Therapeutic Contact Lenses Market

Therapeutic Contact Lenses Market: Overview

The market size for therapeutic contact lenses was USD 3,594.0 million in 2021, and it is projected to grow at a CAGR of 6.9 percent during the forecast period. As technology advances, optometry and optics are utilizing more research and development activities. The growth of therapeutic contact lenses will be boosted by advances such as the introduction of dynamic soft therapeutic contact lenses combined with advanced technology. Also, favourable government support and reimbursement are expected to enhance market growth. COVID-19 caused several protocol changes that affected a number of hospitals and medical practices.

Therapeutic contact lenses can effectively treat ocular diseases and other corneal disorders. These lenses provide protection for the cornea against environmental conditions, as well as counteracting the coarse effects of the patient's eyelids. In addition to assisting in tissue repair, therapeutic contact lenses can help maintain visual acuity and manage pain. Patients who suffer from recurring corneal erosion syndrome can also benefit from therapeutic contact lenses by reducing pain and protecting the ocular surface from mechanical erosion. As a result, the demand for therapeutic contact lenses is expected to increase during the forecast period due to the rise in corneal diseases. A WHO study estimates that 95 million people will suffer from glaucoma worldwide by 2030. There is a growing interest in developing therapeutic smart contact lenses that monitor eye pressure and treat glaucoma by researchers across a number of countries, including China, the U.K., and others. For example, Pew Research Center found in February 2019 that 81% of American adults owned smartphones, up from 77% in October 2018. Likewise, Mojo Vision announced in January 2020 that it is developing the world's first smart contact lens.

Silicon hydrogel is more compatible with the physiology of the cornea than its predecessors, reducing the risk of hypoxia-related problems. In addition to silicone hydrogel lenses available day and night, there are numerous options available for contact lenses. In addition to being used for therapeutic purposes, rigid lenses can also be used for visual purposes. A significant amount of irregular astigmatism can only be corrected with stiff lenses in cases with corneal anomalies. As a result of rigid lenses' competitive advantage over soft lenses, the rigid lens is expected to gain market share as rigid lenses are adopted, and more ocular pathologies occur. Moreover, it is predicted that global R&D spending on rigid lenses will accelerate market growth.

Therapeutic Contact Lenses Market: COVID-19 Impact

A huge hit was dealt to the global economy in 2020 due to the unprecedented outbreak of COVID-19. The global shutdown also affected supply chains, demand, imports, and exports of eyeglasses and eye care products. During the global shutdown, internet and digital devices were limited, leaving people unable to engage in leisure and professional activities. Thus, contact lens demand, especially among younger people, surged.

Therapeutic Contact Lenses Market: Drivers

Therapeutic Contact Lenses R&D Increase to Drive Market Growth

In the worldwide therapeutic contacts market, pain relief, corneal healing, sealing and protection, and drug delivery are the main drivers. In addition to improving a person's appearance, therapeutic contact lenses replace cumbersome glasses. In order to meet the needs of different capacities, contact lenses are made from different materials. Market demand for therapeutic contact lenses has also been boosted by a frenzy of R&D. Nearly half of North Americans report stressed eyes when driving under bright lights, and seven out of ten have trouble driving. The demographics for therapeutic contact lenses have expanded significantly over the past few decades. Worldwide therapeutic contact lens sales are expected to increase by 2030 due to these factors. In addition to anatomical and physiological barriers that prevent drugs from gaining access to the eye, the iris and retina also have blood-aqueous and blood-retinal barriers. Because of these obstacles, doctors and scientists find it difficult to distribute ocular drugs to the desired targets. New ways of delivering drugs to the eyes are the main focus of the research and development sector. The creation of therapeutic contact lenses that contain embedded drug-loading particles can be accomplished by mixing various colloidal drug-encapsulated particles, including micelles, liposomes, microemulsions, and polymeric nano- and microparticles. Although any size of polymeric particle can be embedded in contact lenses, especially those of the micron range, larger particles have the ability to influence their fundamental properties, such as the optical and physical properties of contact lenses, which is why nanoparticles are the most widely used ones today. In the case of polymeric nanoparticles, functional therapeutic contact lenses can be manufactured by combining various drug-loaded nanoparticles. Contact lens monomers can typically be mixed with drug-loaded nanoparticles before polymerization to incorporate the nanoparticles. In therapeutic contact lenses that have already undergone polymerization, it is possible to soak drugs that are unstable in UV or heat to prevent them from dissolving into the solution. Moreover, many researchers have developed drug-eluting polymeric devices for therapeutic contact lenses that consist of implants or films with transparent center zones so that medications can be released more often and their drug loading capacity can be increased without compromising the fundamental characteristics of therapeutic contact lenses.

Increasing Prevalence of Glaucoma, Myopia and Other Eye Diseases will Drive Market Growth

Therapeutic contact lenses will become increasingly popular in response to the increasing prevalence of glaucoma. The WHO estimates that 95 million people will live with glaucoma in 2030, up from 76 million in 2020. A number of nations, including China, the United Kingdom, and others, are developing lenses that monitor eye pressure and treat glaucoma. In the future, myopia will likely become more widespread due to the growing myopia epidemic and the increasing number of children developing it at a young age. Myopia is becoming increasingly prevalent globally, a major cause of vision loss in East Asian countries, especially in the United States and Europe. Macular degeneration can also be caused by myopia. If severe myopia continues to be prevalent and its side effects persist at their current rate, medical costs could skyrocket. The detection and treatment of refractive errors should be done for school-age children and teenagers through frequent, routine screening programs.

Therapeutic Contact Lenses Market: Restraints

The Risk Associated with Long-Term Side Effects to Hamper Market Growth

Continuing to wear therapeutic contact lenses for a long period of time may cause negative effects, which may restrict the worldwide demand for therapeutic contact lenses. Infections caused by microbial growth on the lens surface are some of the most common negative effects of wearing contact lenses. There is an increased risk of infection due to poor hygiene habits, inconsistent cleaning habits, and continuous use. These adverse effects can also result in painful and agonizing visual problems. Moreover, therapeutic contact lenses are not common in emerging economies, limiting the market growth.

Therapeutic Contact Lenses Market: Segment Overview

Soft Lens Segment to Dominate Market due to High Effectiveness of Liming the Acute Pain

Due to the high effectiveness and adoption rates of soft lenses all over the world, the soft lens segment accounted for the largest share of the market in 2021. Because of their widespread effectiveness and acceptance, soft lenses dominated the market. Patients experiencing acute pain can benefit from therapeutic contact lenses for several eye conditions. The use of therapeutic contact lenses can significantly improve the quality of life of a patient.

Due to Pain Management Properties, Corneal Surgery Category Dominated the Market

In the forecast period, the corneal surgery segment held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. A therapeutic contact lens is frequently used to reduce discomfort, promote corneal healing, and protect the cornea from damage. Pain management is achieved by wearing therapeutic contact lenses postoperatively. Laser epithelial keratomileusis (LASEK) or photorefractive keratectomy (PRK) procedures can be managed better with therapeutic contact lenses.

Therapeutic Contact Lenses Market: Regional Landscape

North America to Dominate Market due to Region’s Flexible and Variety of Options

Over the forecast period, it is anticipated that the North American market will account for the largest revenue share. In North America, therapeutic contact lenses have been introduced, dynamic soft contact lenses have been introduced, and the region's flexibility and diversity have led to the highest market share. Outdoor activities and the presence of a highly developed healthcare infrastructure in both the United States and Canada are expected to boost the growth of the therapeutic contact lens market. Moreover, CooperVision, Alcon, Bausch & Lomb Incorporated, and others are expected to have an important presence in the United States, contributing to the region's growth. As an illustration, the U.S. Census Bureau predicts that the number of senior Americans will reach 77 million by 2034.

The Europe market is anticipated to experience stable revenue growth throughout the forecast period. Healthcare practitioners are expected to use therapeutic contact lenses more frequently as the prevalence of ocular disorders increases. Since trained experts and mature healthcare infrastructure are available in the region, it is anticipated that the region will experience profitable growth during the predicted period.

Therapeutic Contact Lenses Market: Competitive Landscape

In June 2022, Bausch Lomb Corporation, a leading global eye health company, launched ReviveTM custom soft contact lenses in the United States. Patients with high or unusual prescriptions can benefit from ReviveTM bespoke soft lenses. In addition to spherical and toric models, multifocal and multifocal toric models are available. In March 2022, as a global leader in eye health and a subsidiary of Johnson & Johnson Medical Device Companies, Johnson & Johnson Vision Care, Inc. received FDA approval for ACUVUE TheravisionTM with ketotifen. Contact lens wearers with allergic eye irritation will experience a novel wearing experience with ACUVUE TheravisionTM with Ketotifen, the first of a new class of contact lenses.

Few of the 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, Haohai Biological Technology.

Regional Classification of the Global Therapeutic Contact Lenses Market is Described Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global Therapeutic Contact Lenses Market

• Therapeutic Contact Lenses Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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