The growing healthcare infrastructure will likely contribute substantially to the development of the market as more prospects can be created for leading players to explore new market openings. Government bodies are investing to generate better facilities for patients, along with running campaigns for cataract eradication.
WILMINGTON, Del., July 16, 2024 /PRNewswire/ -- With a moderate advancement trajectory forecasted by the global contact and intraocular lens market, the estimated valuation of the industry will reach USD 22.9 billion by 2034. The valuation of the ecosystem was measured at USD 11.6 billion in 2023.
This development of the industry will likely project the advancement path at a moderate CAGR of 6.4% through the forecasted period. Influenced by various driving forces, the market will create lucrative prospects for key players.
The growing prevalence related to eyesight issues and cataracts has leveraged the demand for contact lenses. With the elevated demand for treatments for eyesight correction, leading manufacturers can expect better prospects in the forecasted period.
In the special cases of retaining natural crystalline lenses, suggested by medical professionals, phakic intraocular lenses are used. This creates new openings for new entrants to explore a niche within the competitive landscape.
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With the technological evolution, leading players are innovating the production of contact lenses and intraocular lenses. This innovation is in terms of the design and corrective power of lenses, which proliferates the availability of lenses in the industry.
Multifocal vision correction is an emerging trend in the market, which is focused upon by leading manufacturers of contact and intraocular lenses. This is another outcome of the growing technological infrastructure and spurring innovation.
The growing investments in the healthcare industry by governments and other key non-governmental bodies have supported the market growth. Efforts for the eradication of cataracts have resulted in inducing lucrative opportunities for key players.
Despite various drivers, the lack of reimbursement policies is constraining the progress of the market. The lack of awareness about contact lenses is another barrier for the industry, affecting the propagation of the competitive landscape.
Key Findings from the Market Report
- Based on various parameters, the contact and intraocular lens market can be segmented. This segmentation helps leading players operate in several verticals, generating better products. Based on the product type, contact lenses comprise a vast segment. Due to the growing demand for eyesight correction, this segment will likely proliferate.
- Based on applications, conventional contact lenses will likely surpass the competition. Due to the growing fashion trends along with eyesight issues among patients, this segment will be introduced to new avenues.
- Based on the material used for the production of contact lenses, silicone-hydrogel contact lenses constitute a large segment. Due to their excellent permeability to oxygen, such lenses have become popular among medical professionals.
- Patients prefer treatments from hospitals due to the better infrastructure and reliability. As a result, the demand for contact lenses is higher in such cases. Hospital pharmacies, hence, constitute a substantial share of the distribution channel segment of the market.
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Regional Profile
- The growing geriatric population in Asia-Pacific surges the demand for contact and intraocular lenses. This helps the said region contribute the highest to the growth of the industry.
- The healthcare sector in North America has been developed with constant efforts of governments of key countries.
- With the growing vision-related issues in Europe, the contact and intraocular lens market will find better prospects.
Contact and Intraocular Lens Market Report Scope:
Report Coverage | Details |
Forecast Period? | 2024-2034 |
Base Year? | 2020-2022 |
Size in 2023 | US$ 11.6 Bn |
Forecast (Value) in 2034 | US$ 22.9 Bn |
Growth Rate (CAGR) | 6.4 % |
No. of Pages | 169 Pages |
Segments covered | By Product Type, By Application, By |
Competitive Landscape
Product innovation is a key mode of expansion used by key players within the contact and intraocular lens market.
- Johnson & Johnson is a leading player in the global market, which produces a wide range of products, including hygiene products, sanitary napkins, tampons, pantyliners, and many other healthcare products.
- Alcon Inc. produces cataract surgery equipment, refractive technology, and vitreoretinal surgery equipment.
- Carl Zeiss Meditec AG produces robotic equipment for ophthalmology, cataract operations, and spine-related treatments.
Key Players
- Johnson & Johnson
- Alcon Inc.
- Bausch + Lomb
- Carl Zeiss Meditec AG
- Hoya Corporation
- Essilor International
- NIDEK CO., LTD.
- Rayner Surgical Group Limited
- Ophtec B.V.
- Omni Lens Pvt. Ltd.
Key Developments in the Contact and Intraocular Lenses Market
- In October 2023, Alcon Inc. launched TOTAL30 Multifocal Contact Lenses, aiming to cure presbyopia patients.
- In April 2024, Johnson & Johnson proposed to acquire Shockwave Medical. The strategic move will consolidate the position of the business in the market.
Market Segmentation
Product Type
- Contact Lenses
- Spherical
- Toric
- Multifocal
- Monovision
- Intraocular Lenses
- Monofocal
- Multifocal
- Toric
- Accommodative
Application
- Contact Lenses
- Conventional
- Orthokeratology
- Decorative
- Intraocular Lenses
- Cataract Surgery
- Presbyopia
- Corneal Disorders
Material
- Silicone Hydrogel
- Hydrophobic Acrylic
- Hydrophilic Acrylic
- Polymethylmethacrylate
- Others (Gas Permeable, etc.)
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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