Routine medical appointments were postponed in December 2019 due to the COVID-19 epidemic to prevent people from being infected. The market suffered as a result in the first half of 2020. There was a considerable decline in procedure volumes as a result of the aged patient population and increased risk of developing COVID-19 symptoms, which resulted in lost revenue and the temporary or permanent closure of individual ophthalmic practise facilities.
However, an increase in patient volumes was seen as a result of numerous clinics and practises reopening in the second half of 2020. Additionally, the use of modified face-to-face appointments and telecommunication allowed for the continuation of a few procedures throughout the pandemic’s peak. However, there is still a waitlist for some procedures, such cataract operations. Ophthalmologists are also continuously working hard to reduce the backlog of procedures while adhering to safety regulations while the pandemic continues and the risk of the emergence of a third or fourth wave in some countries remains.
It’s possible that the epidemic has permanently altered how ophthalmic treatments are performed. This may be because ambulatory surgery facilities and specialty clinics perform more procedures than large venues do. The government’s ongoing efforts to combat the COVID-19 virus through mass vaccination programmes and increased R&D spending, together with the release of vaccines, are aiding the market’s recovery and enabling it to generate sizable profits over the course of the projection period.
Despite the pandemic’s negative impact on intraocular lens sales, the market is now stabilising and is anticipated to expand steadily over the next years. Major reasons fueling the market’s growth include elements like an increase in cataract incidence and an increase in the number of diagnosed cases of blindness. Sales of intraocular lenses are also anticipated to be boosted by rising healthcare spending and increased awareness of cataracts.