A recent report by Future Market Insights forecasts significant growth for the therapeutic contact lenses market, which is expected to increase from approximately USD 12,595.3 million in 2023 to around USD 26,692.9 million over the next ten years, reflecting a robust CAGR of 7.8%. This segment accounts for roughly 25-35% of the broader global contact lens market.
Advances in medical technology are significantly improving the chances for patients with conditions like macular degeneration and glaucoma to either preserve or enhance their vision. Even some forms of blindness once considered irreversible are now showing signs of improvement, offering new hope to those who had only known darkness. In the fields of optics and optometry, there has been a notable increase in research and development efforts.
One key innovation is the development of dynamic soft contact lenses with cutting-edge technology, driving greater demand for therapeutic contact lenses. For example, Innovega is working on a soft contact lens with an adjustable display that can be positioned anywhere within the wearer’s field of vision. The company claims that its iOptik technology could make activities that require both hands—such as driving, surgery, and military operations—safer and more efficient. However, it will still take some time before this technology is ready for consumers.
The Centers for Disease Control and Prevention (CDC) estimates that approximately 12 million Americans aged 40 and older experience some form of vision impairment. This includes three million individuals with corrected vision impairment, one million who are blind, and eight million with uncorrected refractive errors.
As a result, rapid advancements in technology have had a significant impact on daily lives, particularly in the healthcare sector. In the therapeutic contact lenses market, Methafilcon, a dominant material type, is expected to drive higher growth at a compound annual growth rate (CAGR) of 9.1%, outpacing other materials during the forecast period. Smart lenses are also gaining traction in the market. For example, the Mojo Lens is the first smart contact lens with a built-in visual display that magnifies images for those with low vision. This patented technology also allows the lens to project content from smartphones.
In addition, some companies are focusing on developing contact lenses to address digital eye strain, especially given the increasing screen time caused by the pandemic. CooperVision, Inc., for example, has introduced a new contact lens designed to reduce eye strain from prolonged digital device use. The Biofinity Energy lens features multiple aspheric curves, which help the eyes adjust more easily when switching between digital and non-digital activities. The lens material also helps maintain moisture, which is particularly beneficial for screen users who blink less frequently.
The therapeutic contact lenses market is projected to grow at a CAGR of approximately 7.8% during the forecast period from 2023 to 2033, with an estimated value of around USD 26.7 billion 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.
Competitive Landscape
Market leaders are focusing on new product launches, as well as mergers and acquisitions, to expand their global presence and capture a larger share of the revenue. Manufacturers are increasingly acquiring local players to meet the growing global demand for therapeutic contact lenses. These strategies aim to diversify their product portfolios by introducing new offerings or expanding existing ones.
For instance:
- In 2021, Alcon Vision LLC acquired USA commercialization rights to ophthalmic eye drop Sibrinza. This acquisition will give the brand a strong portfolio and the opportunity to capitalize on the global market.
- In 2020, Warwickshire and Scrivens Opticians & Hearing Care extended their long-standing partnership for five years. The company plans to gain customers by marketing their name in sports.
Key Companies Profiled
The Cooper Companies Inc.; AccuLens Company Inc.; Alcon Inc.; Bausch & Lomb Incorporated; Dynasil Corporation of America; Johnson and Johnson Vision Care Inc.; Medennium Inc.; SynergEyes Inc.; X-Cel Specialty Contacts; Abbot Medical Optics, Inc; Carl Zeiss AG; 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
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Global Therapeutic Contact Lenses Market by Category
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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 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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