Contact and Intraocular Lenses Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Monofocal Intraocular Lens and Premium Intraocular Lens); Material (Polymethylmethacrylate, Silicone, Hydrophobic and Hydrophilic Acrylic Materials, and Others); End-User (Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics, and Eye Research Institutes); Region/Country.
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
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Contact and Intraocular Lenses Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the contact and intraocular lenses market were the three major steps undertaken to create and analyze the adoption of the contact and intraocular lenses market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the contact and intraocular lenses market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the contact and intraocular lenses market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the contact and intraocular lenses market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, material, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the contact and intraocular lenses market. Further, we conducted factor analysis using dependent and independent variables such as various type, material, and end-user of the contact and intraocular lenses market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, and business expansion, in the contact and intraocular lenses market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the contact and intraocular lenses market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the contact and intraocular lenses market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the contact and intraocular lenses market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the contact and intraocular lenses market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, material, and end-user in the contact and intraocular lenses market.
The main objective of the contact and intraocular lenses market Study
The current & future market trends of the contact and intraocular lenses market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the contact and intraocular lenses market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, material, and end-user.
- Define and analysis of the regulatory framework for the contact and intraocular lenses market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the contact and intraocular lenses market for the major region.
- Major regions and countries studied in the report include 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.
- Company profiles of the contact and intraocular lenses market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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