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

BRUSSELS - Dec. 15, 2022 - PRLog -- 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.

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.

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 @ https://meditechinsights.com/intraocular-lens-market/