An intraocular lens (IOL) is a thin artificial lens that replaces the normal lens of the eye that is removed during cataract surgery. A femtosecond laser is used to remove the natural lens of the eye during cataract surgery, allowing access to the cataract beneath. The natural lens is replaced with an intraocular lens implant once the cataract is removed. Different IOL implants have different focusing strengths, just like prescription glasses or contact lenses. Its purpose is to perform the same functions as the natural lens in terms of allowing light in and sending images to the brain.
There are different types of intraocular lenses available in the market. Monofocal lenses are used to correct eyesight in one focus area. These lenses are majorly utilized to restore distance vision. But still, there is a requirement for glasses or bifocals after having a monofocal lens implantation. Monofocal lenses and traditional cataract surgery have limits, thus multifocal lenses were designed to eliminate them. Toric lenses are premium intraocular lenses that treat astigmatism, nearsightedness, and farsightedness as well as astigmatism.
COVID-19 Impact analysis
- Since 2020, COVID-19 has become a global issue. Initially, governments considered it as a minor problem. However, numerous people were admitted to hospitals, and few of those admitted died as a result of the outbreak. In addition, for those who have recovered from the virus, long-term health concerns such as shortness of breath and diabetes may arise. The worst part about this virus was that once people recovered, they could acquire it again because COVID-19 antibodies only lasted a few months. Quarantines and lockdowns were imposed by governments all around the world in response. Because fewer patients went to clinics to undergo this surgery, the contact and intraocular lens market suffered a major decline in growth.
Top Impacting Factors
Increase in prevalence of eye disorders and diabetes linked with older age, and rise in the elderly population drive the Contact and Intraocular Lenses market growth.
Rise in government attempts to prevent and treat cataract-related blindness provide considerable growth opportunities for the intraocular lens market.
There is an increase in demand for technologically advanced premium IOLs such as multifocal IOLs, presbyopia- and astigmatism-correcting intraocular lens (IOL), and others. This growth is fueled by the need to improve the quality of vision and reduce the risk of blindness.
The new generation of contact and intraocular lenses are expensive. This reality is pushing people to buy affordable but equally effective substitutes. This is one of the major factors limiting the growth of the Contact and Intraocular Lenses market.
New product launches to flourish the market
- In December 2019, Johnson & Johnson Vision announced the U.S. launch of Tecnis Toric II, an intraocular lens for the correction of astigmatism in cataract patients.
- In August 2019, Alcon announced the launch of AcrySof IQ PanOptix Trifocal Intraocular Lens in the U.S. The product is designed to deliver near and distance vision without the requirement of glasses.
- In February 2017, Johnson & Johnson Vision completed the acquisition of Abbott Medical Optics, which strengthened the position of the company in the ophthalmic devices market.
Key Benefits of the Report
- This study presents the analytical depiction of the Contact and Intraocular Lenses along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Contact and Intraocular Lenses market share.
- The current market is quantitatively analyzed to highlight the Contact and Intraocular Lenses market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Contact and Intraocular Lenses market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Contact and Intraocular Lenses Report
- Who are the leading market players active in the Contact and Intraocular Lenses market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is "Contact and Intraocular Lenses "?
- What is "Contact and Intraocular Lenses " Market prediction in the future?
- Who are the leading global players in the "Contact and Intraocular Lenses " Market?
Contact and Intraocular Lenses Market Report Highlights
By Product Type
By End User
Key Market Players
Physiol, Johnson & Johnson Services, Inc, The Cooper Companies, Inc., Nidek Co., Ltd, Alcon, Staar Surgical, HumanOptics AG, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Hoya Corporation