The global growth in glaucoma and macular degeneration rates has boosted the demand for therapeutic contact lenses. Future Market Insights (FMI) predicted that by 2031, the therapeutic contact lens market would grow at a CAGR of more than 7.5 percent and be worth US$11.03 billion.
Improvements in cases of irreversible kinds of blindness have been noted as medical knowledge has increased. Healthcare professionals are heavily funding research and development projects as the prevalence of eye infections and illnesses rises, especially in the younger population.
The demand for contact lenses has increased dramatically as a result of the development of dynamic soft lenses with superior technology. Due to this, major market participants have also been inspired to develop new products. A well-known business, Innovega, is creating soft contact lenses that can project a display anywhere in the field of vision.
According to the firm, the Optik technology can boost the safety of hands-free activities including driving, surgery, and military operations. The technology won’t be accessible to the general public for some time, though.
The Centers for Disease Control and Prevention estimate that 12 million Americans aged 40 and older have vision impairment, of which 1 million are blind, 3 million have it after having their vision corrected, and 8 million have it because of refractive error that has not been corrected.
As a result, the demand for smart therapeutic contact lenses is increasing quickly due to rapid technological breakthroughs. Smart lenses are consequently becoming more and more common.
As an illustration, the Mojo lens is regarded as the first smart lens with an integrated visual display created to enlarge images for persons with low eyesight. This unique lens can also project content from mobile devices.
Leading companies are focusing on making contact lenses to prevent digital eye strain as consumer reliance on digital gadgets rises.
For instance, Cooper Vision, Inc. has unveiled a state-of-the-art contact lens that aids in reducing eye strain brought on by using digital devices. Different aspheric curves are used by Bio infinity Energy. People’s eyes can switch between non-digital and digital activities more easily as a result. The lens material’s ability to keep eyes moist is an extra benefit. This is especially useful because people blink less when staring at a computer or screen.
According to Future Market Insights, these factors will enable the market to expand at an astounding CAGR and achieve a valuation of $22.6 billion by the end of 2031.
Key Takeaways from the Therapeutic Contact Lenses Market Study
- In terms of material type, senofilcon is predicted to grow at a substantial CAGR of 10.6% during the forecast period.
- In terms of the price range, the US$ 10 to US$ 30 segment will hold over 37.8% share of the market. Due to the diverse range of variety and cost-effectiveness of this range, sales are expected to spur.
- In terms of consumer orientation, the unisex category is predicted to hold a considerable share of 60.3% in 2021.
- In 2021, the U.S. will hold a mammoth share of 88.7% in North America, owing to its distinct work culture and significant use of smart devices such as desktops, mobile phones, tablets, and laptops.
- The U.K. is expected to be a lucrative market in Europe, accounting for over 19.5% owing to higher spending on premium therapeutic contact lenses in the country.
Who is Winning?
Global sales of therapeutic contact lenses have increased as a result of active promotional campaigns, advertising, and new product introductions by leading manufacturers.
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, Hydrogel Vision Corp., Novartis International AG, Contamac, Haohai
Therapeutic Contact Lenses Market by CategoryBy Material Type:
By Consumer Orientation:
By Price Range:
- Below US$ 10
- US$ 10 to US$ 30
- US$ 30 to US$ 50
- US$ 50 and Above
By Sales Channel:
- Specialty Stores (Optical Stores)
- Multi-Brand Stores
- Online Retailing
- Other Sales Channel
- North America
- Latin America
- East Asia
- South Asia
- the Middle East and Africa (MEA)