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, and Others), By Region - Industry Forecast 2024-2031

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.