Contact and Intraocular Lenses Market | Size, Growth, Demand, Opportunities & Forecast To 2025

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. 

Global Contact and Intraocular Lenses Market 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.

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.

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Key Findings of the Study

• The global contact and intraocular lenses market was valued at USD 9,241.27 million in 2019, is estimated to grow till USD 14,317.24 million by 2027 at a CAGR of 5.7% during the assessment period
• Asia-Pacific accounted for the largest share of the global market due to the increasing geriatric population and developing countries
• Based on the contact lens material, the silicone hydrogel soft contact lens segment accounted for the largest market share in 2018.

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. 

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Key Players

MRFR recognizes the following companies as the Key Players in the Global Contact and Intraocular Lenses Market—  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).

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