New York, United States, Oct. 20, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Therapeutic Contact Lenses Market Size to grow from USD 2,830.96 billion in 2021 to USD 6,148.5 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9% during the forecast period. The therapeutic contact lenses market has been growing owing to the increasing applications of therapeutic contact lenses. During the forecast period, there is likely to be an increase in demand for therapeutic contact lenses due to the rising incidence of glaucoma.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse key industry insights spread across 235 pages with 112 market data tables and figures & charts from the report" Global Therapeutic Contact Lenses Market Size, Share, and COVID-19 Impact Analysis, By Material Type (Senofilcon, Balafilcon, Lotrafilcon, Methafilcon, Others [Etafilcon, Narafilcon]), By Application (Drug Delivery, Corneal Healing, Pain Relief, Sealing & Protection and Others [Corneal Protection]), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." in detail along with the table of contents
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The senofilcon segment to account for the largest market size during the forecast period
Based on the material type, the Therapeutic Contact Lenses market is categorized into Senofilcon, Balafilcon, Lotrafilcon, Methafilcon, Others [ Etafilcon, Narafilcon]. The senofilcon segment accounts for the largest market size during the forecast period. The senofilcon segment will account for the greatest revenue in the market as it is the most used material in the manufacturing of therapeutic contact lenses. Furthermore, the increasing demand for therapeutic contact lenses propels the segment's growth.
The sealing & protection segment to hold a higher CAGR during the forecast period
Based on application, the therapeutic contact lenses market is categorized as Drug Delivery, Corneal Healing, Pain Relief, Sealing & Protection, and Others [Corneal Protection]. The sealing & protection segment to hold higher CAGR during the forecast period. Sealing and protection have accounted for the largest revenue in the market due to the increasing focus on preventing infection from one patient to another.
North America is estimated to account for the highest market share in 2021.
The Global Therapeutic Contact Lenses Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. The market for therapeutic contact lenses in the North American region has been expanding owing to the increasing rise in R&D activities by several small and medium enterprises to develop medical healthcare facilities in the healthcare sector. The market for contact lenses is dominated by North America and will remain so in the future due to the rising popularity of daily disposable lenses and the increased knowledge regarding the need for eye exams. A further factor that is anticipated to contribute to the expansion of the market is the growing popularity of contact lenses among children. Asia-Pacific to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Therapeutic Contact Lenses Market include Bausch & Lomb Incorporated, Advanced Vision Technologies, CooperVision, VISTAKON division of Johnson & Johnson Vision Care, Inc., X-Cel Specialty Contacts, Contamac, Excellent Hi-Care Pvt Ltd, Alcon, Novartis International AG, Menicon Group, Carl Zeiss AG, Visioneering Technologies, Inc., Mojo Vision, Johnson & Johnson Vision, Air Optix, Essilor, Surgitech Innovation, UltraVision CLPL and Other Prominent Key Players.
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