period
Accommodative intraocular lenses (IOLs) are known to accommodate post-surgical changes compared to mono-focal intraocular lenses. As per the data published by NVISION Eye Centers in February 2022, accommodating intraocular lenses provides sharper distance vision, reduced dependence on glasses for reading, improved near vision without compromising distance vision, and minimal complications after surgery. These lenses are preferred by patients suffering from macular degeneration, as they support the eye muscles in focusing on intermediate and distant objects without any side effects. These lenses are widely used in the treatment of presbyopia and astigmatism. Thus, various advantages of accommodative intraocular lenses are expected to boost the market segment's growth over the forecast period.
Furthermore, the growing prevalence of diabetes in the area is a significant factor driving the market's expansion because, over time, high blood glucose levels can cause structural changes in the eye's lens that can hasten the development of cataracts. As a result, the demand for accommodative IOLs in the area rises. For instance, according to the National Diabetes Statistics Report updated in January 2022, around 37.3 million people in the United States have diabetes, which equates to around 11.3% of the total population. Thus, the high burden of the diabetic population, who are more susceptible to cataracts, is expected to add to the growth of the accommodating intraocular lens segment over the forecast period.
Recent studies in accommodating intraocular lenses focused on their application in various visual impairment problems add to the market's growth. An article published by PLoS One in June 2021 discussed the production of an artificial accommodating intraocular lens design with a method to transfer energy to a membrane-shaped ion polymer metal composite actuator, thin enough to be inserted in the eye. The novel prototype allowed for reproducible and repeatable results and lessened astigmatic vision. Such studies focusing on innovations in accommodating intraocular lenses are expected to boost the growth of the studied market over the forecast period.
United States is Expected to Hold a Significant Share in the Market Over the Forecast Period
The rise in the adoption of highly advanced techniques and systems in the manufacturing of intraocular lenses and the technological advancements made in these lenses are expected to boost the growth of the market in the United States. The high awareness among the population of the availability of innovative vision corrective surgeries using Intraocular lenses in the medical field contributes to the high market growth in the nation.
Furthermore, the growing risk of vision impairment due to various chronic diseases increases the demand for Intraocular lenses and drives the market's growth. For instance, in November 2022, NIH stated that 1.8% of United States dementia cases were associated with visual impairment and projected that by 2050, that total would rise to around 250,000 cases. Additionally, it was noted that the incidence of vision impairment in older adults was higher for Hispanics, at 11%, compared to 8.3% overall for Blacks and non-Hispanic Whites. Thus, older age, along with chronic diseases like dementia, increases the risk of vision impairment and the demand for intraocular lenses which is expected to boost the market over the forecast period.
Several market players have focused on the launch of intraocular lenses in the United States, which is adding to the growth of the studied market. In March 2022, Alcon launched its Clareon family of intraocular lenses (IOLs) in the United States. It delivers exceptional vision, clarity, and predictable refractive outcomes in a glistening-free IOL material. Such activity in the nation is likely to increase the widespread availability of a product, which adds to the market growth over the forecast period.
North America Intraocular Lens Industry Overview
The North American intraocular lens market is highly fragmented and has several market players. Some of the key market players include Bausch Health Companies Inc. (Bausch + Lomb), Carl Zeiss Meditec AG, EyeKon Medical, HOYA Corporation, Alcon, and others.
North America Intraocular Lens Market Leaders
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Alcon
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Carl Zeiss Meditec AG
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Bausch Health Companies Inc. (Bausch + Lomb)
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Eyekon Medical
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HOYA Corporation
*Disclaimer: Major Players sorted in no particular order
North America Intraocular Lens Market News
- May 2023: Atia Vision presented the first clinical data on the patented OmniVu IOL System at the 2023 Annual Meeting of the American Society of Cataract Refractive Surgery (ASCRS) in San Diego, California.
- April 2023: ZEISS Medical Technology received the United States Food and Drug Administration (FDA) approval for CT LUCIA 621P Monofocal IOL, an aspheric, mono-focal, single-piece C-loop IOL.
North America Intraocular Lens Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Growing Burden of Ophthalmic Issues
- 4.2.2 Increasing Cases of Cataract in the Diabetic Population
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4.3 Market Restraints
- 4.3.1 High Cost of Intraocular Lens
- 4.3.2 Lack of Reimbursement Policies
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers/Consumers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Product
- 5.1.1 Monofocal Intraocular Lens
- 5.1.2 Accommodative Intraocular Lens
- 5.1.3 Multifocal Intraocular Lens
- 5.1.4 Toric Intraocular Lens
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5.2 By End-User
- 5.2.1 Hospitals
- 5.2.2 Ambulatory Centers
- 5.2.3 Other Centers
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5.3 Geography
- 5.3.1 United States
- 5.3.2 Canada
- 5.3.3 Mexico
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Bausch Health Companies Inc. (Bausch + Lomb)
- 6.1.2 Carl Zeiss Meditec AG
- 6.1.3 EyeKon Medical
- 6.1.4 HOYA Corporation
- 6.1.5 HumanOptics Holding AG
- 6.1.6 Johnson & Johnson
- 6.1.7 Lenstec Inc.
- 6.1.8 Alcon
- 6.1.9 Rayner
- 6.1.10 STAAR Surgical Company
- 6.1.11 USIOL Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityNorth America Intraocular Lens Industry Segmentation
As per the scope of this report, intraocular lenses are permanent artificial lenses that replace the eye's natural lenses as a part of the treatment for vision problems such as cataracts and myopia. The North America Intraocular Lens Market is Segmented by Product (Monofocal Intraocular Lens, Accommodative Intraocular Lens, Multifocal Intraocular Lens, and Toric Intraocular Lens), End User (Hospitals, Ambulatory Centers, and Other Centers), and Geography (United States, Canada, and Mexico). The report offers the value in USD for the above segments.
| By Product | Monofocal Intraocular Lens |
| Accommodative Intraocular Lens | |
| Multifocal Intraocular Lens | |
| Toric Intraocular Lens | |
| By End-User | Hospitals |
| Ambulatory Centers | |
| Other Centers | |
| Geography | United States |
| Canada | |
| Mexico |
North America Intraocular Lens Market Research FAQs
What is the current North America Intraocular Lens Market size?
The North America Intraocular Lens Market is projected to register a CAGR of 6.41% during the forecast period (2024-2029)
Who are the key players in North America Intraocular Lens Market?
Alcon, Carl Zeiss Meditec AG, Bausch Health Companies Inc. (Bausch + Lomb), Eyekon Medical and HOYA Corporation are the major companies operating in the North America Intraocular Lens Market.
What years does this North America Intraocular Lens Market cover?
The report covers the North America Intraocular Lens Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Intraocular Lens Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Intraocular Lens Industry Report
Statistics for the 2024 North America Intraocular Lens market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Intraocular Lens analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
