The North American intraocular lens market is expected to witness a significant CAGR during the forecast period. Certain factors that are driving the market growth include rising 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, currently, more than 11 million Americans have common vision problems that can be corrected with the use of prescriptive eyewear such as glasses or contact lenses. More than 150 million Americans use corrective eyewear, spending more than USD 15 billion on eyewear each year. Hence, the rise in the ophthalmic conditions across the region is expected to drive the growth of the intraocular lens market, over the forecast period.
Other than the adoption rate, there are few challenges associated with intraocular lenses, like the confusions and errors related to intraocular lenses (IOL) are found to be among the most common postoperative adverse events, as well as the most errors related to incorrect IOL implantation, which restricts its usage. In addition, the increasing costs of IOLs and poor reimbursement coverage are expected to hamper the market growth, over the forecast period.
Key Market Trends
The Accommodative IOL Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
Accommodative intraocular lenses are known to accommodate well with post-surgical changes, as compared to that of monofocal intraocular lenses. These are preferred by patients suffering from macular degeneration, as they support the eye muscles in focusing on intermediate and distant objects. These lenses are widely used in the treatment of presbyopia and astigmatism. Moreover, the monofocal intraocular lens is the first choice for many, as it can provide the best image quality after the surgery. In addition to this, according to the American Academy of Ophthalmology, each year, approximately 2.4 million eye injuries occur in the United States alone. Thus rising eye injuries helps in propelling the growth of the market.
The North American intraocular lens market is highly competitive and consists of a few major players. Companies, like Bausch Health Companies Inc. (Bausch + Lomb), Carl Zeiss Meditec AG, EyeKon Medical Inc., HOYA CORPORATION, HumanOptics AG, Johnson and Johnson Vision Care Inc., Lenstec Inc., Alcon, Rayner, and STAAR Surgical Company, among others, hold a substantial share in the market studied.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Ophthalmic Issues
4.2.2 Increasing Cases of Cataract in the Diabetic Population
4.3 Market Restraints
4.3.1 High Cost of Intraocular Lens
4.3.2 Lack of Reimbursement Policies
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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
5.2 By End User
5.2.2 Ambulatory Centers
5.2.3 Other Centers
5.3.1 North America
18.104.22.168 United States
6 COMPETITIVE LANDSCAPE
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 Inc.
6.1.4 HOYA CORPORATION
6.1.5 HumanOptics AG
6.1.6 Johnson and Johnson Vision Care Inc.
6.1.7 Lenstec Inc.
6.1.10 STAAR Surgical Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.