CONTACT AND INTRAOCULAR LENSES Market Research Report Information By Type (Contact Lenses, {Spherical Contact Lenses, Toric Contact Lenses, Multifocal Contact Lenses, Cosmetic and Lifestyle-Oriented Lenses}, Intraocular Lenses {Traditional/Monofocal IOLs, Multifocal IOLs, Toric, Accommodating IOLs, Extended Depth-Of-Focus (EDoF), IOLs, Phakic IOLs}), Material (Contact Lenses material {Silicone hydrogel Soft Contact Lens, Methacrylate hydrogel Soft Contact Lens, Gas-Permeable Contact Lens, Others}, Intraocular Lenses material {Hydrophobic Ac

Global Contact and Intraocular Lenses Market Overview

CONTACT AND INTRAOCULAR LENSES Market Size was valued at USD 8.93 billion in 2021. The Contact and Intraocular Lenses market industry is projected to grow from USD 9.56 Billion in 2022 to USD 16.43 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.01% during the forecast period (2022 - 2030). Increasing prevalence of various ocular disorders and technological advancements and innovations.

 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Contact and Intraocular Lenses Market Trends

• Increasing prevalence of various ocular disorders to Boost Market Growth

The prevalence of various ocular disorders, such as myopia and hypermetropia, is growing at an alarming rate worldwide. These ocular disorders are associated with a significant rise in the risks for vision impairment due to conditions such as high myopia and other diseases. According to an article published in ‘Investigative ophthalmology & visual science’, myopia affected ~30% of the world’s population in 2020; this number is expected to rise to 50% by 2050.

According to the World Health Organization (WHO), the cases of myopia are highest in East Asia, where China, Japan, South Korea, and Singapore have a prevalence of approximately 50%. Moreover, by 2050, the prevalence of myopia is projected to be much higher in high per capita income regions of the Asia-Pacific, i.e., in the East and South-East Asia, and in high-income North America, southern Latin America, all of Europe, North Africa, the Middle East, and about 30% of Africa will be similar to that in Asia today. Furthermore, according to WHO, the global financial burden with the annual global costs of productivity losses associated with vision impairment from uncorrected myopia and presbyopia is estimated to be USD 244 billion and USD 25.4 billion, respectively.

Contact lenses and intraocular lenses are now commonly used to correct myopia, hyperopia, astigmatism, and presbyopia. There are other eye conditions as well, such as keratoconus and aniseikonia, which are better corrected with contact lenses. Intraocular lenses are commonly used during cataract surgery to replace the natural lens of the eye. Therefore, the increasing prevalence of eye disorders is expected to drive the growth of the CONTACT AND INTRAOCULAR LENSES Market during the forecast period.

Contact and Intraocular Lenses Market Segment Insights

Contact and Intraocular Lenses type Insights

The CONTACT AND INTRAOCULAR LENSES Market segmentation, based on contact lenses, and intraocular lenses. Contact lenses held the largest market share in 2021, with respect to the CONTACT AND INTRAOCULAR LENSES Market. It is further bi-furcated into spherical contact lenses, toric contact lenses, multifocal contact lenses, cosmetic and lifestyle-oriented lenses. The is due to the increasing adoption of contact lenses for the correction of multiple vision defects, including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia, is likely to drive the growth of the global contact lenses market during the forecast period. According to the International Myopia Institute, the cases of myopia are growing rapidly and by 2050 almost 50% of the global population is expected to be myopic. Despite the drivers, alternative therapies for correction of refractive errors such as LASIK, PRK, and several other refractive procedures may restrain the market growth to some extent. Similarly, in August 2021, Alcon launched TOTAL30, a monthly replacement water gradient lens. Moreover, increasing demand for contact lens and advancing technology contribute to market growth.

December 2019 Bausch & Lomb launched enVista toric MX60ET hydrophobic acrylic intraocular lens with StableFlex technology. The launch of this product will enhance the company's IOL portfolio.

February 2019 Bausch & Lomb Incorporated received the FDA approval for tangible, hydra-peg contact lens coating technology with some of its leading gas permeable (GP) materials, the Boston XO2, Boston XO, Boston EO, and Boston ES lenses.

Contact and Intraocular Lenses Material Insights

The CONTACT AND INTRAOCULAR LENSES Market segmentation, based on material includes contact lenses material, and intraocular lenses material. The contact lenses material segment held the largest market share in 2021 and is expected to be the fastest-growing segment during the forecast period for CONTACT AND INTRAOCULAR LENSES Market revenue. It is also bi-furcated into silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others. This is due to the silicone hydrogel soft contact lens is made using silicone hydrogel, a material that combines the water-absorbing plastic of soft lenses with silicone. Silicone hydrogel soft contact lenses have high oxygen permeability and offer good durability. Methacrylate or poly (2-hydroxyethyl methacrylate) (PHEMA) hydrogel soft contact lenses are inexpensive and provide good biocompatibility; they have become very popular currently. They contain a relatively high amount of water that facilitates the diffusion of solutes and oxygen. Gas permeable contact lenses are rigid and made of plastic. Unlike the soft contact lenses, the rigid gas permeable lens transmits oxygen without absorbing water. These lenses have microscopic holes in them that allow the oxygen to filter through. Other materials include hybrid contact lenses, which are rare and combine the materials of rigid as well as soft lenses.

March 2019 Alcon acquired PowerVision, Inc., a privately held, US-based medical device company focused on developing accommodative, implantable intraocular lenses.

January 2019 Hoya Corporation acquired two ophthalmic medical device manufacturers, namely, Mid Labs (US) and Fritz Ruck (Germany). This acquisition helped the company to strengthen its ophthalmology product portfolio.

Contact and Intraocular Lenses End User Insights

The CONTACT AND INTRAOCULAR LENSES Market data segmentation, based on end user includes contact lenses, and intraocular lenses. The contact lenses segment held the largest market share in 2021, with respect to the CONTACT AND INTRAOCULAR LENSES Market. The contact lenses segment is further segmented into hospitals, ophthalmic clinics, and others. This is due to the increasing patient visit to hospitals for eye checkup, coupled with the growing number of hospitals across major markets and significant number of advanced treatment procedures performed in hospitals supports the segmental growth.

The ophthalmic clinics segment is expected to account for the second-largest market share during the review period. Ophthalmic clinics are healthcare facilities focused on having expert physicians offering advanced treatments, including diagnostic and preventive procedures. Such clinics have a large patient pool, which eventually drives the market for contact lens. The other segment includes segment include home care and ambulatory surgery centers.

July 2020 STAAR launched the EVO Viva presbyopia-correcting lens. The product received CE mark approval for sale in the European Union.

December 2019 STAAR signed a strategic alliance agreement with California Center for Refractive Surgery (CCRS). With this, the company is offering its products to highly qualified ophthalmic partners in the US.

Figure 2: CONTACT AND INTRAOCULAR LENSES Market, by End User, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Contact and Intraocular Lenses Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. North America Biosimilars held the largest market share in 2021. This is attributed 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.

Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: CONTACT AND INTRAOCULAR LENSES Market Share by Region 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Contact and Intraocular Lenses market accounts for the second-largest market share due to owing to the product launched and a well-developed medical industry in the region. The region is anticipated to witness significant market growth over the forecast period due to a higher number of patients and the availability of diagnostic and treatment facilities. Furthermore, the rising incidence rate and a large number of expected cases due to the aging population are anticipated to support the growth of the contact and intraocular lenses market in the region during the forecast period.

Further, the Germany contact, and intraocular lenses market held the largest market share, and the UK contact and intraocular lenses market was the fastest growing market in the European region.

The Asia-Pacific contact and intraocular lenses market is the fastest-growing region during the forecast period. This is due to 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. Furthermore, , increasing product approvals and business expansion strategies are also supporting the growth of the market. Moreover, China contact and intraocular lenses market held the largest market share, and the India contact and intraocular lenses market was the fastest growing market in the Asia-Pacific region. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Contact and Intraocular Lenses Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the contact and intraocular lenses market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the contact and intraocular lenses industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global contact and intraocular lenses industry to benefit clients and expand the contact and intraocular lenses market sector is to manufacture locally to reduce operating costs. In recent years, contact and intraocular lenses has provided some of the most significant benefits.

Johnson & Johnson Services, Inc. (US) manufactures medical devices for various specialties such as orthopedics, cardiovascular diseases, and many others. J&J Services has acquired and merged with various other companies to expand its portfolio of endoscopic devices, pharmaceuticals, and consumer health products. The company operates through its various subsidiary Janssen Pharmaceutica (Belgium), Neutrogena (US), DePuy Synthes Companies (US), Ethicon Inc. (US), Janssen-Cilag (US), Actelion (Switzerland), LifeScan, Inc. (US), Johnson & Johnson Vision Care, Inc. (US), and others. In February 2021, Johnson & Johnson Vision, a global leader in eye health and part of the Johnson & Johnson Medical Devices Companies, announced that the U.S. Food and Drug Administration (FDA) approved the TECNIS Eyhance and TECNIS Eyhance Toric II intraocular lens (IOL) for the treatment of cataract patients in the US.

Key Companies in the Contact and Intraocular Lenses Market Includes

• 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)

Contact and Intraocular Lenses  Industry Developments

June 2020 Bausch & Lomb received the US Food and Drug Administration (FDA) clearance for BAUSCH + LOMB INFUSE daily disposable silicone hydrogel (SiHy daily) contact lenses

May 2020 Bausch & Lomb launched LuxSmart and LuxGood preloaded intraocular lenses in Europe. The launch of preloaded intraocular lenses will enhance the company’s eye care product portfolio

January 2020 Bausch & Lomb launched expanded parameters for Biotrue ONEday for astigmatism daily disposable contact lenses in the US

Contact and Intraocular Lenses Market Segmentation

Contact and Intraocular Lenses Type Outlook

• Contact Lenses
  
  
  
  • Spherical Contact Lenses
  
  
  • Toric Contact Lenses
  
  
  • Multifocal Contact Lenses
  
  
  • Cosmetic and Lifestyle-Oriented Lenses
  
  
  
  


• Intraocular Lenses
  
  
  
  • Traditional/Monofocal IOLs
    
    
    
    • Aspheric Monofocal IOLs
    
    
    • Spheric Monofocal IOLs
    
    
    
    
  
  
  • Multifocal IOLs
  
  
  • Toric
  
  
  • Accommodating IOLs
  
  
  • Extended Depth-Of-Focus (EDoF), IOLs
  
  
  • Phakic IOLs
  
  
  
  

Contact and Intraocular Lenses Material Outlook

• Contact Lenses Material
  
  
  
  • Silicone hydrogel Soft Contact Lens
  
  
  • Methacrylate hydrogel Soft Contact Lens
  
  
  • Gas-Permeable Contact Lens
  
  
  • Others
  
  
  
  


• Intraocular Lenses Material
  
  
  
  • Hydrophobic Acrylic IOLs
  
  
  • Hydrophilic Acrylic IOLs
  
  
  • Polymethylmeth- acrylate (PMMA), IOLs
  
  
  • Others
  
  
  
  

Contact and Intraocular Lenses End User Outlook

• Contact Lenses
  
  
  
  • Hospitals
  
  
  • Ophthalmic Clinics
  
  
  • Others
  
  
  
  


• Intraocular Lenses
  
  
  
  • Hospitals
  
  
  • Ophthalmic Clinics
  
  
  • Others
  
  
  
  

Contact and Intraocular Lenses Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America