Global Contact and Intraocular Lenses Market is expected to register a CAGR of 5.7% during the forecast period, with a market value of USD 14,317.24 Million by 2027.
The contact lens is a thin plastic lens placed directly on the surface of the eye to correct visual defects. The increasing prevalence of several ocular disorders, technological advancements & innovations, and rapidly changing lifestyles are expected to drive the growth of the global contact and intraocular lenses market.
However, factors such as the complications related to contact and intraocular lenses and alternatives of contact lenses are expected to restrict the market growth during the forecast period.
The global contact and intraocular lenses market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas spearheaded the contact and intraocular lenses market in 2019 and is likely to continue to command during the assessment period. This can be attributed to the high numbers of cataract surgeries, mergers & acquisitions, and product launches. According to the National Eye Institutes (NEI), an estimated 24.4 million are likely to suffer from cataracts in 2020 and is expected to reach double-digit by 2050
Similarly, product launches will boost the growth of the market in this region. In December 2019, Johnson & Johnson Services, Inc. launched Tecnis Toric II 1-Piece Intraocular Lens (IOL) in the US. This product launch helped the company to strengthen its position in the IOL market. The product launches will boost the growth of the market during the forecast period.
Key Findings of the Study
- The global contact and intraocular lenses market was valued at USD 9,241.27 million in 2019, is estimated to grow till USD 14,317.24 million by 2027 at a CAGR of 5.7% during the assessment period