Global Contact and Intraocular Lenses Market is expected to register a CAGR of 5.7% during the forecast period, with a market value of USD 14,317.24 Million by 2027.
An intraocular lens is a medical device implanted inside the eye to replace the natural lens of the eye when it is removed during cataract surgery. The contact lens is a thin plastic lens placed directly on the surface of the eye to correct visual defects. The increasing prevalence of several ocular disorders, technological advancements & innovations, and rapidly changing lifestyles are expected to drive the growth of the global contact and intraocular lenses market. However, factors such as the complications related to contact and intraocular lenses and alternatives of contact lenses are expected to restrict the market growth during the forecast period. Strong product demand to change aesthetic appearance (cosmetic lenses) is expected to allow the global contact & intraocular lenses market.
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The global contact and intraocular lenses market is segmented into type, material, and end user. By type, the market has been segmented into contact lenses and intraocular lenses. Contact lenses is further sub-segmented into spherical contact lenses, Toric contact lenses, multifocal contact lenses, and cosmetic and lifestyle-oriented lenses. The intraocular lenses are segmented into traditional/monofocal IOLS, multifocaL IOLS, TORIC, accommodating IOLS, extended depth-of-focus (EDOF) IOLS, and phakic IOLS. By material, the market has been segmented into contact lenses material and intraocular lenses material. The contact lens material has been further sub-segmented into silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others. The intraocular lenses material has been further sub-segmented into hydrophobic acrylic IOLS, hydrophilic acrylic IOLS, polymethylmeth- acrylate (PMMA) IOLS, and others. The market by end user has been sub segmented into hospitals, ophthalmic clinics, and others.
The global contact and intraocular lenses market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas spearheaded the contact and intraocular lenses market in 2019 and is likely to continue to command during the assessment period. This can be attributed to the high numbers of cataract surgeries, mergers & acquisitions, and product launches. According to the National Eye Institutes (NEI), an estimated 24.4 million are likely to suffer from cataracts in 2020 and is expected to reach double digit by 2050.
Similarly, product launches will boost the growth of the market in this region. In December 2019, Johnson & Johnson Services, Inc. launched Tecnis Toric II 1-Piece Intraocular Lens (IOL) in the US. This product launch helped the company to strengthen its position in the IOL market. The product launches will boost the growth of the market during the forecast period.
The European contact and intraocular lenses market has been segmented into Western Europe and Eastern Europe. The Western Europe contact and intraocular lenses market has further been classified into Germany, France, the UK, Italy, Spain, and the Rest of Western Europe. Europe held the second-largest position in the contact and intraocular lenses market in 2019 owing to the product launched and a well-developed medical industry in the region. Similarly, product launches will boost the growth of the market in this region. Recently, in May 2020, Bausch Health launched LuxGood, a monofocal IOL in the European region. Traditional/Monofocal IOLs is further segmented into aspheric monofocal IOLs and spheric monofocal IOLs. Asia-Pacific is likely to register the highest growth rate during the forecast period from 2020 to 2027. This is because the high incidence of cataract and product approvals, and business expansion will support the growth of the market. The company focuses on organic growth strategies to strengthen its product portfolio and geographical presence globally. In January 2018, Hoya Corporation opened an R&D center for cataract intraocular lenses in Singapore. Such strategies play a key role in supporting the market growth.
The contact and intraocular lenses market in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. The Middle East & Africa contact and intraocular lenses market has been divided into the Middle East and Africa. The contact and intraocular lenses market in the Middle East and Africa is growing steadily for the past few years. In the Middle East, the adoption rate of newer diagnostic instruments was high in countries such as South Africa, the UAE, and Saudi Arabia. With the increasing strategic initiatives by private and public firms and organizations, the growth rate is expected to rise in the next few years.
MRFR recognizes the following companies as the Key Players in the Global Contact and Intraocular Lenses Market— Johnson & Johnson Services, Inc. (New Jersey, US), Bausch & Lomb Incorporated (New York, US), Alcon (Geneva, Switzerland), Hoya Corporation (Shinjuku City, Tokyo, Japan), Carl Zeiss Meditec AG (Jena, Germany), Staar Surgical (California, US), HumanOptics AG (Bavaria, Germany), Nidek Co., Ltd (Aichi, Japan, PhysIOL (Liege, Belgium), and The Cooper Companies, Inc. (California, US).
Key Findings of the Study
- The global contact and intraocular lenses market was valued at USD 9,241.27 million in 2019, is estimated to grow till USD 14,317.24 million by 2027 at a CAGR of 5.7% during the assessment period
- Asia-Pacific accounted for the largest share of the global market due to the increasing geriatric population and developing countries
- Based on the contact lens material, the silicone hydrogel soft contact lens segment accounted for the largest market share in 2018.
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