Global Ophthalmic Lens Market

The global Ophthalmic Lens market size is worth USD 2.36 Billion with a CAGR of 4.35% from 2021 to 2027. The growing usage of bronchoscopy is the major driver driving the ophthalmic lens market forward. Refractive and cataract mistakes are becoming more common, necessitating ophthalmic lenses to enhance visual quality. Furthermore, due to increased screen time in front of mobile and computer screens, the worldwide population is experiencing poor vision difficulties. These characteristics are critical for the ophthalmic lens industry to expand. People all around the world are experiencing an upsurge in presbyopia instances. It is a visual disease in which the eyes’ ability to focus on surrounding things is damaged. There is a critical need for progressive lenses to heal this disease, creating the ophthalmic lens industry possibilities. Ophthalmic lens makers have also introduced advanced vision correction lenses. These ophthalmic lens market lenses serve a critical role in improving aesthetics and comfort in a single lens. These ophthalmic lens market’s sophisticated lenses also provide excellent optical performance. The ophthalmic lens market has been fragmented due to a range of competitors. Wearing contact lenses has increased the number of infection cases. As a result, the ophthalmic lens market develops to give better services to end-users. The government is also taking steps to raise public knowledge about innovations and benefits to spur worldwide growth in the ophthalmic lens industry. However, the ophthalmic lens business is a major impediment in operations, which permanently eliminates vision problems. The technique for carrying out these operations is likewise fairly straightforward. As a result, these issues may limit the ophthalmic lens market’s development potential.

What is an Ophthalmic Lens?

An ophthalmic lens is used to correct eyesight in people with vision problems because their eyes’ focal point does not meet the retina. Myopia, hypermetropia/hyperopia, presbyopia, and astigmatism are examples of refractive defects and visual impairments that can be corrected using ophthalmic lenses. Crown Glass, Flint Glass, Barium Glass, and other materials are used to make these lenses, which enable simple adaptation to the eye and increased comfort. It is frequently used to correct ametropia. These lenses also allow for more oxygen to reach the cornea. By decreasing dryness and irritation, an increase in oxygen permeability helps to improve comfort. The main purpose of an optical lens is to increase the object’s effectiveness and accuracy by providing superior optical performance. Microscopy, contact lenses, laser processing, and binocular imaging are just a few of the applications for the optical lens.

Growth Driver

Increasing demand in the medical sector

Due to the increased usage of contact lenses, there is an increasing need for contact lenses ophthalmic lenses in the medical industry. The rising elderly population, along with a considerable increase in ocular disorders, has raised contact lens sales, favoring the expansion of the ophthalmic lens industry. The use of these lenses for astronomical research is growing. These lenses might be utilized as medical devices, implanted into the eye to replace the native lens and cure cataracts and refractive problems. The rapid expansion of the elderly population and related eye illnesses and the growing incidence of diabetes and eye diseases in the global population contribute to the growth of the ophthalmic lens market. As a result of such circumstances, the need for ophthalmic lenses has risen, providing clinicians with more accurate treatments and alternatives for a specific condition. Furthermore, the availability of reimbursement policies for necessary ophthalmic operations and a clear regulatory framework boosts the ophthalmic lens market’s growth.

Increasing R&D Activities and Government initiatives

Several important businesses are investing in research and development to produce innovative and unique products. Campaigns and advertising are being conducted to raise awareness among the general public, ophthalmologists, and optometrists. Furthermore, the government’s increasing efforts to raise awareness about the benefits and advances in ophthalmic lenses are expected to boost the global ophthalmic lens market’s rise in the forecasted period. The World Health Organization has undertaken several programs aimed at reducing avoidable blindness. It regularly holds workshops to disseminate information about new advancements and technology to the general public. As a result, it assists health ministries in achieving universal health goals. All of these reasons have accelerated the expansion of the global ophthalmic lens market in recent years.

Pre-Covid-19 impact on Ophthalmic Lens Market

During the pre-covid-19 period, the ophthalmic lens market saw a tremendous increase in R&D activity in the field of optics and optometry. The demand for ophthalmic lenses has risen due to advancements in introducing variable soft contact lenses with sophisticated technology. Growing technological advancements in the construction of optical instruments and lenses resulted in various materials for their fabrication, each of which serves a different function. Ophthalmic lenses had progressed from their traditional usage in research to finding uses in everyday gadgets such as cell phones and binoculars. The ophthalmic lenses market was anticipated to develop steadily during the pre-covid-19 era due to these factors. Research laboratories worldwide are a major source of information and a driving force in the ophthalmic lens industry during the pre-covid-19 era.

Covid-19 impact on Ophthalmic Lens Market

Patients are particularly cautious about seeking elective health treatment, such as cataracts and reconstructive surgery, due to the COVID-19 pandemic. The COVID-19 epidemic has harmed the ophthalmic lens market, mostly due to the lockdown imposed by numerous nations. Eye clinics have witnessed a large drop in inpatient visits and operations, and hospitals have lost a significant amount of money. During the pandemic, the number of regular patients in ophthalmology dropped by around 30%. Only emergency operations are conducted at eye clinics or hospitals, and only minor procedures are performed. As the number of COVID 19 cases has increased, several ophthalmologists have temporarily stopped their clinics as a precautionary measure. Specialized, segregated temporary clinics have been created in some situations to address serious cases among the patients.

Post Covid-19 impact on Ophthalmic Lens Market

The demand for spectacle and contact lenses increases as people become more aware of vision impairment issues and accessible vision correction options, driving the ophthalmic lens market’s development during the post-covid-19 period. As digital devices such as cellphones, laptops, and computers have become a part of everyday life, their usage grows. Many individuals suffer from digital strain due to increased usage of digital devices, including redness, eye strain, and dryness, resulting in vision-related issues, which will drive the ophthalmic lens market in the post-Covid-19 future. Additionally, growing investments in astronomical research are accelerating the development of ophthalmic lenses. Furthermore, the medical sector’s constant need for ophthalmic lenses will boost the ophthalmic lens market in the post-Covid-19 era.

Product Type Segmental Analysis

By Product, the Ophthalmic Lens market is segmented into Spectacle lens, Contact lens, Intraocular Lens. The Intraocular Lens had the biggest market share and is projected to continue throughout the forecast period. The intraocular lens sector of the ophthalmic lens market is being driven by growing cataract incidence due to a large aging demographic segment and rising instances of diabetic retinopathy. The segment is additionally supported by rising occurrences of blindness, increased healthcare expenditure capacity, and an increase in the number of ophthalmologists. Furthermore, the rise of the intraocular lens sector of the ophthalmic lens market is supplemented by an increase in premium lens adoption due to benefits such as improved visual performance and decreased astigmatism. Additionally, the rapid growth of the aging populations and related eye disorders, better established of eye diseases and diabetes in the total population around the world, technological advancements in intraocular lenses, and increasing government actions to regulate and treat vision loss caused by cataracts are all contributing to the segment’s growth.

End-User Type Segmental Analysis

By End-User, the Ophthalmic Lens market has been divided into Hospitals, Ambulatory Centers, Others. The Hospital sector had a maximum market share during the forecast period. In the past, hospitals have reported the highest number of cataract and vision restoration procedures, and they are projected to maintain their dominance as an end-use sector in the ophthalmic lens market. Its expansion is fueled by technologically improved facilities for retinal scanning and corneal disease diagnostics. Some of the key ophthalmic lens market trends responsible for the segment’s growth include an expansion in NGOs and government hospitals providing free cataract procedures, attractive health reimbursement, and rising demand for daycare surgeries in hospitals.

Region Segmental Analysis

By Region, the Ophthalmic Lens market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. In 2020, North America will lead the ophthalmic lens market and will do so for the rest of the forecast period. The Region’s expansion is fueled by an increase in the prevalence of cataracts and other ocular diseases. Furthermore, the market benefits from the availability of well-defined regulatory requirements and reimbursement policies for cataract therapies. At the same time, Asia Pacific is anticipated to expand the quickest in the forecasted period in terms of revenue. The expected growth in the diabetic population, combined with eye care in various national social security systems, is expected to enhance the intraocular lens market.

Competitor Analysis

Alcon Inc., Bausch Health Companies Inc., HOYA Group, Johnson & Johnson, Nikon Corp., Carl Zeiss AG, EssilorLuxottica Group, The Cooper Companies Inc., Novartis AG, SynergEyes Inc. and other prominent players are the key players of the Ophthalmic Lens market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global Ophthalmic Lens market product manufacturing firm
• Research organizations and consulting companies
• Organizations, associations, and alliances related to the Ophthalmic Lens market.
• Regulatory bodies
• Suppliers
• Retailers

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 2.36 Billion
The revenue forecast in 2027	USD 4.12 Billion
Growth Rate	CAGR of 4.35% from 2020 to 2027
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	North America, Europe, South America, Asia-Pacific, and Middle East & Africa
Key companies Profiled	Alcon Inc., Bausch Health Companies Inc., HOYA Group, Johnson & Johnson, Nikon Corp., Carl Zeiss AG, EssilorLuxottica Group, The Cooper Companies Inc., Novartis AG, SynergEyes Inc. and other prominent players.

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