16 Apr 2021
Posted in Medical Devices
Global intraocular lens (IOL) market set to reach $5.2bn by 2030, says GlobalData
The global intraocular lens (IOL) market was valued at $3.5bn in 2020 and is set to increase at a compound annual growth rate (CAGR) of 4.1% due to the increasing sales of Monofocal, Multifocal, Toric and Polymethyl Methacrylate (PMMA) IOLs according to GlobalData, a leading data and analytics company.
This market valuation by GlobalData takes into account the negative impact of COVID-19, as year-over-year (YOY) sales for IOLs declined 17% in 2020 due to ophthalmic clinics closing during Q2 2020. In 2021, GlobalData 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, according to the company’s recent report, ‘Intraocular Lens (IOL), Global Outlook, 2015-2030’. The IOL market was more severely impacted than other markets sales as these devices rely mainly on elective procedures to generate revenue.
Eric Chapman, Senior Medical Devices Analyst at GlobalData, comments: “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%.”
Alcon is the market leader for IOL sales, followed by Johnson & Johnson, Hoya Corp, Carl Zeiss, and Bausch Health Companies. As such, these companies lost the most revenue due to the impact of COVID-19.
Chapman continues: “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.”