The report is titled as ‘Contact and Intraocular Lenses Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the contact and intraocular lenses market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The contact and intraocular lenses market is expected to grow at a significant rate in the near future.
The global contact and intraocular lenses market was valued US$ 6,300.3 Mn at the end of 2020 and expected to reach at a value of US$ 9,805.9 Mn by 2028 with a significant CAGR of 5.7%.
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Contact and Intraocular Lenses Introduction
An intraocular lens can be specified as a medical appliance inherent on the inner part of the eye to substitute the natural lens during cataract operation. A contact lens is basically a thin and malleable lens situated precisely on the exterior surface of the eye to rectify visual defects.
The rapidly growing prevalence of several different ocular disorders, various technological advancements & innovations, and swiftly altering lifestyles are majorly projected to drive the growth of the global contact and intraocular lenses market.
Although factors including the difficulties associated with contact and intraocular lenses and other options of contact lenses are likely to hamper the market growth in the near future. Yet, firm product demand to amend and modify aesthetic appearance (cosmetic lenses) is estimated to enable the global contact and intraocular lenses market to flourish.
Contact and Intraocular Lenses Market Dynamics
In the current times, the exponentially rising incidences of several different optical disorders, including hypermetropia, myopia, and others at an alarming rate, worldwide, is primarily considered as the major factor for the future growth of the global contact and intraocular lenses. These optical disorders are linked with a considerable escalation in the hazards for vision disability due to circumstances such as pathological myopia and other ailments. As per the study of the Global Burden of Disease (GBD), an incorrect distance defective vision is the chief reason for mild and acute vision disability. In order to rectify myopia, astigmatism, presbyopia, and hyperopia, the most commonly used solutions are contact lenses and intraocular lenses. Owing to which, the global contact and intraocular lenses market is expected to witness significant growth in the coming years.
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Contact and Intraocular Lenses Market Segmentation
The global contact and intraocular lenses market is segmented on the basis of type, material, end-user and region. The type segment of the contact and intraocular lenses market is divided into Traditional/Monofocal IOLs, Premium IOLs, and Phakic IOLs. The traditional/Monofocal IOLs is further segmented into Aspheric Monofocal IOLs and Spheric Monofocal IOLs. The premium IOLs segment is further divided into Multifocal IOLs, Accommodating IOLs, and Extended Depth-Of-Focus (EDoF) IOLs. Further, the material segment is divided into Foldable IOLs and PMMA IOLs. The foldable IOLs segment is further bifurcated into Hydrophobic Acrylic IOLs, Hydrophilic Acrylic IOLs, and Other Foldable IOLs. On the basis of end-user, the market is divided into Hospitals & Clinics and Ambulatory Surgery Centers.
Contact and Intraocular Lenses Market Key Players
The global contact and intraocular lenses market is dominated by Bausch + Lomb, Alcon, Johnson & Johnson, Carl Zeiss Meditec, Hoya Corporation, Staar Surgical Company, Rayner Intraocular Lenses, Physiol, Ophtec, SAV IOL, Oculentis, among others.
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