USD 9.56 billion
Global Contact and Intraocular Lenses Market Size, Share, Growth Analysis, By Type(Contact Lenses, and Intraocular Lenses), By Material(Contact Lens Material, and Intraocular Lens Material), By End User(Hospitals, Ophthalmic Clinics) - Industry Forecast 2024-2031
Report ID:
SQMIG35B2189 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
88 |
Figures:
68
Global Contact and Intraocular Lenses Market Insights
Global Contact and Intraocular Lenses Market size was valued at USD 9.56 billion in 2022 and is poised to grow from USD 10.23 billion in 2023 to USD 17.58 billion by 2031, at a CAGR of 7.01% in the forecast period (2024-2031).
Contact lenses are used to correct vision-related issues for individuals. Intraocular lenses replace the natural lens of an individual during a cataract or any other kind of eye surgery. The surging prevalence of different ophthalmic disorders and rising healthcare expenditures are projected to boost demand for contact and intraocular lenses over the coming years. Growing digitization and the proliferation of smartphones and tablets have increased people’s exposure to digital screens leading to high chances of developing eye issues. The rising number of cataract surgeries being performed around the world owing to the high prevalence of cataracts in the ageing population is also contributing to the global contact and intraocular lenses market growth. The popularity of multifocal lenses is projected to increase all over the world going forward as they eliminate the drawbacks associated with traditional mono-focal lenses.
The high prevalence of diabetes is also anticipated to uplift demand for intraocular lenses as diabetic people are more at risk of developing cataracts and undergoing cataract surgeries. Moreover, advancements in healthcare technology are also contributing to the development of novel contact and intraocular lenses in the future. The rising disposable income of people in developed countries is slated to bolster sales of premium and advanced contact/intraocular lenses across the forecast period.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Ophthalmic Clinics
Growth Rate
7.01% CAGR
Global Contact and Intraocular Lenses Market ($ Bn)
Country Share for North America Region (%)
Global Contact and Intraocular Lenses Market By End User ($ Bn)
Global Contact and Intraocular Lenses Market By End User (%)
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Global Contact and Intraocular Lenses Market Segmental Analysis
The global contact and intraocular lenses market is segmented based on type, material, end user, and region. Based on type, the market is bifurcated into contact lenses and intraocular lenses. In terms of material, the market is segmented into contact lens material and intraocular lens material. Based on end user, the market is segmented into hospitals, ophthalmic clinics, and others. On a regional level, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Treatment Type
Contact lenses account for a major share of the global contact and intraocular lenses market owing to the increasing preference of people to opt for contact lenses instead of specs to correct their vision. Growing availability of novel contact lenses suited for people of all age groups and their increasing affordability are also contributing to their high market share. Increasing use of contact lenses for aesthetic appeal is also a factor that is boosting sales of contact lenses around the world as people use them to enhance their appearance.
Demand for intraocular lenses is slated to rise at a fast pace in the global contact and intraocular lenses market over the coming years. The rising number of eye surgeries such as cataract surgeries being performed around the world is slated to boost intraocular lens sales in the future. The expanding geriatric population and growing prevalence of diabetes are key prospects that will boost the expansion of this segment in the future.
Analysis by End User
The majority of ophthalmic surgeries are being performed in hospitals and this is why the demand for contact and intraocular lenses is highest in these settings. An increasing number of hospitals providing ophthalmic treatments and surgeries around the world are also contributing to the prominent market share of this end user in the global contact and intraocular lenses market. The high availability of advanced diagnostic and treatment procedures for different eye disorders and diseases in hospitals also contributes to the growth of the global contact and intraocular lens demand.
Sales of contact and intraocular lenses in ophthalmic clinics are projected to increase at a rapid pace over the coming years. A growing number of ophthalmic clinics around the world and the presence of specialised eye care professionals in them are boosting the contact and intraocular lenses market growth. These clinics are solely focussed on providing all types of treatment and surgeries related to eyes and this is why their popularity is increasing on a global level.
Global Contact and Intraocular Lenses Market By End User, 2022 (%)
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Global Contact and Intraocular Lenses Market Regional Insights
North America accounts for a notable share of the global contact and intraocular lenses market at present. The high spending potential of people in this region and the presence of a developed healthcare infrastructure are majorly contributing to the rising sales of contact and intraocular lenses in this region. The United States is forecasted to be the top market for contact and intraocular lens suppliers in this region. Growing launches of new types of lenses in North America and rising spending on ophthalmic care are also factors that could provide new opportunities for market growth in this region going forward. The availability of better reimbursement policies for eye surgeries and treatments in this region will also support market development.
The rapidly expanding geriatric population base in the Asia Pacific region sets the tone for this region to become the fastest-growing regional market. Rising investments in healthcare infrastructure development, growing disposable income, and an expanding diabetic population are also estimated to boost demand for contact and intraocular lenses in this region going forward. The growing availability of novel lenses and ophthalmic procedures in this region is also forecasted to create new opportunities for contact and intraocular lens vendors in this region. India, Japan, China, and South Korea are predicted to be top markets in this region.
Global Contact and Intraocular Lenses Market By Region, 2024-2031
- Largest
- Fastest
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Global Contact and Intraocular Lenses Market Dynamics
Drivers
Growing Geriatric Population
- Older people are more at risk of developing vision-related disorders and diseases especially if they have diabetes. Most cataract surgeries are performed on seniors and this is why they are prominently driving the demand for contact and intraocular lenses.
Rising Spending on Ophthalmic Care
- People are more aware of ophthalmic disorders than before and are choosing to spend on treatment of the same to improve their quality of life. Increasing spending on eye care around the world is creating new opportunities for contact and intraocular lenses market growth.
Restraints
High Costs of Advanced Lenses
- New contact and intraocular lenses developed using advanced technologies are much more expensive as compared to their traditional counterparts, which makes them inaccessible to people with limited spending potential. This cuts a major consumer base for contact and intraocular lens companies and slows down market development in the long run.
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Global Contact and Intraocular Lenses Market Competitive Landscape
The global contact and intraocular lenses market is almost consolidated with a few major market players accounting for a notable market share. contact and intraocular lens companies are penning collaborations and partnerships with government and public health organisations to increase awareness regarding eye disorders. contact and intraocular lenses market players are also focusing on mergers and acquisitions to maximise their global business reach. Product innovation is an area where established as well as new companies will need to focus if they want to stand out in the global competitive landscape. The development of next-generation multifocal lenses will allow companies to expand their product portfolio and boost revenue generation potential in the long run.
Top Player’s Company Profiles
- Physiol
- Lenstek Inc.
- Alcon
- Johnson & Johnson Services Inc.
- Nidek Co. Ltd.
- EyeKon Medical Inc.
- HumanOptics AG
- Bausch & Lomb Incorporated
- Staar Surgical
- Carl Zeiss Meditec AG
- Hoya Corporation
- The Cooper Companies Inc.
Recent Developments
- XPANCEO, a United Arab Emirates-based deep tech organisation, announced that it had raised USD 40 million in a seed round in October 2023. The company intended to use the funding to further develop AR contact lenses and launch them.
- In September 2023, SkyHy by Hubble was launched by Hubble Contacts, a provider of eye care products founded in 2016. SkyHy by Hubble are daily contact lenses made from silicone hydrogel with better comfort and breathability.
- In August 2023, two new intraocular lenses were launched in India by Alcon, a renowned provider of contact and intraocular lenses. Clareon® Monofocal and Clareon Toric intraocular lenses (IOLs) were the products that were made available for use in India.
Global Contact and Intraocular Lenses Key Market Trends
- Development of Advanced Lenses: UV lenses, multifocal lenses, coloured lenses, and disposable lenses are some advanced types of lenses that are gaining popularity around the world. contact and intraocular lens companies are continually investing in the research and development of new lens technologies to widen their customer base and maximise their business potential in the future.
Global Contact and Intraocular Lenses Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, the rising focus on eye care and the growing availability of novel contact and intraocular lenses are projected to be key factors driving market growth over the coming years. The expanding geriatric population around the world, high investments in healthcare infrastructure development, and growing awareness regarding eye disorders are also estimated to boost sales of contact and intraocular lenses in the future. However, the high costs of advanced contact and intraocular lenses are projected to impede market development across the forecast period. North America is slated to account for a major share of global contact and intraocular lens demand owing to high healthcare expenditure and the availability of novel contact and intraocular lenses. Contact and intraocular lens manufacturers are investing heavily in R&D to support product innovation. The adoption of advanced technologies to create next-generation contact and intraocular lenses is slated to be a key trend providing attractive new opportunities for contact and intraocular lenses market players in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 9.56 billion |
| Market size value in 2031 | USD 17.58 billion |
| Growth Rate | 7.01% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Contact and Intraocular Lenses Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Contact and Intraocular Lenses Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Contact and Intraocular Lenses Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Contact and Intraocular Lenses Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Contact and Intraocular Lenses Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Contact and Intraocular Lenses Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Contact and Intraocular Lenses Market Report Snapshots
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