Therapeutic Lenses Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Therapeutic Lenses Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Therapeutic Lenses Market is expected to grow at a registered CAGR of 8.5% during the forecast period.

The supply chains for pharmaceuticals, medical equipment, and biotechnological goods have been impacted due to lockdown measures implemented globally. The number of patients undergoing ophthalmology procedures at the hospital also declined during COVID-19. For instance, according to a research study published by Parul C Gupta et. al., in June 2021 in the Indian Journal of Ophthalmology, the studied clinics were expected to perform 7,500 cataract procedures but due to the pandemic, they were able to perform only 2,500 procedures. This data suggests that there was a significant decrease in cataract procedures during the COVID-19 pandemic. As per the research study published by Gabriel Ayubet. al., in November 2021, on the comparison of the pre-pandemic and pandemic periods data for glaucoma patients in a tertiary center, it was observed that the total number of outpatient clinical visits, visual field exams, surgical procedures, and medications released decreased by 92.52%, 93.84%, 72.74%, and 19.63%, respectively. This data shows a negative impact of COVID-19 on the diagnosis and treatment of ocular disorders and thus, the overall market suffered negatively during

The market is driven by the Incresing burden of eye diseases, the increasing prevalence of diabetes and cataract, and the rising adoption of advanced premium intra ocular lenses (IOLs). According to the World Health Organization October 2021 update, in low- and middle-income regions, the prevalence of distance vision impairment is estimated to be four times higher as compared to high-income regions, while, in terms of near vision impairment, rates of unaddressed near vision impairment are estimated to be greater than 80% in western, eastern and central sub-Saharan Africa, while comparative rates in high-income regions of North America, Australasia, Western Europe, and of Asia-Pacific are reported to be lower than 10%. Thus, these regions may emerge as major growth regions for the therapeutic lens market over the forecast period of the study. Additionally, according to a research study published by Saiko Matsumura et. al., in October 2020, there were about 1,950 million cases of myopia (about 28.3% of the world's population) and 277 million cases of high myopia (about 4% of the world's population). Thus, the growing prevalence of eye-related diseases such as myopia is expected to rise in demand for therapeutics lenses thereby, boosting the market growth.

Moreover, the growing burden of cataracts and diabetes is anticipated to drive the demand for therapeutic lenses market. According to the October 2021 statistics by the HelpMeSeeIndia Foundation, cataract contributes to 66.2% of overall blindness in people between 50-90 years of age. In Addition, as per the December September 2021 report of the International Diabetes Federation, diabetes would affect approximately 537 million persons aged 20 to 79 in 2021. The total number of diabetics was expected to reach 643 million by 2030 and 783 million by 2045. Three out of every four adults with diabetes lived in low- and middle-income nations. Therefore, people with diabetes are more likely to develop eye diseases, which is predicted to increase demand for therapeutic lenses and stimulate market expansion.

Thus, all aforementioned factors are expected to boost market growth over the forecast period. However, poor quality and high cost of the lens are expected to restrain the market growth over the forecast period.

Key Market TrendsMultifocal Intraocular Lens is Expected to Witness Healthy Growth Over the Forecast Period

A multifocal intraocular lens (IOL) for astigmatism are advanced soft lenses that correct both presbyopia and astigmatism, so one can remain glasses-free after age 40 even if have astigmatism. Multifocal contact lenses can help if a person develops presbyopia along with more than one other refractive error most often, myopia and astigmatism together.

According to the study titled "Clinical outcomes with a new design in the multifocal intraocular lens: a pilot study" published in the Eye and Vision in July 2021, the study reported that good visual acuity (VA) at far, intermediate, and close ranges, as well as acceptable contrast sensitivity, this multifocal intraocular lens (IOL) offers a high percentage of spectacle independence. MIOL implantation could provide full-distance visual acuity and is a safe, effective way to treat cataracts. These advantages of the multifocal intraocular lens are therefore anticipated to fuel the segment's growth over the forecast period.

Additionally, the growing prevalence of presbyopia supports the growth of the segment over the forecast period. According to a research study published by RamyaaSrinivasan et. al., in November 2021, there was a high prevalence of presbyopia in the South Indian population of Chennai and the study has observed that the prevalence of presbyopia in different age groups increases with worsening diabetes status and thus, the growing diabetes prevalence may be an additional factor responsible for the increase in the burden of optical disorders which may have a positive impact on the growth of the studied market.

Furthermore, growing product launches by the key market players are anticipated to boost market growth. For Instance, in February 2021, Johnson & Johnson Vision, received the Conformité Européene (CE) mark of its latest therapeutic contact lens, Acuvue OasysMultifocal with Pupil Optimized Design for Europe. Additionally, in October 2021, CooperVision reported the launch MyDaymultifocal, at the American Academy of Optometry (AAO) annual meeting. The new, daily disposable, multifocal, soft intraocular lens, MyDay, has been designed for patients with presbyopia. MyDaylenses are the first to feature a new Binocular Progressive System- a breakthrough approach that simplifies fit and provides optimal visual acuity at all levels. Thus, the above-mentioned factors are expected to boost the segment growth.

North America Dominates the Market and Expected to do the same in the Forecast Period

North America currently dominates the market for therapeutic lenses and is expected to continue its stronghold over the forecast period. In the North American region, the United States holds the largest market share. North America has been the hub of all major research and development activities related to lenses for many years due to its advanced healthcare system. Furthermore, the growing acceptance of therapeutic lenses as well as the growing prevalence of eye diseases is also one of the major factors driving the growth of the market.

The rise in the number of visual inaccuracies is expected to drive regional market growth. For instance, according to the article titled ‘Census shows a high prevalence of pediatric myopia in United States’ published in May 2022, using an odds ratio of 2.61 between urban and rural environments and data from the 2020 United States Census, the researchers estimated a total of 19,512,708 children with myopia and a nationwide prevalence of 36.1%. Such a prevalence of myopia is expected to drive the growth of the market.

With several developments such as launches by companies to meet the demand of patients, the North American region is a highly attractive and stable region for the growth of companies in the contact lenses market. In November 2021, the American Academy of Optometry launched the Alcon’s Total30, a monthly replacement Water Gradient contact lens. Additionally, in March 2022, Alcon debuted leading innovations (DAILIES TOTAL1 for Astigmatism) that are helping Eye Care Professionals (ECPs) and their patients see brilliantly during the SECO International 2022 Meeting in New Orleans, United States. Thus, all aforementioned factors are anticipated to drive market growth over the forecast period.

Competitive Landscape

Key companies operating in the therapeutic lens arena have established vital business strategies such as strategic acquisitions and collaborations, product launches, approvals, and innovations are some of the significant business strategies adopted by market participants to maintain a strong market position. The market is focusing on research and development activities to develop efficient and cost-effective therapeutic lenses. The therapeutic lens market is highly competitive and consists of several major players. The presence of major market players, such as Alcon Inc., Bausch Health Companies Inc., Zeiss Group, and Hoya Corporation is, in turn, increasing the overall competitive rivalry of the market.

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