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
With advances in medical technology, patients suffering from conditions like glaucoma and macular degeneration have a much better chance of having their vision restored or preserved. Those who had only known darkness can now see signs of improvement in conditions that were before believed to be permanent. The field of optics and optometry has seen a notable increase in research and development.
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.
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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.
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.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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