Medi-Tech Insights: Global growth of cataract procedures driven by aging population, shift from monofocal IOLs to high-end/advanced technology IOLs, steady growth of monofocal IOLs in line with procedure market and scenarios Favorable reimbursement rates in selected key product markets are some of the key factors driving the global intraocular lens market.
BRUSSELS, Belgium, Nov. 23, 2022 (GLOBE NEWSWIRE) — Intraocular lenses (IOL) are permanent artificial lenses that are made primarily of silicone, acrylic, or other plastic compositions and can replace the eye’s natural lens to restore both near and distance vision.
The Global Intraocular Lens Market is Likely to remain resilient the Recession, even if the combination of values should be Seriously Impacted
Compounding the severe impact of Covid-19, the Russian-Ukrainian war has amplified the slowdown in the global economy, which is entering what could become a long period of low growth and high inflation. The situation is likely to lead to supply chain disruptions and the risk of stagflation, which could further dampen global economic growth.
Due to the impending recession, patients should delay elective surgeries, including cataract surgeries, until the future for the economy in general looks brighter. In key markets such as the United States, cataract surgeries involving monofocal IOLs are typically fully covered by medical insurance providers or government reimbursement programs, while implantation of high-end IOLs or advanced technology may only be partially covered, with the individual paying out of pocket for the uncovered component. Given current economic and financial conditions, patients are expected to be less willing to bear the costs of these private payments or discretionary procedures and may choose to forego these procedures or products and may consider switching to more affordable options.
Additionally, in the United States, the 2023 Medicare Physician Fee Schedule final rule published by the Centers for Medicare & Medicaid Services (CMS) confirms a reduction of approximately 4.5% for surgeons and anesthesiologists, thus harming the patient access to necessary surgical care. The proposed reimbursement cuts are likely to negatively impact millions of beneficiaries who rely on Medicare to access sight-saving and sight-restoring procedures. However, the isolation of health care in key markets such as the United States is likely to offset the anticipated negative impact of the recession, as most Americans now have health insurance. Payers should also continue to inject capital into the health economy.
Underpenetrated Superior/Advanced Technology IOLs (AT-IOLs) Offer many growth opportunities in Intraocular Lens Market
The global intraocular lens market is shifting from monofocal IOLs to high-end/advanced technology IOLs. There is a huge potential untapped market in the high-end/advanced technology IOL segment as current penetration stands at 7% outside of the US and 14% in the US. The relatively higher price of premium IOLs/advanced technology IOLs is expected to drive the market value of IOLs in the coming years.
Technological advances in Intraocular lens are Conducting the Intraocular lens Market
The global intraocular lens market is expected to be supported by recent and steady technological advancements. For instance,
In September 2022, Alcon introduced Clareon Toric IOL at the 2022 American Academy of Ophthalmology (AAO) Annual Meeting in Chicago, USA, and completed the Clareon Collection. Clareon Toric is a flicker-free toric intraocular lens with exceptional clarity and unparalleled stability. It has been deployed in some practices in the United States.
“Approximately 2.2 billion people worldwide suffer from visual disturbances, and almost 20% (200 million) of people in the world suffer from visual impairment or blindness caused by cataract or uncorrected refractive error. There is a pressing need for increase manufacturing operations related to IOLs in order to respond at growth eye health needs.”–Director of Operations, First manufacturer of IOLs, WE
Organic and inorganic growth strategies adopted by Market leader Players establish their Strong Anchoring in Intraocular Lens Market
The major players operating in the global intraocular lenses market have adopted both organic and inorganic growth strategies such as new product launches, expansion, investments, acquisitions, partnerships to gain more market share high. For instance,
In September 2022, Johnson & Johnson Vision announced the availability of the presbyopia-correcting intraocular lens (PC-IOL) powered by InteliLight technology, TECNIS Symfony OptiBlue IOL. The Extended Depth of Field (EDOF) lens extends presbyopia correction to more patients and joins TECNIS Synergy IOL, a high-performance hybrid lens designed for spectacle independence, in the InteliLight line.
The outlook for the intraocular lens market looks quite promising due to increasing geriatric population and cataract cases, technological advancements in IOLs, increased access to care, continuous investment in promotion and customer education by IOL manufacturers around the world, a growing number of healthcare professionals and dedicated eye hospitals, improving access to technology and better patient awareness, and increasing government initiatives and awareness initiatives to control and treat blindness.
Competitive landscape analysis: Intraocular Lens Market
The intraocular lens market is marked by the presence of established 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 SpA, Ophtec, STAAR Surgical Company, among others.
Get details Iinsights on Intraocular Lens (LIO) Market with a sample report PDF @ https://meditechinsights.com/intraocular-lens-market/
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