Contact and Intraocular Lenses Market to Perceive Substantial Growth During 2027

Posted by vinit sawant on April 5th, 2021

Market Highlights

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.

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.

Global Contact and Intraocular Lenses Market size 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.

Segment Analysis

The 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 are 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 lens 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, polymethylmeth- acrylate (PMMA) IOLS, and others. The market by end user has been sub segmented into hospitals, ophthalmic clinics, and others.

Regional Analysis

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.