U.S. 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, Hydrophobic Acrylic, and Silicone & Collamer}), By End-user (Hospitals & Ambulatory Surgery Centers, Specialty Clinics, and Academic & Research Institutes) and Forecast, 2023-2030

The U.S. Intraocular Lens (IOL) market size was valued at USD 1.44 billion in 2022. The market is projected to grow from USD 1.53 billion in 2023 to USD 2.40 billion by 2030, exhibiting a CAGR of 6.6% during the forecast period.

Generally, cataracts occur due to old age or chronic disorders such as high blood pressure, diabetes, and obesity. The growing number of cataract and glaucoma cases has surged the demand for ophthalmic procedures such as cataract surgery. Most cataract procedures require intraocular lenses, which contributes chiefly to the market growth. Furthermore, numerous advanced studies are being conducted to evaluate and deliver these novel technologies for improved patient outcomes. Such factors are predicted to contribute significantly to the U.S. IOL market growth.

Also, rising government programs and the active participation of key players to contribute to the reduction of cataract surgery burden have augmented market expansion.

• For instance, in June 2022, Bausch & Lomb Incorporated raised awareness by introducing a media campaign for cataracts and the importance of routine screening for this treatable condition in the U.S.  The campaign was organized throughout the month of June during Cataract Awareness Month. Bausch + Lomb published educational resources and content on social media platforms under the hashtag #CataractsDontWait. This initiative was done with an aim to increase awareness about this condition and to develop innovative initiatives to control and treat blindness.

COVID-19 IMPACT

Decline in Adoption of Ophthalmic Care Due to COVID-19 Negatively Impacted the Market Growth

There are multiple factors that negatively impacted the U.S. market during the COVID-19 pandemic. Overall, the pandemic had a negative impact on the market. Due to the lockdown procedures, there were interruptions in conducting consultations and surgical procedures for ophthalmic care. This situation contributed to the drop in the number of patient visits and surgeries for cataracts, during the pandemic.

Moreover, the key market players witnessed a considerable revenue decline due to the lack of demand for IOLs during the COVID-19 restrictions.

• For instance, the major global players, such as Alcon, Inc. and Johnson & Johnson Vision Care, Inc., recorded significant declines of -2.6% and -29.8%, respectively, in 2020 for the U.S. annual sales. In 2021, the company experienced a surge in its annual revenues.

Furthermore, increasing patient visits and surgeries for ophthalmic care are anticipated to increase the adoption of these devices, leading to a steady growth during 2023-2030.

LATEST TRENDS

Advanced Product Launches to Cater to Patient Needs to Propel Market Growth

In recent years, the U.S. IOL market witnessed a trend of advanced product launches such as extended depth of focus. The conventional IOLs do not provide a sufficient degree of accommodation. Compared with monofocal Intraocular Lens, Extended Depth of Focus (EDOF) IOL product provides more elongated focus and range. Therefore, it is expected that such advanced IOLs adopted more by patients with refractive error.

• For instance, in January 2021, Alcon Inc. launched the AcrySof IQ Vivity IOL (Vivity) in the U.S. This new presbyopia correcting Intraocular Lens (IOL) is the first and only ono-diffractive EDOF IOLs in the U.S.

Currently, more companies are becoming engaged in gaining regulatory approvals and launching new products for extended depth of focus products. Such a scenario contributes to the market growth during the forecast period significantly.

DRIVING FACTORS

Rising Prevalence of Cataracts to Boost the Number of Procedures in the Market

One of the foremost drivers that positively impacts the market growth is the increasing prevalence of cataract surgeries in the U.S. The factors that have contributed to the rise in the number of cataract cases include diabetes, obesity, high blood pressure, and smoking. The growing prevalence of cataracts has led to a strong demand for these ophthalmic procedures.

• According to an article published by Healio Ophthalmology in 2021, approximately 4.0 million cataract procedures are performed annually in the U.S. Such trends are expected to lead to market growth in the forecast period.

Furthermore, the geriatric population is more prone to cataract incidence. After the age of 40, the proteins in the lens of the eye start breaking down and clump together. This clump makes a cloudy area on the lens and this causes cataracts. Thus, the aging population in the U.S. is the major factor driving the number of cataract procedures.

Robust Government Initiatives to Eliminate Cataracts to Surge the Demand for IOLs

The emphasis of the government and other healthcare agencies on the promotion of cataract awareness has led to a strong demand for IOLs in the market. This is owing to the rising economic burden of cataract surgeries in hospitals and other healthcare facilities. In the U.S., various government and non-government bodies are working to increase public awareness regarding cataracts as well as contributing to control and treat blindness. Along with educating patients, they also carry out campaigns that provide suitable surgery options with innovative product offerings. This has led to a significant number of patients opting for these ophthalmic surgeries in the U.S.

• For instance, the American Society of Cataract and Refractive Surgery (ASCRS) launched the U.S. based charitable cataract surgery program in 2014. Under this Operation Sight charitable program, more than 7,500 surgeries were delivered through a nationwide network of volunteer surgeons.

Such programs for serving the financially vulnerable and uninsured people who cannot afford or access care are driving the intraocular lens market size in the U.S.

RESTRAINING FACTORS

High Costs Associated with Cataract Surgeries to Hinder Market Growth

Even though the demand for these surgical procedures is constantly growing, some factors limit the market growth in the U.S. The burden and costs associated with cataract surgeries restrain the market growth. The main barrier to using general eye care services is the indirect costs associated with cataract surgeries. The main factors that affect the average cost of cataract surgery include an IOL, type of surgery, surgeon's fees, surgery setting, and pre-and post-operative care.

• For instance, according to an article published by GoodRx, Inc. in 2022, cataract surgery costs from USD 1,600.0 to USD 2,600.0 under Medicare claims in the U.S.


• Similarly, as per a published article by Vision Centre in 2023, cataract surgery can cost up to USD 3,500 to USD 7,000 per eye without insurance in the U.S.

Thus, a significant economic burden contributes to the decline in the volume of cataract procedures. Therefore, such factors hamper the adoption of IOLs in the U.S.

SEGMENTATION

By Type Analysis

Rising Cataract Surgeries Enabled the Monofocal Segment to Attain the Highest Share

Based on type, the market is categorized into monofocal and premium. The premium segment is further sub-segmented into multifocal, toric, and others. The monofocal segment captured the largest U.S. Intraocular Lens (IOL) market share in 2022. The dominance of the segment is due to increasing number of cataract surgeries and the high prevalence of chronic diseases in the U.S. population. Also, monofocal lenses are cost-effective compared to premium, contributing to segmental growth.

The premium segment which includes the toric IOL is anticipated to witness the fastest growth over the forecast period. The segment’s growth can be attributed to the rising adoption of premium offerings and the implementation of various strategic initiatives by players operating to capture the untapped avenues of the market.

• Additionally, according to an article published by Healio Ophthalmology in 2021, the growth of advanced technology/premium IOLs in the U.S. was approximately 16.0% in 2020 and may grow to 20.0% in 2021.

By Material Analysis

Robust Benefits of Foldable IOLs Aided to Hold Major Market Share in 2022 

The market is classified into polymethylmethacrylate (PMMA) and foldable based on material. The foldable segment is sub-segmented into hydrophobic acrylic, hydrophilic acrylic, and silicone & collamer.

The foldable segment captured the maximum market share in 2022. A strong cataract prevalence rate and many product launches for hydrophobic acrylic material IOLs contribute to segmental growth. For instance, in March 2022, Alcon, Inc. launched the Clareon family of IOLs in the U.S. with other next-generation, reusable Clareon Monarch IV Delivery Systems. This system provides precise and controlled implantation designed specifically from the new Clareon material.

The second most dominant segment is the polymethylmethacrylate (PMMA) segment. The PMMA segment exhibited a lower share due to limited usage in recent times. It is also being replaced by newer advanced materials such as hydrophobic acrylic, silicone, and hydrophilic acrylic materials available in the market.

By End-user Analysis

Significant Number of Specialty Clinics offering Services to Exhibit Highest CAGR during 2023-2030

Based on end-user, the market is classified into hospitals & ambulatory surgery centers, specialty clinics, and academic & research institutes.

The hospitals & ambulatory surgery centers segment captured the highest market share in 2022. The increasing number of patients with ophthalmic conditions such as cataracts and glaucoma require IOLs and surgeries that are carried out extensively in hospitals. Such a factor has primarily driven segmental growth.

The specialty clinics segment held the second most dominant position. Easy accessibility to cataract services due to the large number of optometrists’ offices in the U.S. contributes to the expansion of the eye clinics segment. According to the U.S. Bureau of Labor Statistics 2021, there are a total 6,900 optometrist offices in the U.S.

The academic & research institutes are anticipated to witness steady growth throughout the forecast period.

KEY INDUSTRY PLAYERS

Alcon and J&J Leads the Market in 2022 Owing to Strong Product Portfolio and Market Presence

The competitive landscape of the U.S. market is consolidated in terms of nature, as key companies such as Alcon Inc., Johnson & Johnson Vision Care, Inc., Bausch & Lomb Incorporated, and HOYA Corporation accounted for a significant proportion of the market share in 2022. Alcon Inc. is one of the leading players in the market. The company's prominent position in the market is due to its strong focus on mergers & acquisitions, new product launches, and collaborations to expand its portfolio.

• For instance, in March 2022, Alcon Inc. launched the Clareon family of IOLs in the U.S. using the most advanced material. Moreover, the company’s wide network across the U.S. to offer its product offering also contributes to the company's strong market share.

Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.) held a considerable market share in 2022. The introduction of an extended depth of focus IOL to increase the brand presence of the company and a strong emphasis on partnerships and acquisitions with other major players to widen the portfolio are some factors that have strengthened the company’s market presence.

LIST OF KEY COMPANIES PROFILED:

• Alcon Inc. (Switzerland)


• Bausch & Lomb Incorporated (Bausch Health Companies, Inc.) (Canada)


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


• HOYA Corporation (Japan)


• Rayner Group (U.K.)


• Hanita Lenses (Israel)


• SIFI S.p.A (Italy)


• Biotech (Switzerland)


• STAAR SURGICAL (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• September 2022: Johnson & Johnson Vision Care, Inc. introduced TECNIS Symfony OptiBlue in the U.S. and some countries of the EMEA region.


• April 2022: Johnson & Johnson Vision Care, Inc. presented data on improved surgical outcomes of its cataract and refractive portfolio at the American Society of Cataract and Refractive Surgery (ASCRS) (2022) Annual Meeting in Washington, D.C.


• June 2021: Johnson & Johnson Vision Care, Inc. introduced TECNIS Synergy and TECNIS Synergy Toric II intraocular lens in the U.S. and Canada for cataract patients.


• May 2021: Johnson & Johnson Vision Care, Inc. received approval from the U.S. FDA for TECNIS Synergy and TECNIS Synergy Toric II IOLs, and the Health Canada approval for TECNIS Synergy Toric II IOLs


• March 2021: Rayner Group received the U.S. FDA approval for RayOne EMV, a new non-diffractive IOL solution.

REPORT COVERAGE

The research report provides a deep analysis of the market overview. The U.S. market is segmented by type, material, and end-user. The report offers insights into market dynamics, prevalence of cataracts, number of cataract surgeries, new product launches, key industry developments, an overview of government cataract initiatives, and an overview of regulatory and reimbursement scenarios. The report also provides a competitive analysis and COVID-19's impact on the market.

Report Scope & Segmentation