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.

Competitive Landscape

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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