Therapeutic Contact Lenses Market Forecast with Potential Impact, Despite COVID-19 Pandemic, Finds FMI 2022 - 2031

 

The global need for therapeutic contact lenses has increased as cases of macular degeneration and glaucoma have increased. The therapeutic contact lens market is predicted to reach a worth of US$ 11.03 billion by 2031, according to Future Market Insights (FMI).

With advances in medical technology, cases with persistent kinds of blindness are beginning to improve. As the number of occurrences of eye infection and disorders rises, particularly among the young, healthcare providers are investing heavily in research and development.

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.

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.

 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.

Information Source: 
https://www.futuremarketinsights.com/reports/therapeutic-contact-lenses-market

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