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.
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.
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.
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 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.