Market Research Future (MRFR) has published a cooked research report on the “Global Contact and Intraocular Lenses Market” that contains information from 2018 to 2030.
The Contact and Intraocular Lenses Market is expected to register a CAGR of 7.01% during the forecast period 2022-2030, to reach USD 16.43 billion by 2030.
MRFR recognizes the following companies as the key players in the global Contact and Intraocular Lenses Market — Johnson & Johnson Services, Inc. (US), Bausch & Lomb Incorporated (US), Alcon (Switzerland), Hoya Corporation (Japan), Carl Zeiss Meditec AG (Germany), Staar Surgical (US), HumanOptics AG (Germany), Nidek Co., Ltd. (Japan), Physiol (Belgium), The Cooper Companies, Inc. (US).
Market Highlights
The global contact and intraocular lenses market is expected to have a market value of USD 16.43 billion by 2030.
The global contact and intraocular lenses market is driven by several factors such as growing technological advancements and innovations, and the rapidly changing lifestyle. Contact lenses and intraocular lenses are used for the non-surgical management of various eye diseases. Due to the increasing acceptance of these lenses, many products have been introduced by the leading market players. For instance, on May 1, 2018, Alcon (a Novartis division) launched a new AIR OPTIX COLORS gemstone collection of contact lenses. This new color palette gives consumers more ways to experiment with their eye color to enhance their look. In addition, in January 2021, Alcon launched PRECISION1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) contact lens designed for astigmatic patients. Furthermore, in May 2020, Bausch & Lomb launched the LuxSmart and LuxGood preloaded IOLs in Europe. Moreover, in December 2019, the company launched the enVista toric MX60ET hydrophobic acrylic intraocular lens with StableFlex technology. Hence, technological advancements by major market players are expected to boost product demand.
Segment Analysis
The global contact and intraocular lenses market is segmented into type, material, end user and region. The type of segment is further segmented into contact lenses, and intraocular lenses.
Moreover, the material segment is further segmented into contact lenses material, and intraocular lenses material. Furthermore, the end user segment is further segmented into contact lenses and intraocular lenses.
Regional Analysis
The global contact and intraocular lenses market, based on region, has been divided into Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americans region held the largest market share of in 2021. This is due to the high numbers of cataract surgeries, mergers & acquisitions, and product launches in this region. According to the National Eye Institutes (NEI), an estimated 24.4 million individuals suffered from cataracts in 2020; this is projected to reach a double by 2050. Similarly, product launches will boost the growth of the market in this region. Recently, 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.
Europe is anticipated to witness significant growth over the forecast period owing to the high number of cataract surgeries, government funding support, and product launches will boost the regional market's growth during the forecast period. According to Eurostat, about 4.7 million cataract surgeries were conducted in 2017 across the EU Member States. 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 are further segmented into aspheric monofocal IOLs and spheric monofocal IOLs.
The contact and intraocular lenses market in Asia-Pacific is being driven by the increasing R&D funding by developing countries such as China and India to develop the healthcare infrastructure. Various other factors influence the regional market's growth, including the high number of cases of cataracts and the growing geriatric population. In addition, increasing product approvals and business expansion strategies are also supporting the growth of the market. Moreover, increasing demand for advanced therapies, government initiatives, and increasing public awareness about vision impairment and available treatment options is driving the market's growth in this region.
The Middle East & Africa is comprised of the Middle East, Africa, and Latin America. The demand for contact and intraocular lenses is increasing in the region mainly due to the significant improvement in the healthcare infrastructure in the region and the increasing presence of key providers of contact and intraocular lenses in the region. According to a research article published in International Ophthalmology, the prevalence of myopia, hyperopia, and astigmatism was 4%, 8%, and 15% in people less than or equal to 15 years and 30%, 21%, and 24% in subjects over 15 years, respectively. Thus, the high prevalence of hyperopia in children and myopia in adults in the region are anticipated to contribute to the regional market growth.
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Key Findings of the Study