NEWARK, Del, Jan. 27, 2023 (GLOBE NEWSWIRE) -- A recent report by Future Market Insights predicts that the therapeutic contact lenses market is slated to experience explosive growth, rising from ~USD 12,595.3 Million in 2023 to a whopping ~USD 26,692.9 million over the next decade with an impressive CAGR of 7.8%. This sector represents roughly 25-35% of its parent industry - global contact lens markets
Improved medical technology is significantly improving the likelihood of patients with illnesses like macular degeneration and glaucoma having their eyesight saved or improved. Even previously thought to be permanent forms of blindness are showing signs of improvement, offering hope to those who had only known darkness. In the realm of optics and optometry, there has been a significant growth in R&D effort.
The introduction of dynamic soft contact lenses with superior technology has increased the need for therapeutic contact lenses. For instance, Innovega is creating a soft contact lens with an adjustable display that can be worn anywhere in the field of vision. Instances requiring the use of both hands, including driving, surgery, and military operations, may be made safer, according to the business, thanks to the iOptik technology. However, it will be some time before the technology is consumer-ready.
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The Centers for Disease Control and Prevention estimate that about 12 million Americans aged 40 and up have some form of vision impairment, including three million people with vision impairment following correction, one million blind people, and eight million people with vision impairment brought on by refractive error that has not been corrected.
As a result, rapid technological advancements have played a significant role in impacting lifestyles. The trend is continuous in the healthcare category as well. The therapeutic contact lenses market is dominated by Methafilcon in terms of material type is expected to boost the market at higher CAGR (9.1%) as compared to other material of product during the forecast. In light of this, smart lenses are gaining prominence in the market. For instance, Mojo lens is considered the first smart lens that has a built-in visual display designed to magnify images for people with low vision. This patented lens is also capable of projecting content from smartphones.
While some market participants are concentrating on producing contact lenses to combat digital eye strain, given the pandemic, the populace is always engrossed in digital gadgets. For instance, Cooper Vision, Inc. has released a novel contact lens that aids in the reduction of eye strain caused by the usage of digital devices. Multiple aspheric curves are used in the Bioinfinity Energy’s. This allows people's eyes to adapt more easily as they shift their sight between digital and non-digital activities. The lens material is also meant to assist eyes maintain moisture, which is an extra bonus. This is especially useful when using a computer or a screen because people blink less frequently.
Further, the therapeutic contact lenses market is estimated to expand at a CAGR of over ~7.8% throughout the forecast period of 2023-2033, and it is estimated to be valued at US$ ~26,692.9 million by the end of 2033.
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Key Takeaways from the Therapeutic Contact Lenses Market Study
- Growing consumer awareness of products, rising product consumption as a consequence of technological advancements in eye care products, and fast urbanisation all contribute to the need for therapeutic contact lenses products which has resulted to an increasing demand for therapeutic contact lenses among manufacturers.
- Companies have established increased focus on innovation and technological advancements. Alongside, companies have adopted online retailing to extend the distribution network effectively.
- In 2023, the United States has a notable value share of 88.8% in North America, owing to its distinct work culture and significant use of smart devices such as desktops, mobile phones, tablets, and laptops.
- UK is a key market in Europe reflecting a notable value share of 18.8% owing to higher spending on premium therapeutic contact lenses in the country.
- The growing demand for eye care products are anticipated to grow at a rapid pace during the forecast tenure. Also, the demand for premium category products is high are will steadily remain high in the future.
- In terms of consumer orientation, the unisex category is predicted to hold a considerable share of 61.5% in 2023. When compared to gender-specific offers, the penetration of unisex contact lenses is relatively significant.
“Healthcare delivery and treatment have been altered by online health solutions. As a result of this shift, many players in the therapeutic lens market are using digital platforms to engage with their patients and vision care professionals and provide them with vision care solutions. In the coming years, such efforts are projected to have a positive impact on the expansion of therapeutic contact lenses,” Says an FMI analyst.
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Impact of COVID-19 on the Market
The novel coronavirus pandemic has impacted business operations across a wide range of industries, resulting in a slowdown in the economy. For market players, the drop in aggregate discretionary spending is a temporary barrier. Manufacturers in the industry are concentrating on growing their product offerings and improving their product ranges, as well as increasing internet penetration, which allows them to access a bigger consumer base at a reduced cost.
Who is winning?
Leading manufacturers of therapeutic contact lenses are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of therapeutic contact lenses globally.
Major players present in the therapeutic contact lenses market are AccuLens Company Inc., The Cooper Companies Inc., Bausch & Lomb Incorporated, Alcon Inc., Dynasil Corporation of America, Johnson and Johnson Vision Care Inc., Medennium Inc., SynergEyes Inc., X-Cel Specialty Contacts, Carl Zeiss AG, Abbot Medical Optics, Inc., CIBA Vision, Essilor International, Hydrogel Vision Corp, Novartis International AG, Contamac, Haohai Biological Technology, Hoya Corporation, Polylite Sofclear, Scrivens House, and Seed Co. Ltd, STAAR Surgical Company among others.
Key segments
By Material Type:
- Balafilcon
- Lotrafilcon
- Methafilcon
- Senofilcon
- Others
By Consumer Orientation:
- Male
- Female
- Unisex
By Price Range:
- Below US$ 10
- US$ 10 to US$ 30
- US$ 30 to US$ 50
- US$ 50 and Above
By Sales Channel:
- Wholesalers/Distributors
- Specialty Stores (Optical Stores)
- Multi-Brand Stores
- Hospitals/Clinics
- Online Retailing
- Other Sales Channel
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Table of Content
1. Executive Summary | Therapeutic Contact Lenses Market
1.1. Global Market Outlook
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends/Opportunities Impacting the Market
3.1.1. Rise in Prescription of Contact Lenses
3.1.2. Growing Prevalence of Myopia Among Children and Elderly Demographic Worldwide
3.1.3. Preference for Branded and Affordable Contact Lenses
3.1.4. Rapidly Growing Aging Population Worldwide
3.1.5. Demand for Photochromic Contact Lenses For UV Protection
3.1.6. Consumers are Willing To Spend More on Vision Care
3.1.7. Demand for photochromic contact lenses for UV protection
3.1.8. Coverage of ophthalmic related problems by Govt. and private insurance companies
3.1.9. Rise In Trend of Smart Contact Lenses
3.1.10. Changing Retail Landscape
3.1.11. Growing Trend of Online Purchase Has Significant Impact On Vision Care Products
3.1.12. Globalization Impacting Lifestyles
3.2. Product Innovation Trends
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About Future Market Insights, Inc.
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