The therapeutic contact lens market is poised for significant growth, with a projected market value of USD 26,692.9 million by 2033, representing a promising Compound Annual Growth Rate (CAGR) of 7.8% from 2023. This growth is fueled by several key factors.
Healing Power in Sight: Therapeutic Lenses Take Center Stage
The therapeutic contact lens market is experiencing a surge in demand, driven by:
- Faster Healing After Surgery: These specialized lenses aid in the healing process following eye surgeries, leading to increased adoption by ophthalmologists and patients.
- Focus on Comfort: Unlike traditional contact lenses used for vision correction, therapeutic lenses are soft and prioritize comfort for post-surgical applications.
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Myopia on the Rise: A Catalyst for Growth
The rising prevalence of myopia (nearsightedness) is indirectly impacting the therapeutic contact lens market:
- Myopia’s Global Reach: Studies by the International Myopia Institute suggest a significant increase in myopia, with an estimated 50% of the world’s population projected to be myopic by 2050.
- Increased Eye Concerns: Myopia can be linked to vision-threatening diseases like glaucoma, cataracts, and retinal detachment, potentially leading to a rise in corrective procedures requiring therapeutic lenses.
Innovation Drives Market Expansion
The future of therapeutic contact lenses is bright, with a focus on:
- Product Diversification: Manufacturers are constantly innovating and developing new lens types to cater to a wider range of eye conditions and patient needs.
- Advanced Technology: Rapid advancements in lens technology are leading to the creation of more effective and comfortable therapeutic contact lenses.
- Reaching New Customers: Product diversification strategies will attract new user groups, further propelling market growth.
Looking Ahead: A Clear Vision for the Future
The therapeutic contact lens market holds immense promise for improved eye care. By prioritizing innovation, catering to diverse needs, and leveraging technological advancements, manufacturers are well-positioned to ensure a bright future for this market and support healthy vision for millions around the world.
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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.
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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