Next Generation Contact Lenses & Visual Prostheses Market by Product (Diagnostic or monitoring contact lenses, Drug-eluting contact lenses, Therapeutic contact lenses), Disease (Age-Related Macular Degeneration, Diabetes, Glaucoma) - Global Forecast 2024-

Next Generation Contact Lenses & Visual Prostheses Market by Product (Diagnostic or monitoring contact lenses, Drug-eluting contact lenses, Therapeutic contact lenses), Disease (Age-Related Macular Degeneration, Diabetes, Glaucoma) - Global Forecast 2024-2030

The Next Generation Contact Lenses & Visual Prostheses Market size was estimated at USD 214.71 million in 2023 and expected to reach USD 254.45 million in 2024, at a CAGR 18.76% to reach USD 715.57 million by 2030.

Next generation contact lenses encompass a variety of advanced features and materials that enhance functionality beyond conventional vision correction. These include contact lenses designed with smart technology that may enable interactive visual overlays, health monitoring sensors, drug delivery systems, and improved comfort and vision through advanced materials or designs. Visual prostheses are medical devices designed to restore functional vision for individuals suffering from vision loss or impairment caused by conditions such as retinitis pigmentosa or age-related macular degeneration. These devices often work by bypassing damaged photoreceptors and directly stimulating the remaining functional parts of the visual system, including the retina, optic nerve, or visual cortex. Increasing an aging population, the rise in eye-related diseases, and the growing demand for non-invasive medical devices contribute to market expansion. However, high costs of development and production coupled with stringent regulatory requirements for medical device approval may impede market growth. Nevertheless, the development of smart contact lenses that monitor health indicators and the integration of AI algorithms to improve the functionality of visual prostheses with customization and 3D printing technologies to produce devices tailored to individual patients’ needs is expected to create potential opportunities for the next generation contact lenses and visual prostheses market expansion.

Regional Insights

The Americas region's high consumer awareness, strong economy, and insurance coverage for medical devices contribute to increased market demand. Interest in smart contact lenses with advanced features such as glucose monitoring and augmented reality has spurred several startups and R&D initiatives. Furthermore, there is an inclination towards advanced medical devices, with initiatives by both the private sector and academic institutions pushing forward innovative solutions in visual prostheses and enhanced ocular devices in the Americas. EU countries are witnessing a growing demand for advanced contact lenses due to increased activities related to digital screens and an aging populace. Regulatory directives such as the Medical Device Regulation (MDR) shape industry standards. Ongoing projects funded by the EU Framework Programmes for Research and Innovation showcase the commitment to cutting-edge ocular technology. The Middle East is gradually adopting these advanced medical devices, with a strong focus on luxury and quality. The region's healthcare investment is scaling, characterized by government initiatives to improve healthcare infrastructure. The Asia-Pacific region exhibits diverse market dynamics, with the region's large population base driving consumer needs for vision correction and protection, which is compounded by an aging demographic in certain countries. Smart contact lenses that cater to health monitoring and lifestyle needs are gaining popularity, and investments in the region are focused on leveraging manufacturing prowess to reduce costs and improve accessibility.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Next Generation Contact Lenses & Visual Prostheses Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rise in Ocular Diseases such as Retinitis Pigmentosa, Macular Degeneration, Glaucoma, and Cataract
    • Growing Prevalence of Hybrid Contact Lenses owing to Rising Cases of Astigmation
    • Development of Devices and Tools to Interface with The Nervous System for Prosthetic Purposes
    • Market Restraints
      • Growing Acceptance of Refractive Surgeries
      • Market Opportunities
        • Technological Advances and the Availability of New Biomaterials
        • Potential Application of the Contact Lenses in the Biosensing and Diagnosis of Various Ocular Disorders
        • Market Challenges
          • Complexities Associated with the Prosthesis Implantation
          • Market Segmentation Analysis
            • Product: Burgeoning adoption of therapeutic contact lenses proving invaluable in post-surgical care and treatment of various corneal conditions
            • Disease: Evolving adoption of next-generation contact lenses and visual prostheses for age-related macular degeneration
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Next Generation Contact Lenses & Visual Prostheses Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Next Generation Contact Lenses & Visual Prostheses Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • New High-Tech Startup Developing Smart Contact Lenses for Glaucoma Diagnosis and Management
              
              BVS Sight Inc., a startup poised to revolutionize early glaucoma detection, emerged from a strategic alliance between Boomerang Ventures Studio and the Purdue Research Foundation. This venture leverages smart contact lens technology to enable non-intrusive, 24-hour monitoring of intraocular pressure (IOP), a critical factor in managing glaucoma, which is a condition affecting over 80 million individuals globally.
              
              MAHE Researchers Develop Self-Moisturising Contact Lens
              
              Manipal Academy of Higher Education unveiled a landmark study on 3D-printed self-moisturizing contact lenses, according to a research paper. This innovation addresses the common issue of dry eyes associated with contact lens use by maintaining hydration, thus reducing the risk of irritation, inflammation, or corneal damage. The study utilized AutoCAD software and stereolithography for the meticulous design and production of these novel lenses. Notably, this development enhances the comfort and functionality of contact lenses and sets the stage for integrating lab-on-a-chip technologies.
              
              Johnson & Johnson Vision Care Receives FDA Approval for ACUVUE Theravision with Ketotifen – Drug-Eluting Contact Lens
              
              Johnson & Johnson Vision Care, Inc. received FDA approval for ACUVUE Theravision with Ketotifen, initiating a revolutionary class of contact lenses aimed at combating allergic eye irritation. These innovative daily disposable lenses, which contain 19 mcg of the established antihistamine ketotifen, are designed to alleviate ocular itch from allergies while providing vision correction for individuals without significant astigmatism. The approval speaks to Johnson & Johnson Vision's dedication to advancing eye health technology, providing a seamless option for the estimated 40% of U.S. contact lens wearers affected by ocular allergies and addressing the inconvenience of traditional allergy eye drops.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Next Generation Contact Lenses & Visual Prostheses Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Next Generation Contact Lenses & Visual Prostheses Market, highlighting leading vendors and their innovative profiles. These include ABB Optical Group, Alcon Vision LLC, Bausch & Lomb Incorporated, Bionic Vision Technologies, Chromagen Europe B.V., CooperVision, Inc., HOYA Corporation, INTEROJO CO. LTD., Johnson & Johnson Vision Care, Inc., Luneau Technology Operations SAS, Menicon Co., Ltd., Miami Contact Lens, Mojo Vision Inc., Nidek Co., Ltd., Novartis AG, Orion Vision Group, PERVICE CO., LTD., Pixium Vision SA, Sensimed SA, Spectrum International, STAAR Surgical Company, SwissLens S.A., SynergEyes, Inc., XPANCEO RESEARCH ON NATURAL SCIENCE L.L.C., and ZEISS Group.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Next Generation Contact Lenses & Visual Prostheses Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Product
              • Diagnostic or monitoring contact lenses
              • Drug-eluting contact lenses
              • Therapeutic contact lenses
              • Visual prostheses
                • Cortical Implant
                • Optic Nerve Implant
                • Retinal Implant
                • Disease
                  • Age-Related Macular Degeneration
                  • Diabetes
                  • Glaucoma
                  • Retinitis pigmentosa
                  • Region
                    • Americas
                      • Argentina
                      • Brazil
                      • Canada
                      • Mexico
                      • United States
                        • California
                        • Florida
                        • Illinois
                        • New York
                        • Ohio
                        • Pennsylvania
                        • Texas
                        • Asia-Pacific
                          • Australia
                          • China
                          • India
                          • Indonesia
                          • Japan
                          • Malaysia
                          • Philippines
                          • Singapore
                          • South Korea
                          • Taiwan
                          • Thailand
                          • Vietnam
                          • Europe, Middle East & Africa
                            • Denmark
                            • Egypt
                            • Finland
                            • France
                            • Germany
                            • Israel
                            • Italy
                            • Netherlands
                            • Nigeria
                            • Norway
                            • Poland
                            • Qatar
                            • Russia
                            • Saudi Arabia
                            • South Africa
                            • Spain
                            • Sweden
                            • Switzerland
                            • Turkey
                            • United Arab Emirates
                            • United Kingdom
                            
                            
                            Please Note: PDF & Excel + Online Access - 1 Year