The global therapeutic contact lenses market, valued at USD 3,594.0 million in 2021, is poised for substantial growth at a robust CAGR of 6.9% during the forecast period, according to a comprehensive market analysis. The report highlights key factors driving this growth, including technological advancements, increased research and development activities, and a surge in demand for ocular disease management.
Advancements in Technology Fuel Market Growth
The therapeutic contact lenses market is experiencing a transformation fueled by technological innovations. Dynamic soft therapeutic contact lenses, coupled with advanced technology, are gaining prominence, contributing significantly to market expansion. Researchers from around the world, including China, the United Kingdom, and others, are exploring the development of smart contact lenses to monitor eye pressure and treat conditions such as glaucoma. This aligns with the growing global interest in wearable technology.
Rising Prevalence of Ocular Diseases
The prevalence of ocular diseases, including glaucoma, myopia, and corneal disorders, is on the rise, propelling the demand for therapeutic contact lenses. The World Health Organization (WHO) estimates that by 2030, approximately 95 million people worldwide will suffer from glaucoma. In response, innovative therapeutic contact lenses are being developed to monitor eye pressure and provide effective treatment.
- Soft Lens Segment Dominates: Soft lenses accounted for the largest share of the market in 2021, driven by their high effectiveness and widespread adoption globally. These lenses play a crucial role in managing acute pain associated with various eye conditions, significantly improving patients quality of life.
- Corneal Surgery Category Leads: The corneal surgery segment held the largest market share and is expected to continue its dominance during the forecast period. Therapeutic contact lenses are essential for pain management, promoting corneal healing, and protecting the cornea post-surgery, particularly in procedures such as laser epithelial keratomileusis (LASEK) and photorefractive keratectomy (PRK).
- North America Takes the Lead: North America is anticipated to account for the largest revenue share during the forecast period. The regions flexibility, diverse options, and highly developed healthcare infrastructure have contributed to its market dominance. The presence of prominent players like CooperVision, Alcon, Bausch & Lomb Incorporated, and others further enhances the markets growth prospects.
- Steady Growth in Europe: The European market is expected to witness stable revenue growth, driven by an increasing prevalence of ocular disorders. Healthcare practitioners are likely to incorporate therapeutic contact lenses more frequently into their treatment plans due to the availability of trained experts and a mature healthcare infrastructure.
While the therapeutic contact lenses market shows immense potential, there are challenges to address. Long-term wear of therapeutic contact lenses may lead to negative effects, such as infections caused by microbial growth on the lens surface. Furthermore, limited adoption in emerging economies presents a constraint on market growth.
Leading companies in the therapeutic contact lenses market are actively engaged in product innovation. For instance, Bausch Lomb Corporation recently launched ReviveTM custom soft contact lenses, catering to patients with high or unusual prescriptions. Johnson & Johnson Vision Care, Inc. received FDA approval for ACUVUE TheravisionTM with ketotifen, a novel solution for contact lens wearers with allergic eye irritation.
Key players in the therapeutic contact lenses market include AccuLens Company Inc., The Cooper Companies Inc., Alcon Inc., Johnson and Johnson Vision Care Inc., Bausch & Lomb Incorporated, SynergEyes Inc., X-Cel Specialty Contacts, Abbot Medical Optics, Inc, Carl Zeiss AG, CIBA Vision, Novartis International AG, Hoya Corporation, Polylite Sofclear, Contamac, and Haohai Biological Technology.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/therapeutic-contact-lenses-market
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.