North America Intraocular Lens Market

North America Intraocular Lens Market Size & Growth (2023 to 2028):

As Per the Research Report, the North America Intraocular Lens Market is valued at USD 1.27 billion in 2023 and estimated to grow at a CAGR of 4.33%, to reach USD 1.57 billion by 2028 during the forecast period 2023 to 2028.

Some factors driving the growth of the market include increased demand and awareness for personalized medicine and targeted therapy, increasing cases of adverse drug reactions, and technological demands. According to the NIH National Eye Institute, more than 12.3 million Americans currently have common vision problems that can be corrected with the use of prescription glasses such as eyeglasses or contact lenses. Americans spend more than $ 15.6 billion on glasses each year. Hence, increasing ophthalmic conditions in the region is expected to drive the growth of intraocular lenses market during the forecast period.

According to the National Eye Institute, the United States recorded 7.8 million cases of diabetic retinopathy and 26 million cases of cataracts, and is expected to reach 11.9 million and 39.4 million respectively by 2035. In addition, the American Ophthalmological Association states that the leading cause of visual impairment worldwide is thought to be cataracts, and that geriatric eye problems are emerging as the main contributors in developing countries. Hence, such increase in ophthalmic disorders across U.S and Canada are expected to drive the growth of the IOL market during the forecast period.

There are few challenges associated with intraocular lenses, such as confusions and errors related to intraocular lenses (IOL) which are among the most common postoperative adverse events, as well as the majority of errors related to incorrect implantation of the IOL, which restricts the market.

Recently, there has been a growing demand for high-end, state-of-the-art IOLs, such as multifocal IOLs, accommodating IOLs, presbyopia and astigmatism correcting intraocular lenses (IOLs), depth IOLs extended field strength (EDoF). In addition, to improve the quality of vision and reduce the risk of blindness, the demand for intraocular lenses is increasing. The growing desire of companies to capture emerging countries and gradually switch to new technologies should offer significant growth opportunities to players in this market. Rising costs of IOLs, poor reimbursement coverage, and post-surgical complications are expected to hamper market growth during the forecast period.

This research report on the North America Intraocular Lens Market has been segmented and sub-segmented into the following categories

By Material:

• Polymethylmethacrylate (PMMA)
• Silicone
• Hydrophobic Acrylic

By Type:

• Monofocal Intraocular Lens
• Premium Intraocular Lens
  • Toric Intraocular Lens
  • Multifocal Intraocular Lens
  • Accommodating Intraocular Lens

By End User:

• Hospitals
• Ophthalmology Clinics
• Eye Research Institutes
• Ambulatory Surgical Centers

By Country:

• US
• Canada
• Rest of North America

In North America, the United States holds the largest share of the market and is expected to dominate during the forecast period. According to the American Academy of Ophthalmology, approximately 2.7 million eye injuries occur each year in the United States alone. Hence, the increase in eye injuries is helping  the growth of the market.

Increased number of new product launches, as well as ongoing technological advancements such as EDoF and custom cataract lenses. According to the Vision Council, about 79% of adults in the United States had vision correction surgery in 2017, and about 25% of adults said they needed vision correction. These factors are contributing to the growth of the North America IOL market. However, as the impact of COVID-19 is greater in this region, a significant proportion of elective surgeries are postponed and hospitals become emergency units. Due to this, the intraocular lens market in the region is expected to register significant impact in the short term.

Promising Companies leading the North America Intraocular Lens Market Profiled in the Report are Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, Alcon, Inc. (division of Novartis AG), EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, Physiol s.a., Calhoun Vision Center, and Oculentis GmBH.