Increasing cases of macular degeneration and glaucoma across the globe have improved the demand for therapeutic contact lenses. According to Future Market Insights (FMI), the therapeutic contact lenses market is expected to surpass a valuation of US$ 11.03 Bn at a CAGR of over 7.5% through 2031.
Cases of permanent forms of blindness are showing signs of improvement with advancements in medical science. As the cases of eye infection and disorders are increasing, especially in the younger generation, healthcare professionals are extensively investing in research & development activities.
With the advent of dynamic soft contact lenses with improved technology, demand for contact lenses has increased. This also has encouraged product development among key market players. A leading company Innovega, for instance, is developing a soft contact lens that can make a display anywhere in the field of view.
The iOptik system, according to the business, 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 above, have vision impairment, with 1 million being blind, 3 million having vision impairment after correction, and 8 million having vision impairment due to uncorrected refractive error.
As a result, rapid technological advancements are playing significant role in accelerating the demand for smart therapeutic contact lenses. Subsequently, smart lenses are gaining popularity in the market.
For instance, Mojo lens is considered to be the first smart lens that has a built-in visual display designed to magnify images for people with low vision. This patented lens is also capable of projecting content from smart phones.
Leading players are concentrating on producing contact lenses to combat digital eye strain, as reliance on digital devices is increasing among consumers.
For instance, Cooper Vision, Inc. has released a novel contact lens that aids in the reduction of eye strain caused by the usage of digital devices. Multiple aspheric curves are used in the Bioinfinity Energys. This allows people’s eyes to adapt more easily as they shift their sight between digital and non-digital activities. The lens material is also meant to assist eyes maintain moisture, which is an extra bonus. This is especially useful when using a computer or a screen because people blink less frequently.
Backed by these factors, the market is poised to expand at an astounding CAGR, exceeding valuation of US$ 22.6 Bn by 2031-end, estimates Future Market Insights.
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 price range, the US$ 10 to US$ 30 segment will hold over 37.8% share of the market. Due to 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 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 lucrative market in Europe, accounting for over 19.5% owing to higher spending on premium therapeutic contact lenses in the country.
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“Penetration of e-commerce platforms due to the unprecedented outbreak of COVID-19 have compelled the market players to rely on digital platforms. Hence, leading players are collaborating with leading online platforms to provide consumers with vision care solutions. This will create remunerative opportunities for the market players over the coming years.” says an FMI analyst.
Who is Winning?
Leading manufacturers of therapeutic contact lenses are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of therapeutic contact lenses globally.
Major players present in the therapeutic contact lenses 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.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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