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
Material, By Distribution Channel, By
Region
|
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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