North America Intraocular Lens Market Size (2024 - 2029)

The North American intraocular lens market is anticipated to experience growth over the forecast period, driven by the increasing prevalence of ophthalmic disorders and cataract cases, particularly among diabetic individuals. The market's expansion is supported by the recovery from pandemic-related disruptions and the introduction of innovative products by key players, which enhance treatment options for vision impairments. Despite these positive trends, challenges such as high costs and limited reimbursement coverage may impede market growth.

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Market Size of North America Intraocular Lens Industry

North America Intraocular Lens Market Summary
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

North America Intraocular Lens Market 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 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
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North America Intraocular Lens Market Size Summary

The North American intraocular lens market is poised for significant growth, driven by a combination of innovative product launches and a recovering market post-COVID-19. The pandemic had initially hindered market expansion due to the postponement of elective cataract surgeries, but the introduction of advanced products like Alcon's Vivity lens has spurred recovery. The increasing prevalence of ophthalmic disorders, particularly among diabetic populations, is a key factor propelling market growth. Vision impairments such as myopia, hyperopia, and presbyopia are on the rise, necessitating the use of intraocular lenses for treatment. The launch of next-generation lenses, such as Johnson & Johnson Vision's TECNIS Synergy, further supports market expansion by offering enhanced vision correction capabilities.

Technological advancements and the adoption of sophisticated manufacturing techniques are also contributing to the market's growth in the United States. The demand for accommodative intraocular lenses, which offer benefits like improved near and distance vision, is increasing, particularly among patients with macular degeneration and those at risk of cataracts due to diabetes. The market is characterized by a high level of fragmentation, with key players like Alcon, Bausch Health Companies Inc., and Carl Zeiss Meditec AG actively launching new products to capture market share. Despite challenges such as high costs and limited reimbursement coverage, the market is expected to continue its upward trajectory, supported by ongoing innovations and a growing awareness of vision corrective surgeries.

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North America Intraocular Lens Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing Burden of Ophthalmic Issues

      2. 1.2.2 Increasing Cases of Cataract in the Diabetic Population

    3. 1.3 Market Restraints

      1. 1.3.1 High Cost of Intraocular Lens

      2. 1.3.2 Lack of Reimbursement Policies

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers/Consumers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD)

    1. 2.1 By Product

      1. 2.1.1 Monofocal Intraocular Lens

      2. 2.1.2 Accommodative Intraocular Lens

      3. 2.1.3 Multifocal Intraocular Lens

      4. 2.1.4 Toric Intraocular Lens

    2. 2.2 By End-User

      1. 2.2.1 Hospitals

      2. 2.2.2 Ambulatory Centers

      3. 2.2.3 Other Centers

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

North America Intraocular Lens Market Size FAQs

The North America Intraocular Lens Market is projected to register a CAGR of 6.41% during the forecast period (2024-2029)

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.

North America Intraocular Lens Market Report Snapshots

North America Intraocular Lens Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)