Global Therapeutic Contact Lenses Market - 2023-2030

Global Therapeutic Contact Lenses Market - 2023-2030

Global Therapeutic Contact Lenses Market reached US$ XX billion in 2022 and is expected to reach US$ XX million by 2030 growing at a CAGR of XX% during the forecast period 2023-2030.

Therapeutic contact lenses are often used in the management of a wide variety of corneal and ocular surface diseases (OSDs). It is indicated for conditions such as medication administration, improved corneal healing, corneal sealing, corneal protection, and pain alleviation.

Therapeutic bandage contact lenses promote epithelial migration and regeneration of the basement membrane by protecting the corneal epithelium from the friction created by the upper tarsal conjunctiva.

Market Dynamics

Increasing prevalence of optical disorders

The increasing prevalence of optical disorders acts as a significant driver for market growth. Contact lenses are thin, clear plastic disks that can be worn in the eye to improve vision. Therapeutic contact lenses are employed to treat various optical disorders like myopia, hyperopia, and astigmatism.

For instance, according to the World Health Organisation Report 2023, 2.2 billion people have near or distant vision impairment. It is estimated that globally only 36% of people with a distance vision impairment due to refractive error and only 17% of people with vision impairment due to cataracts.

Also, according to the National Institute of Health Report 2023, dry eye disease is one of the most prevalent eye conditions, affecting millions of people globally. The worldwide prevalence ranges from 5% to 50%, depending on the geographic region.

Additionally, myopia is the most common ocular disease, affecting an estimated 20% of the global population. The prevalence of myopia in India in the population-based studies varied between 3.6% and 36.5%, whereas the school-based, and hospital-based studies had a prevalence rate of 7.5% - 8.6%, and 9% respectively.

Furthermore, significant growth drivers such as rising consumer awareness, and new product launches are expected to drive the market in the forecast period.

Side effects associated with the usage of contact lenses

Several clinical studies indicated that lens wearers might experience side effects based on the usage pattern. These side effects can range from annoyance to vision disability that results in permanent ocular damage or loss of the eye. The number of side effects such as infection, corneal edema, superficial keratitis, red eye, excess mucus production, epithelial microcysts, infiltrates, giant papillary conjunctivitis (GPC), and corneal vascularization are related to contact lens usage. These side effects are primarily responsible for limiting the adoption of such lenses.

Segment Analysis

The global therapeutic contact lenses market is segmented based on type, material, application, distribution channel, and region.

The soft lenses segment accounted for approximately 43.3% of the market share

The soft lenses segment is expected to hold the largest market share over the period forecast. Soft multifocal contact lenses can be designed to direct peripheral light rays to focus in front of the retina, to provide a stop signal for eye growth that slows the progression of myopia in children.

For instance, in September 2022, Johnson & Johnson Vision received FDA approval for an expanded range of ACUVUE Abiliti Overnight Therapeutic Lenses for Myopia Management. Its FitAbiliti software delivers a first fit success rate of approximately 90%.

Additionally, in February 2022, Alcon introduced the Total30 Multifocal contact lens, a reusable, monthly lens for patients with presbyopia that features the company’s water gradient technology. Hence, due to the above factors, the segment is expected to hold the largest market share.

Geographical Analysis

North America is expected to hold a significant position in the global therapeutic contact lenses market share

The global therapeutic contact lenses market is segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa.

North America has maintained a significant market proportion due to factors such as the rising prevalence of eye disorders, product launches, and increasing healthcare expenditure, this trend is anticipated to continue throughout the forecast period.

For instance, in June 2023, Bausch + Lomb Corporation launched its Bausch + Lomb INFUSE Multifocal silicone hydrogel daily disposable contact lenses. It has ProBalance Technology for all-day comfort and the company’s unique 3-Zone Progressive design.

Also, in February 2023, Alcon launched its TOTAL30 for Astigmatism and DAILIES TOTAL1 for Astigmatism. It provides the on-eye stability astigmatic contact lens wearers need for exceptionally clear and stable vision.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the global therapeutic contact lenses market. The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting regular diagnoses, treatment, product launches, and consultations worldwide. With the outbreak of the pandemic, many pharmaceutical or medical device manufacturing units faced labor shortages and were unable to travel to work due to lockdown restrictions. Therefore, owing to the above factors, the therapeutic contact lenses market is expected to be moderately affected over the forecast period.

Market Segmentation

By Type
• Soft lenses
• Scleral lenses

By Material
• Balafilcon
• Lotrafilcon
• Senofilacon
• Others

By Application
• Myopia
• Presbyopia
• Corneal Surgery
• Post Ocular Surgery
• Others

By Distribution Channel
• Retail Stores
• Eye Clinics
• Online sales
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Alcon AG, Cooper Companies Inc., Divine Meditech Private Limited, Abbott Laboratories, Spectrum Ophthalmics Inc., Hoya Corporation, Bausch + Lomb Corporation, Johnson & Johnson, Haohai Biological, and Contamac among others.

Key Developments
• In May 2023, Black Pearl Vision acquired Ireland based color contact lens manufacturer PolyDev and expanded its signature product line to include opaque color contact lenses.
• In June 2022, CooperVision acquired EnsEyes to accelerate Nordic region specialty contact lenses.

Why Purchase the Report?
• To visualize the global therapeutic contact lenses market segmentation based on type, material, application, distribution channel, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global therapeutic contact lenses market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global therapeutic contact lenses market report would provide approximately 61 tables, 59 figures, and 185 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies