ID: MRFR/HC/8841-CR | September 2020 | Region: Global | 123 pages
The CAGR for the contact and intraocular lenses market is projected to be between 5.9% and 6.29% until the end of 2027. The market is expected to be worth the USD 9,214.27 million by the end of 2027.
An intraocular lens is surgically inserted into the eye. Its function is to do the work of the natural lens in terms of letting in sunlight and sending images to the brain. It is a thin layer of plastic. It serves another purpose - it helps resolve seeing problems.
COVID-19 became a global issue in the Spring of last year. At first, governments thought it was nothing more than a nuisance. However, some people were hospitalized, and a very small percentage of those died from the virus. Additionally, the virus could cause long-term health problems like shortness of breath and diabetes in people who had recovered from it. The worst thing about this virus was that people could get it again once they had recovered since the antibodies against COVID-19 only lasted for a few months.
Governments around the world responded by imposing quarantines and lockdowns. It hurt the contact and intraocular lenses market because fewer people were going into clinics to have this surgery done.
One thing that’s driving growth in this contact and intraocular lenses market is that more and more people are having problems with their eyes. It is especially true as they age. It is combined with the fact that the technologies that drive contact and intraocular lenses are advancing rapidly. It has led to a new generation of contact and intraocular lenses that are more powerful. More and more people around the world are adopting Western lifestyles. They are also getting richer. It has also driven growth in the contact and intraocular lenses market.
Many people also want to have prettier eyes. It has been a key driver of growth in this contact and intraocular lenses market.
More and more people are experiencing severe eye diseases and seeing disorders. Since the global population is aging in general, this is creating many opportunities for the contact and intraocular lenses market. Some of these seeing disorders and eye diseases are myopia, hyperopia, astigmatism, and presbyopia.
It is encouraging contact and intraocular lens manufacturers to invest heavily in research and development. The objective is to create a new generation of lenses that look prettier and far more effective in correcting eye diseases and seeing disorders.
According to WHO, by 2025, the rich Asian countries would have large populations having myopia. The Southeast and East Asian nations are expected to see a 24% increase in myopia.
Contact and intraocular lenses can be expensive. It is especially true with the new generation of contact and intraocular lenses. This reality is pushing many people to buy less expensive but equally effective substitutes. It is a major factor that’s restraining growth.
Perhaps the greatest challenge for the contact and intraocular lenses market will be to produce a new generation of affordable lenses that are more effective and more powerful than their predecessors.
Cumulative growth analysis
The CAGR is expected to be between 5.7% and 6.29% by the end of 2027. The contact and intraocular lenses market is expected to be worth the US $9,214.27 million by then.
Bausch and Lomb are a major American player in the contact and intraocular lenses market. It has currently invested heavily in research and development. The company has developed many new and effective products which it is currently launching. One of these is the ULTRA for astigmatism contact lenses. These use moisture seal technologies which ensure that your eyes will keep 95% of the moisture of your original lenses for up to 16 hours.
There are two types of lenses: contact lenses and intraocular lenses. The contact lenses segment can be divided further into spherical contact lenses, toric contact lenses, multifocal contact lenses, and cosmetic and lifestyle-oriented contact lenses.
The intraocular lens segment can be further divided into traditional/mono-focal IOLS, multifocal IOLS, TORIC accommodating IOLS, extended depth of focus IOLS, and phakic IOLS.
The contact and intraocular lenses market are made out of two materials: contact lens material and intraocular lens material. There are many subcategories for contact lenses material:
● Silicone hydrogel soft contact lenses
● Methacrylate hydrogel soft contact lenses
● Gas-permeable contact lenses
The contact and intraocular lenses market can be further broken down into hydrophobic acrylic IOLS, hydrophilic acrylic IOLS, polymethyl-methacrylate IOLS, and others.
The following people and end-users use the contact and intraocular lenses:
● Ophthalmic clinics
There are four main regions in the contact and intraocular lenses market:
● The Americas
● The Asia-Pacific
● The Middle East and North Africa
The Americas market has been further categorized into South America and North America. There are two main markets in North America: the USA and Canada. The Americas had the largest contact and intraocular lenses market share in 2019. This is likely to be the case in 2027. The main reasons for the high market share include many cataract surgeries, mergers and acquisitions, and the launching of new products.
The increasing myopia problem is largely due to product launches that have driven market growth in The Americas. One such industry leader is Johnson & Johnson. It launched the Tecnis TORIC II 1-piece Intraocular lens (IOL) in America. Johnson and Johnson solidified its position in the American market after launching this innovative new product.
Many other companies in the market are rolling out new products. This is expected to be a major driver of growth until at least the end of 2027.
There are two main regions for the contact and intraocular lenses market in the European Union: Eastern Europe and Western Europe. The Western European market can be further divided into the following regions: Germany, France, the UK, Spain, Italy, and the rest of Western Europe.
The European Union had the second largest contact and intraocular lens market share in 2019. What contributed to this was the launch of many new-generation products that were even more powerful and effective than their predecessors. But the European Union also has a strong medical industry. This was a major contributor as well.
Bausch and Lomb saw huge opportunities, and it capitalized on these by launching the Luxgood. This is a monofocal intraocular lens. This product was launched all over Europe last year.
The Asia-Pacific region is driving this is many approvals for many products, the fact that more cataract removal surgeries are taking place every year, and the rapid expansion of companies in the market. There are six main countries for this market in the Asia-Pacific region:
● South Korea
● The other countries
There are two main regions in the Middle East and North Africa market: The Middle East and North Africa. The CAGR for this region has been modest but steady. Countries like South Africa, the UAE, and Saudi Arabia saw the highest rate of adoption of the next generation of diagnostic equipment. Both private and public players are engaging in mergers and acquisitions, and partnerships. This is projected to drive growth in the future.
The contact and intraocular lens market are very competitive. Companies are finding that they must invest heavily in research and development if they want to continue their sustainable market position and competitive advantages. It’s the research and development that allows them to roll out even more effective products in the future. They’re also trying to strengthen existing market share and enter into new markets with mergers and acquisitions and strategic partnerships.
Bausch and Lomb are a big American company in this market. It’s come up with many new innovative products that are helping to keep its huge market position and share.
List of Companies
● 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)
● Johnson & Johnson launched the Tecnis TORIC IOL
● Bausch & Lomb recently introduced an innovative new product in the European Union
● Hoya Corporation opened a new research and development facility in Singapore
● Cooper acquired Paragon Vision Sciences
● Physiol launched a new product for correcting presbyopia
The CAGR for the contact and intraocular lenses market is expected to be at least 5.9% until the end of 2027. There is growth in this market. Companies are responding by investing heavily in research and development to launch a new generation of much more effective and powerful lenses.
|Market Size||USD 9,241.27 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Material and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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 Market Opportunities||Strong product demand|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The calculated CAGR for Global Contact and Intraocular Lenses Market is 5.7% and 6.29%.
The global contact and intraocular lenses market will be expected to value USD 9,241.27 Million by the end of 2027.
The key factor raising the shares of the global contact and intraocular lenses market is the rising prevalence of various ocular disorders, technological advancements & innovations, and rapidly changing lifestyles.
Staar Surgical, HumanOptics AG, Bausch & Lomb Incorporated, and The Cooper Companies, Inc. are the prime vendors of the market.
The Americas, Asia-Pacific, Europe, and the Middle East & Africa are the regions mentioned in the global contact and intraocular lenses market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.