Global Next Generation Contact Lenses and Visual Prostheses Market - 2022-2029

Global Next Generation Contact Lenses and Visual Prostheses Market - 2022-2029

Market Overview

The global next generation contact lenses and visual prostheses market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Next-generation contact lenses are advanced versions of traditional contact lenses that offer additional features or benefits. These can include improved vision correction, monitoring health markers such as glucose levels or intraocular pressure, and displaying information or images to the wearer. Visual prostheses, also known as bionic eyes, are devices implanted or worn to help restore some degree of vision to people who have lost sight due to certain conditions or injuries. These can include devices that stimulate the retina or the optic nerve or bypass damaged areas of the eye and directly stimulate the brain's visual cortex.

Market Dynamics

The global next-generation contact lenses and visual prostheses market is driven by technological advancements, the growing awareness related to daily eye care diagnostics, The rising prevalence of retinal diseases amongst the geriatric population, technological advances, and the availability of new biomaterials.

Increasing cases of an eye-related disease in worldwide market growth

Eyes are the window to the world, enabling us to appreciate life and the countless wonders around us. However, we frequently take them and their function for granted; people typically ignore their eye health and the issues that come with it. The prevalence of eye illnesses is rising worldwide, especially in India. A near- or distant vision impairment affects at least 2.2 billion individuals globally, according to the World Health Organization (WHO). According to the WHO, if the patient had received the right diagnosis and care, at least one billion of these cases of vision impairment could have been prevented.

Due to a hectic lifestyle, cases of vision loss are on the rise in India. According to a large-scale study, which included data from 14.5 lakh patients, the number of cases of dry eye disease increased to 21,000 in 2019. It states that India is on the verge of a dry eye disease epidemic. By 2030, it will affect approximately 40% of the urban population.

As per the article published in Cureus 2020, people over 60 years of age and others of those already interpreted with steroid users, glaucoma, diabetics, as well as those with high central cornea thickness of <5 mm, myopia, hypertension, and eye injury are at an improved risk of glaucoma. By 2020, it is anticipated that around 76 million people will mourn from glaucoma, and it is estimated to reach 111.8 million by 2040.

The technological limitations of next generation contact lenses and visual prostheses will hamper the growth of the market

However, several technological limitations must be overcome to enhance the performance and capabilities of next-generation contact lenses and visual prostheses. Some of these challenges include: Oxygen permeability: current contact lenses have limited oxygen permeability, which can cause discomfort and dryness in the eyes. Materials with improved oxygen permeability could improve the comfort and wearability of contact lenses.

Power supply: vxisual prostheses require a power source, and current power sources can be bulky and inconvenient. Developing more compact and reliable power sources could improve the usability of visual prostheses. Signal processing: Visual prostheses rely on electrodes to stimulate the retina and produce visual images. However, the resolution of these images is limited by the number and placement of the electrodes. Developing improved signal processing techniques could improve the resolution and quality of the images produced by visual prostheses. Durability: Contact lenses and visual prostheses are subjected to a lot of wear and tear, and it can be challenging to develop durable materials to withstand this wear and tear. Biocompatibility: Contact lenses and visual prostheses need to be biocompatible to use in the human body safely. Developing more biocompatible materials could improve these devices' safety and performance.

COVID-19 Impact Analysis

The COVID-19 pandemic has significantly impacted the market for next-generation contact lenses and visual prostheses. The economic downturn caused by COVID-19 has led to a decrease in demand for non-essential medical products, including contact lenses and visual prostheses. Due to the pandemic, many clinical trials for next-generation contact lenses and visual prostheses have been delayed or disrupted. This could slow the development and approval of new products. The pandemic has shifted towards telemedicine and virtual consultations, which could affect how contact lenses and visual prostheses are prescribed and fitted. Overall, the COVID-19 pandemic has damaged the market for next-generation contact lenses and visual prostheses, although the long-term effects of the pandemic on this market are uncertain.

Segment Analysis

The contact lenses segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The contact lenses segment accounts for the largest market share. As per the article published in the European Journal of Pharmaceutical and Biopharmaceutics in 2021, conventional therapies require frequent administration at high doses to achieve the therapeutic concentration, reducing their acceptance by pediatric and elderly patients. Moreover, oily eye drops and ointments also cause blurring of vision. Contact lenses (CLs) have shown the potential to overcome topical eye drops' insufficient contact time and provide extended drug release. Thus, CLs offer improved bioavailability (BA), reduced side effects, and a well-suited platform for the chronic treatment of eye disorders.

In addition, in January 2021, SynergEyes, Inc., a leading expert in specialty contact lens technology, introduced the SynergEyes iD, next generation of hybrid contact lenses. The SynergEyes iD contact lens is an innovative contact lens designed for people with astigmatism, presbyopia, hyperopia, and myopia. It offers superior performance to both physicians and patients.

Geographical Analysis

North America region holds the largest market share of the global next generation contact lenses and visual prostheses market

North America dominates the market for next generation contact lenses and visual prostheses and is predicted to show a parallel trend over the forecast period. The market is boosted by factors such as improved healthcare infrastructure, the increasing awareness of contact lenses, active regional key players, and the easy availability of products in the region.

Glaucoma is one of the main causes of blindness in the U.S., especially in elderly people. It is a common, asymptomatic group of eye diseases that causes damage to the eye’s optic nerve, resulting in progressive, irreversible vision loss.

In the U.S., glaucoma is the primary cause of blindness in both African Americans and Hispanics. The direct costs and lost productivity caused by glaucoma total $2.86 billion for the U.S. economy per year. In the U.S,, African Americans and Hispanics are more likely than other ethnic groups to get the main form of glaucoma, known as open-angle glaucoma.

Competitive Landscape

The next generation contact lenses and visual prostheses market is a moderately competitive presence of local and global companies. Some of the key players contributing to the market's growth are Johnson & Johnson, NIDEK, Novartis, Second Sight, Bionic Sight, NJRetina, Interojo, Optobionics corp, and OcuMedic, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the growth of the next generation contact lenses and visual prostheses market globally.

For instance,
• In August 2020, Johnson & Johnson Vision, a global leader in eye health, announced Health Canada approval and the July availability of its TECNIS Synergy and TECNIS Eyhance Intraocular Lenses to the Canadian market. Cataracts are the main cause of blindness globally, with more than 90% of people designing cataracts by age 65.

Novartis AG

Overview:

Novartis AG is a pharmaceutical corporation based in Basel, Switzerland and was founded in 1996. It is one of the enormous pharmaceutical companies in the globe. It provides contact lenses and accessories.

Product Portfolio:

Dailies Total1 Multifocal: DAILIES TOTAL1 Multifocal contact lenses are water gradient lenses that cushy moisture. Specifically designed to help to focus on things up close for presbyopia, a condition that usually happens around age 40 as the lens of the eye stiffens.

The global next generation contact lenses and visual prostheses market report would provide access to approximately 40+ market data tables, 40+ figures, and in the range of 200 (approximate) pages.