Therapeutic Contact Lenses Market 2023-2030: Size, Share, and Growth Forecast Analysis
The global market for therapeutic contact lenses, which was valued at USD 3,594.0 million in 2021, is expected to witness robust growth during the forecast period, projecting a Compound Annual Growth Rate (CAGR) of 6.9%. This surge in demand is driven by advancements in optometry and optics, coupled with increased research and development activities in the field. Furthermore, the introduction of dynamic soft therapeutic contact lenses combined with advanced technology is expected to boost the market's growth.
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The therapeutic contact lenses market has proven to be highly effective in treating ocular diseases and corneal disorders, providing protection for the cornea against environmental conditions and counteracting the coarse effects of the patient's eyelids. These lenses not only assist in tissue repair but also help maintain visual acuity and manage pain. In particular, patients suffering from recurring corneal erosion syndrome have found relief through therapeutic contact lenses, reducing pain and protecting the ocular surface from mechanical erosion. As a result, the market is expected to witness increased demand due to the rising prevalence of corneal diseases.
A recent study by the World Health Organization (WHO) estimates that by 2030, approximately 95 million people worldwide will suffer from glaucoma, creating a growing interest in developing therapeutic smart contact lenses that can monitor eye pressure and treat glaucoma. Researchers in various countries, including China and the U.K., are investing in innovative solutions, like the world's first smart contact lens, to address this emerging challenge.
The market's growth is further attributed to the rise of Silicon Hydrogel lenses, which are more compatible with the physiology of the cornea, reducing the risk of hypoxia-related problems. Additionally, rigid lenses are gaining market share due to their competitive
advantage over soft lenses, especially in cases with corneal anomalies, further fueling market growth.
COVID-19 Impact
The global economy faced unprecedented challenges in 2020 due to the outbreak of COVID19, leading to supply chain disruptions and changes in demand for eye care products. However, contact lens demand, especially among younger demographics, surged during the global shutdown, as people sought alternatives to glasses. This trend contributed to the market's resilience during the pandemic.
Drivers and Restraints
The market's growth is driven by increased research and development in therapeutic contact lenses, expanding demographics, and rising prevalence of glaucoma and myopia. However, concerns related to long-term side effects of wearing therapeutic contact lenses and limited adoption in emerging economies pose potential restraints.
Regional Landscape
North America is expected to dominate the market, accounting for the largest revenue share during the forecast period. The region's highly developed healthcare infrastructure, introduction of dynamic soft contact lenses, and flexible options are driving market growth. Europe is also anticipated to experience steady revenue growth, given the increasing prevalence of ocular disorders and mature healthcare infrastructure.
Competitive Landscape
Leading players in the therapeutic contact lenses market, such as AccuLens Company Inc., The Cooper Companies Inc., Alcon Inc., Johnson and Johnson Vision Care Inc., and Bausch & Lomb Incorporated, have been focusing on product innovation. For instance, in June 2022, Bausch Lomb Corporation launched ReviveTM custom soft contact lenses in the United States, offering a unique solution for patients with high or unusual prescriptions.
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