ID: MRFR/HC/8841-CR | September 2020 | Region: Global | 123 pages
Global Contact and Intraocular Lenses Market is expected to register a CAGR of 5.7% and 6.29% to reach USD 9,241.27 Million by 2027.
An intraocular lens is a medical device implanted inside the eye to replace the natural lens 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 various ocular disorders, technological advancements & innovations, and rapidly changing lifestyles are expected to drive the growth of the global contact & intraocular lenses market. However, factors such as the complications related to contact & 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 to grow.
Increasing Prevalence of Various Ocular Disorders
The prevalence of various ocular disorders, such as myopia, hypermetropia, and others, 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 the World Health Organization (WHO), by 2050, the prevalence of myopia will be much higher in high-income regions of the Asia-Pacific, i.e., in the East and Southeast Asia, and it is also predicted to increase to 24% in high-income Asia-Pacific countries.
The Global Burden of Disease (GBD) estimated that an uncorrected distance refractive error is the leading cause of moderate and severe vision impairment. The National Health and Nutrition Examination Survey (NHANES) reported the annual direct cost of correcting distance vision impairment due to refractive errors between USD 3.9 and USD 7.2 billion in the US.
Contact lenses and intraocular lenses are commonly used to correct myopia, hyperopia, astigmatism, and presbyopia. There are other eye conditions and keratoconus and aniseikonia, that 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 market growth.
Global Contact and Intraocular Lenses Market, By Type of Contact Lenses, 2019 & 2027 (USD Million)
Source: MRFR Analysis
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 type is 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 lenses 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, polymethylmethacrylate (PMMA) IOLS, and others. The market by end user has been sub-segmented into hospitals, ophthalmic clinics, and others.
Global Contact and Intraocular Lenses Market Share, By Region, 2019 & 2027 (USD Million)
Source: MRFR Analysis
Global Contact and Intraocular Lenses Market has been segmented on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas market has been segmented into North America and Latin America, with the North American market further divided into the US and Canada. 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 people are likely to suffer from cataract 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 launch and a well-developed medical industry in the region. 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. Asia-Pacific is likely to register the highest growth rate over the forecast period from 2020 to 2027. This is because of the high incidence of cataract and product approvals, and business expansion. 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 in 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.
The Prominent Players in the Global Contact and Intraocular Lenses Market are 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).
Some of the key strategies followed by players operating in the global contact and intraocular lenses market were product innovation, research and development, and acquisition and mergers.
Global Contact and Intraocular Lenses Market, By Product Type
Global Contact and Intraocular Lenses Market, By Material
Global Contact and Intraocular Lenses Market, By End User
Global Contact and Intraocular Lenses Market, By Region
Available Additional Customizations
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.