The Contact and Intraocular Lenses Market’s growth rate will be between 5.72% and 6.29% from 2020 to 2027, asserts MRFR (Market Research Future). The market worth would be around USD 13,776.19 Million by 2027-end.
Growth Boosters and Deterrents
Cataract has become increasingly common in the past decade, causing around 58% of blindness across the globe, representing around 30 million individuals in 2020. Cataract is a common disorder that is quite prevalent in developed countries with a massive elderly population. With a mounting number of individuals facing mild to severe eye disorders, the demand for contact and intraocular lenses has surged multi-fold over the years. The constantly expanding population of elderly patients worldwide is giving way to lucrative opportunities for the contact and intraocular lenses developers in the market.
Some of the major eye diseases include hyperopia, myopia, presbyopia, and astigmatism, which affect a substantial portion of the worldwide population. These mounting cases are encouraging the contact and intraocular lens firms to spend heavily on exhaustive research & development. The main focus is on designing next generation lenses that are aesthetically appealing and highly efficient in correcting a variety of eye diseases.
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Type, material, and end user are the top segments covered in the MRFR study of the contact and intraocular lenses industry.
Different types considered in the report are contact lenses as well as intraocular lenses. Contact lenses types are Toric contact lenses, spherical contact lenses, cosmetic and lifestyle-oriented lenses, and multifocal contact lenses. On the other hand, the types of intraocular lenses in the market are multifocaL IOLS, traditional/monofocal IOLS, accommodating IOLS, TORIC, phakic IOLS, and extended depth-of-focus (EDOF) IOLS.
The material-based segments are contact lenses material coupled with intraocular lenses material. The contact lens material-wise segments are gas-permeable contact lens, methacrylate hydrogel soft contact lens, silicone hydrogel soft contact lens, and others. Depending on intraocular lenses material, the sections are polymethylmeth- acrylate (PMMA) IOLS, hydrophilic acrylic IOLS, hydrophobic acrylic IOLS, and others.
Major end users are ophthalmic clinics, hospitals, among others.
As the market leader, America’s stunning progress in the worldwide market is backed by the favorable medical reimbursement scenario and the huge healthcare expenditure. The US healthcare sector is increasingly taking up new cutting-edge technologies, which also raises the market demand in the region. Companies in the region expend heavily on carrying out rigorous research and development of highly innovative products with improved features. This should further bolster the market share in subsequent years.
Europe’s second position in the worldwide industry and relentless expansion can be accredited to the emergence of a variety of advanced contact and intraocular lenses. The well-developed healthcare sector in conjunction with the surging cataract cases in Germany, Italy, and France fosters revenue generation in the region. A substantially massive pool of well-trained and skilled ophthalmologists combined with the surge in cataract surgeries and the robust base of several reputed manufacturers facilitate exponential market growth.
Asia Pacific will be covering major grounds at the fastest pace from 2020 to 2027, all due to the booming population, surging disposable income, and the growth in patient awareness regarding eye care. The mushrooming elderly populace facing a series of eye disorders like cataract also favors the APAC market.
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MRFR has identified a few eminent contenders active in the contact and intraocular lenses industry, namely Alcon (Geneva, Switzerland), Hoya Corporation (Shinjuku City, Tokyo, Japan), PhysIOL (Liege, Belgium), Staar Surgical (California, US), Nidek Co., Ltd (Aichi, Japan, Carl Zeiss Meditec AG (Jena, Germany), Johnson & Johnson Services, Inc. (New Jersey, US), Bausch & Lomb Incorporated (New York, US), The Cooper Companies, Inc. (California, US), HumanOptics AG (Bavaria, Germany), and more.
These vendors set aside large-scale budgets solely for carrying out extensive research and development of new innovative products, aimed at fostering their worldwide presence. The marketing strategies these contenders take up frequently are collaborations, acquisitions, joint ventures, FDA approvals, and expansions.
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