Therapeutic Contact Lenses Market Expected to Reach US $ 11.03 Billion and ~ 7.5% CAGR by 2021-2031
The increase in cases of macular degeneration and glaucoma across the world has improved the demand for therapeutic contact lenses. According to Future Market Insights (IMF), the therapeutic contact lens market is expected to exceed an assessment of US DOLLARS $ 11.03 billion at a CAGR over 7.5% until 2031.
Cases of permanent forms of blindness show signs of improvement with advances in medical science. As the cases of eye infections and disorders increase, especially among the younger generations, healthcare professionals are investing heavily in research and development activities.
With the advent of dynamic soft contact lenses featuring improved technology, the demand for contact lenses has increased. It has also encouraged product development among the major players in the market. Leading company Innovega, for example, is developing a soft contact lens that can make a display anywhere in the field of view.
The iOptik system, according to the company, can increase the safety of hands-free tasks such as driving, surgery and military operations. However, the technology is still years away from being consumer-ready.
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According to the Centers for Disease Control and Prevention, approximately 12 million Americans aged 40 and over have visual impairment, of which 1 million are blind, 3 million have visual impairment after correction, and 8 million have visual impairment due to uncorrected refractive error.
As a result, rapid technological advancements are playing an important role in accelerating the demand for smart therapeutic contact lenses. Subsequently, smart lenses are gaining popularity in the market.
For example, the Mojo lens is considered the first smart lens with a built-in visual display designed to magnify images for the visually impaired. This patented lens is also capable of projecting content from smartphones.
Major players are focusing on the production of contact lenses to combat digital eye strain, as addiction to digital devices increases among consumers.
For example, Cooper Vision, Inc. has launched a new contact lens that helps reduce eye strain caused by using digital devices. Multiple aspherical curves are used in Bioinfinity energies. This makes it easier for people’s eyes to adapt as they change their gaze between digital and non-digital activities. The lens material is also designed to help the eyes retain moisture which is an added bonus. This is especially useful when using a computer or screen, as people blink less often.
Supported by these factors, the market is poised to grow at an astonishing CAGR, exceeding the valuation of $ 22.6 billion by 2031, estimates Future Market Insights.
Key Points From Therapeutic Contact Lenses Market Research
- In terms of material type, senofilcon is expected to grow at a substantial CAGR of 10.6% during the forecast period.
- In terms of price range, the US $ 10-30 segment will hold 37.8% market share. Due to the diverse variety and profitability of this line, sales are expected to boost.
- In terms of consumer orientation, the unisex category is expected to hold a considerable share of 60.3% in 2021.
- In 2021, the United States will hold a gigantic share of 88.7% in North America, due to its distinct work culture and heavy use of smart devices such as desktops, mobile phones, tablets and laptops.
- The UK is expected to be a lucrative market in Europe, accounting for over 19.5% due to higher spending on high-end therapeutic contact lenses in the country.
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The major manufacturers of therapeutic contact lenses are focused on aggressive promotional strategies, advertising and new product launches that have driven the growth in sales of therapeutic contact lenses globally.
The major players in the therapeutic contact lens 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, Seed Co. Ltd, STAAR Surgical Company among others.
Therapeutic Contact Lenses Market By Category
By type of material:
By consumer orientation:
By price range:
- Below 10 USD
- US $ 10 to US $ 30
- US $ 30 to US $ 50
- US $ 50 and more
By sales channel:
- Wholesalers / Distributors
- Specialty stores (Optical stores)
- Multi-brand stores
- Hospitals / Clinics
- Online retail
- Other sales channel
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)