A global data and analytics company has valued the 2020 intraocular lens (IOL) market at US$3.5 billion (AU$4.5 b), however the current resurgence in cataract procedures won’t offset COVID-19 revenue losses until 2022.
The market valuation by GlobalData indicates the international IOL market is poised increase at a compound annual growth rate of 4.1% due to the increasing sales of monofocal, multifocal, toric and polymethyl methacrylate (PMMA) devices. By 2030, it expects the market to reach $5.2 billion (AU$6.2 b).
Its recent report titled, ‘Intraocular Lens (IOL), Global Outlook, 2015-2030’, takes into account the negative impact of COVID-19, as year-over-year sales for IOLs declined 17% in 2020 due to ophthalmic clinic closures during the second quarter.
In 2021, the firm anticipates the start of a “surge period” in procedures and IOL sales to make up for postponements in 2020.
“However, the surge will not offset revenue losses until 2022. The IOL market was more severely impacted than other markets sales as these devices rely mainly on elective procedures to generate revenue,” the company stated.
Mr Eric Chapman, GlobalData’s senior medical devices analyst, added: “In Q1 2020, elective procedures were postponed from around mid-March (two out of 12 weeks) and this two-week period negatively impact the overall sales of IOLs. By Q2 2020, as the number of new COVID-19 cases had reached a peak, many clinics were closed, and the market was down over 50%.”
According to GlobalData, Alcon is the market leader for IOL sales, followed by Johnson & Johnson, Hoya Corp, Carl Zeiss, and Bausch Health Companies.
“GlobalData expects these players to retain their market position after the market recovers from the pandemic. Smaller manufacturers will continue to have a difficult time winning market share from market leaders Alcon and Johnson & Johnson, especially in the US,” Chapman said.