Intraocular Lens (IOLs) Market Booming Worldwide with Key Players | Alcon, Johnson & Johnson Vision, Bausch + Lomb

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Intraocular Lens (IOLs) Market Booming Worldwide
with Key Players Alcon, Johnson Johnson
Vision, Bausch Lomb, and Zeiss
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Intraocular lenses (IOLs) are long-lasting
artificial lenses that can replace the eye's
natural lens to restore both near distant vision.
They are often made of silicone, acrylic, or
other plastic components. The Global Intraocular
Lens (IOLs) Market was valued at US 3.9 billion
in 2021 and is set to witness a growth rate of
5-6 in the next 5 years. Some of the main
factors driving the global IOLs market are the
increase in cataract procedures due to an ageing
population, the switch from monofocal IOLs to
premium IOLs/advanced technology IOLs, the steady
growth of monofocal IOLs in line with the
procedural market, and favorable reimbursement
scenarios in certain key markets. However, some
of the key elements that are expected to hamper
market expansion are comparatively higher pricing
and limited/partial coverage of premium/advanced
technology IOLs. Intraocular Lens (IOLs) Market
Likely to Stay Largely Resilient Through
Recession, Though the Value Mix is Expected to be
Adversely Impacted The Russia-Ukraine war has
amplified the impact of COVID-19 and the global
economic slowdown, which might result in extended
periods of limited growth and high inflation. The
situation is likely to lead to supply-chain
disruptions and the risk of stagflation which
might further curtail global economic growth.
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Due to the impending recession, patients are
anticipated to delay elective surgical procedures
including cataract surgeries until the future of
the broader economy looks more promising. In key
markets such as the U.S., cataract surgeries
involving monofocal IOLs are generally fully
covered by medical insurance providers or
government reimbursement programs whereas
implantation of premium or advanced technology
IOLs may only be partially covered, with the
individual paying out-of-pocket for the
non-covered-component. Considering the present
economic and financial conditions, patients are
expected to be less willing to incur the costs of
these private pays or discretionary procedures
and may choose to forgo such procedures or
products and might consider trading down to more
affordable options. Furthermore, in the U.S.,
the 2023 Medicare Physician Fee Schedule final
rule released by the Centers for Medicare
Medicaid Services (CMS) confirms a 4.5 cut to
surgeons and anesthesiologists, harming patient
access to needed surgical care. Proposed
reimbursement cuts are likely to adversely impact
millions of beneficiaries who depend on Medicare
to access sight-saving and sight-restoring
procedures. However, healthcare insulation in key
markets such as the U.S is likely to offset the
anticipated adverse impact of the recession as
most Americans now have health insurance. Payors
are also expected to continue to inject capital
into the healthcare economy. Explore Premium
Report on Intraocular Lens (IOLs) Market
_at_ https//meditechinsights.com/intraocular-lens-ma
rket/ Under-penetrated Premium/Advanced
Technology IOLs (AT-IOLs) Offers Ample Growth
Opportunities in Intraocular Lens (IOLs)
Market The intraocular lens market is shifting
from monofocal IOLs to premium IOLs/advanced
technology IOLs. There lies a huge untapped
potential market in the premium IOLs/advanced
technology IOLs segment as current penetration
stands at 7 outside the U.S. and 14 in the U.S.
The comparatively higher pricing of premium
IOLs/advanced technology IOLs is anticipated to
drive the IOLs market value in the coming years.
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• Technological Advancements in Intraocular Lens
  (IOLs) is Driving the Growth of Global
  Intraocular Lens (IOLs) Market
• Technological developments are expected to boost
  the intraocular lens (IOLs) market.
• For instance,
• In September 2022, Alcon introduced Clareon Toric
  IOL at the American Academy of Ophthalmology
  (AAO) 2022 annual meeting in Chicago, U.S., and
  completed the Clareon Collection. Clareon Toric
  is a glistening-free toric intraocular lens with
  exceptional clarity and unrivaled stability. It
  was rolled out across select practices in the
  U.S.
• Approximately 2.2 billion people globally suffer
  from impaired vision, and nearly 20 (200
  million) people worldwide suffer vision
  impairment or blindness caused by cataract or
  uncorrected refractive error. There is a pressing
  need to increase manufacturing operations related
  to IOLs in order to cater to growing eye health
  needs. - Operations Director, Leading IOL
  Manufacturer, U.S.
• Organic and Inorganic Growth Strategies Adopted
  by Players to Establish Their Foothold in
  Intraocular Lens (IOLs) Market
• The players operating in the IOLs market accepted
  both organic and inorganic growth strategies such
  as new product launches, expansion, investments,
  acquisitions, partnerships to gather market
  share.
• For instance,
• In September 2022, Johnson Johnson
  Vision announced the availability of
  presbyopia-correcting intraocular lens (PC-IOL)
  powered by InteliLight technology, TECNIS Symfony
  OptiBlue IOL. The extended-depth-of-focus (EDOF)
  lens expands presbyopia correction to more
  patients and joins TECNIS Synergy IOL, a
  high-performance hybrid lens designed for
  spectacle independence, in the InteliLight
  portfolio

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The outlook for the intraocular lens market looks
promising due to the ageing population and
increasing incidences of cataract, technical
developments in IOLs, improved access to care,
continuous investments by IOL manufacturers
worldwide in promotion and education, a growing
number of eye care professionals and dedicated
eye hospitals, improving technology access and
better patient awareness, and increasing
government initiatives and awareness initiatives
to control and treat blindness. Competitive
Landscape Analysis of Intraocular Lens (IOLs)
Market The global intraocular lens (IOLs) market
is marked by the presence of prominent 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 S.p.A,  Ophtec, STAAR Surgical Company,
among others. For More Detailed Insights,
Contact Us _at_ https//meditechinsights.com/contact-
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