The Contact and Intraocular Lenses Market is Expected to Foresee Significant Growth. The U.S. to lead the growth!
- Vikas Kumar
- July 30, 2022
- HEALTHCARE, NEWS
- Contact and Intraocular Lenses Market, Contact and Intraocular Lenses Market Forecast, Contact and Intraocular Lenses Market Growth, Contact and Intraocular Lenses Market Share, Contact and Intraocular Lenses Market size, Contact and Intraocular Lenses Market Trend
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The contact and intraocular lenses market is expected to witness a CAGR of around 6% during the forecast period. The contact and intraocular lenses (IOLs), also known as implantable contact lenses, are surgically inserted into the eye where they provide excellent quality of vision with predictable and stable results. These lenses are used in many eye-related diseases and after some eye surgeries. Moreover, the rising prevalence of cataracts and blindness possesses an economic and health burden in many countries. For instance, Vision 2020 is one such global initiative launched by the International Agency for the Prevention of Blindness (IAPB), with the aim to eliminate the main causes of avoidable blindness in the world. In addition, there is active participation by the government to achieve the target of Vision 2020 through reimbursement, eye checkup camps, and others. This is anticipated to accelerate the contact and intraocular lenses market growth in the forecast period.
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Based on type, 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 lucrative growth rate during the forecast period. The growth of this category is mainly due to some major factors such as rising cases of myopia, cataract, vision impairment, etc. Moreover, monofocal intraocular lenses are the preferred choice of numerous ophthalmologists. For instance, according to World Health Organization (WHO), around 253 million people across the globe live with vision impairment; of which, about 36 million are blind and 217 million suffer from moderate or severe vision impairment.
Based on material, 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 supposed to witness a significant growth rate during the forecast period because it is better for (PCO) prevention, which is the most common complication of cataract surgery. Moreover, some factors such as rising cases of glaucoma, macular degeneration, and cataracts are also contributing to the growth of this market during the forecast period. For instance, in December 2019, Johnson & Johnson Vision announced the U.S. launch of Tecnis Toric II, an intraocular cataract lens for the correction of astigmatism in cataract patients
Based on end-user, the contact and intraocular lenses market is categorized into hospitals, ambulatory surgery centers, ophthalmology clinics, and eye research institutes. The hospitals category captured a significant share of the market and is anticipated to witness a considerable growth rate during the forecast period. This is mainly owing to its application in the treatment of various eye-related diseases, and the majority of glaucoma, cataract, and vision repair surgeries being performed in hospitals. Hence the market for the hospital category is expected to grow during the forecast period. For instance, according to a report published by World Health Organization (WHO), around 76 million people (40 to 80 years of age) diagnosed with glaucoma in 2020
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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. In 2020, North America accounted for a significant market share. The rising growth of this market in the region is mainly due to the presence of a large population with various eye disorders, the availability of skilled healthcare professionals, & ophthalmology clinics. Further on, the increasing cases of macular degeneration in the region, also contribute to the growth of this market. For instance, According to Bright Focus Foundation, in 2020, 11 million people in the United States had some form of age-related macular degeneration, which is expected to double to nearly 22 million by 2050
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.
The Contact and Intraocular Lenses Market Segmentation
Market Insight, By Type
- Monofocal Intraocular Lens
- Premium Intraocular Lens
Market Insight, Material
- Hydrophobic and Hydrophilic Acrylic Materials
Market Insight, By End-User
- Ambulatory Surgery Centers
- Ophthalmology Clinics
- Eye Research Institutes
Market Insight, By Region
- North America Contact and Intraocular Lenses Market
- Rest of North America
- Europe Contact and Intraocular Lenses Market
- Rest of Europe
- Asia-Pacific Contact and Intraocular Lenses Market
- South Korea
- Rest of Asia-Pacific
- Rest of the World Contact and Intraocular Lenses Market
Top Company Profiles
- Bausch Health Inc.
- Carl Zeiss Meditech AG
- EyeKon Medical Inc
- Hoya Corporation
- Johnson & Johnson
- Lenstec Inc.
- Rayner Intraocular Lenses Limited
- Sifi S.P.A