Contact and Intraocular Lenses Market: Current Analysis and Forecast (2021-2027)

Contact and Intraocular Lenses Market: Current Analysis and Forecast (2021-2027)

The contact and intraocular lenses market is expected to witness a CAGR of around 6% during the forecast period (2021–2027). Contact and intraocular lenses (IOLs) are implantable medical devices that are made of highly durable substances, used for vision correction by removing cataracts, and suggested by medical professionals after some eye-related surgeries and they also improve nearsightedness, farsightedness, and astigmatism. Moreover, IOLs do not break down and never need to be replaced and these lenses are also used in some ocular conditions such as cataracts, blindness, unaddressed presbyopia, and myopia. For instance, according to the American Academy of Ophthalmology (AAO), in 2021, myopia, an eye focusing disorder, was a significant, prevalent disease that affected an estimated 25% of Americans.

Some of the major companies operating in the contact and intraocular lenses market include Alcon, Bausch Health Inc., Carl Zeiss Meditech AG, EyeKon Medical Inc, HumanOptics, Hoya Corporation, Johnson & Johnson, Lenstec Inc., Rayner Intraocular Lenses Limited, Sifi S.P.A.

Insights Presented in the Report
"Amongst Type, the monofocal intraocular lens category accounted for the majority share in the market in 2020”

Based on product, the contact and intraocular lenses market is segmented into monofocal intraocular lens and premium intraocular lens. The monofocal intraocular lens category is anticipated to witness a considerable growth rate during the forecast period. This is mainly due to the causes of moderate-to-severe vision impairment in people aged over 50 years are age-related macular degeneration, diabetic retinopathy, inadequate vision correction, glaucoma, and cataract. These factors are contributing to the growth of the market. For instance, as per the National Eye Institute (NEI), in 2020, the United States recorded 7.7 million diabetic retinopathy cases and 24 million cataract cases, and they are expected to reach 11.3 million and 38 million, respectively, by 2030.
"Amongst Material, the hydrophobic and hydrophilic acrylic materials category is expected to witness the highest CAGR during the forecast period”

Based on application, the contact and intraocular lenses market is segmented into polymethylmethacrylate, silicone, hydrophobic and hydrophilic acrylic materials, and others. The hydrophobic and hydrophilic acrylic materials category is anticipated to witness a considerable growth rate during the forecast period. These lenses are suggested by ophthalmologists because they offer good mechanical stability, good uveal biocompatibility, and low rates of posterior capsular opacification. Moreover, the rising high prevalence of vision impairment due to unaddressed refractive error, cataracts, glaucoma, corneal opacities, and diabetic retinopathy these factors will drive the market growth of this segment during the forecast period. For instance, according to World Health Organization (WHO), around 123.7 million individuals have a visual loss due to uncorrected refractive error
"Amongst End-User, the hospitals category is expected to witness the highest CAGR during the forecast period”

Based on application, the contact and intraocular lenses market is segmented into hospitals, ambulatory surgery centers, ophthalmology clinics, and eye research institutes. The hospitals category is anticipated to witness a significant growth rate during the forecast period. This category is especially driven by the higher number of patients with eye-related complications and the availability of healthcare professionals & surgical equipment in hospitals are the main reasons for the growth of this segment. Additionally, the availability of major pharmaceutical companies launching new and advanced products is also contributing to the growth of this market. For instance, in February 2021, the U.S. Food and Drug Administration (FDA) Approved Johnson & Johnson Vision’s TECNIS EyhanceTM and TECNIS EyhanceTM Toric II intraocular lens for the treatment of cataract patients in the U.S.
"North America to witness significant growth during the forecast period”

For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific) and Rest of World. North America accounted for a considerable market share during the forecast period. This is mainly due to the rising demand for contact and intraocular lenses, well-settled healthcare infrastructure, government spending, and the presence of medical device manufacturers. Moreover, increasing eye surgeries in various diseases such as cataracts, vision impairment, and trichiasis boost the market growth in the region. For instance, according to a report published by the World Health Organization (WHO), around 2.5 million people of all ages are diagnosed with trachomatous trichiasis

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