Growing diabetic retinopathy cases will boost the contact and intraocular lenses market, forecast to touch US$ 6.7 Billion by 2025 at a CAGR of 5%
Noida, Uttar Pradesh, India, February 18 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Globally increasing incidence of cataracts resulting from a large aging demographic segment and rising cases of diabetic retinopathy are driving the intraocular lens market. Soaring cases of blindness, the surge in healthcare spending capacity, and the growing number of ophthalmologists are also supporting the market. Moreover, the rise in the geriatric & diabetic population and the Monofocal intraocular lenses (IOLs) to serve as a low-cost solution for retinal correction are the significant trend in the global market in the coming years.
Driven by these promising developments, the Global Contact and Intraocular Lenses Market is estimated to see healthy growth, pegged at a CAGR of ~5% during the forecast period 2020-2025.
Accommodative IOL demand are leading the global market growth
Accommodative IOLs are used to accommodate well with post-surgical changes compared to conventional monofocal IOLs. These are mainly preferred by patients suffering from macular degeneration, as they support the eye muscles in concentrating on distant and intermediate objects. These lenses have found massive demand in the treatment of astigmatism and presbyopia. Whereas, it is expected that the monofocal intraocular lens will consider the first choice for many, as it can provide the best image quality post-surgery. Thus, they increase its market share percentage in the market. Moreover, the growing eye disorders and increased number of eye surgeries will boost the demand and sales of contact and intraocular lenses in the global market in the coming years.
An intraocular lens is a medical device that is used to substitute the natural lens during cataract surgery from the eye. The contact lens is also a thin plastic lens positioned directly on the eye’s surface to improve visual defects. The increasing various ocular disorder cases, technological advancements & innovations, and rapidly changing lifestyles with the consumers’ growing purchasing power are projected to drive the global contact & intraocular lenses market’s growth. However, the contact & intraocular lens complications and wide availability of contact lenses’ alternatives are expected to hinder the contact and intraocular lenses market growth over the forecast period. Strong product demand to change the aesthetic appearance or cosmetic lenses is estimated to create growth opportunities for the global contact & intraocular lenses market during the forecast period.
Segmentation Overview of the Global Contact and Intraocular Lenses Market
The contact and intraocular lenses market is segmented based on Type, Material, and End-user. These major market segments are further categorized into various sub-segments to study the market in detail.
By Type (Monofocal Intraocular Lens, Accommodative Intraocular Lens)
By Material (Polymethylmethacrylate (PMMA), Silicone, Hydrophobic Acrylic)
By End User (Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics, Eye Research Institutes)
Key Players Insights
Alcon, Inc. (division of Novartis AG), Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, and HOYA GROUP, among others, are some major players included in the research study of the global contact and intraocular lenses market. The competitors in the market are focused to invest in the product launches and expansion in the developing countries to enhance its market position in an untapped areas.
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