Global Contact and Intraocular Lenses Market, By Type (Traditional/Monofocal IOLs (Aspheric Monofocal IOLs and Spheric Monofocal IOLs), Premium IOLs (Multifocal IOLs, Accommodating IOLs, and Extended Depth-Of-Focus (EDoF) IOLs), and Phakic IOLs), By Material (Foldable IOLs (Hydrophobic Acrylic IOLs, Hydrophilic Acrylic IOLs, and Other Foldable IOLs) and PMMA IOLs), By End-User (Hospitals & Clinics and Ambulatory Surgery Centers) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
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%.
Intraocular lenses (IOLs) portray what could be said to be the biggest solitary progress in ophthalmology that is triumphantly inletting vision restoration to an abundance of people subsequent cataract surgery. Cataract is basically one of the principle grounds of blindness. Cataract ejection is measured to be the most prevalent ophthalmic surgery all across the world. Although in fact, from the year 1990 to 2010 the count of visually handicapped and blind people due to cataract declined.
However, the overall figure of cataract surgeries increased more than threefold across the globe, and the estimate of cataract surgery escalated among the total regions, particularly in Asia, with enhancement of surgical methods and techniques and a lesser count of complexities.
Primarily, the intraocular lens is an artificial lens that is ingrained in the eye of the patient during cataract surgeries. In the present times, patients now expect pretty much prompt vision recovery with swift return to complete activities. Such factors are increasing the demand of rapid technological advancements, thereby boosting the growth in the global market of contact and intraocular lenses, worldwide.
Also, the intraocular lenses are made safe and efficient in order to offer prime treatment to the patients. In addition to that, the intraocular lenses are developed using visually clear, biologically compatible, sturdy, featherlight, and pliable materials.
Notably, the most frequent materials used in present day are acrylic and articulated silicone, as they can be embedded through a tiny incision. Attributing to such factors, intraocular lenses are further expected to witness high demand in the near future, furthermore advancing the growth of the global contact and intraocular lenses market in the years to come.
Other than that, the favorable reimbursements and firm support from the governments, across the world, is also playing a major role in propelling the growth of the global contact and intraocular lenses market over the forecast period.
MMC Study identifies some of the key participating players in the contact and intraocular lenses market globally are 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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