As per newly released data by Future Market Insights (FMI), the therapeutic contact lenses market is estimated at USD 12,595.3 Million in 2023 and is projected to reach USD 26,692.9 Million by 2033, at a CAGR of 7.8% from 2023 to 2033. Share of therapeutic contact lenses market in its parent market (global contact lenses market is 25% - 35 %.)
| Attribute | Details |
|---|---|
| Estimated Therapeutic Contact Lenses Market Size 2023 | USD 12,595.3 million |
| Projected Therapeutic Contact Lenses Market Size 2033 | USD 26,692.9 million |
| Value CAGR (2023 to 2033) | 7.8% |
| Therapeutic Contact Lenses Market Top Players Share in 2022 | 30% - 40% |
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The demand for therapeutic contact lenses has increased in recent years as a result of an increase in eye treatment procedures worldwide and their ability to speed up the healing process after surgery. Since therapeutic contact lenses are soft and lack focusing power, they cannot aid with vision correction. Instead, they are mostly utilized for therapeutic purposes, which supports the market's need for therapeutic contact lenses.
Myopia is a common source of correctable vision loss, with uncorrected myopia continuing to be the most common cause of distant vision impairment worldwide. Myopia has also been linked to a higher risk of vision-threatening diseases such as glaucoma, cataracts, and retinal detachment. The prevalence of myopia is growing, which is expected to impact the adoption of contact lenses.
As per the statistics of the International Myopia Institute, 30% of the world’s population is currently myopic and the ratio is likely to reach 50% by the end of 2050 (approximately 5 billion people). The prevalence of myopia is high in East and Southeast Asia, where Taiwan, Singapore, Japan, China, and South Korea are hotspot countries. Besides these, the prevalence rate of myopia in the USA is nearly 42%.
lastly, additional elements such as product diversification is a significant factor in the therapeutic contact lenses market, encouraging innovation and development efforts and increasing demand for therapeutic contact lenses by targeting new client groups. Rapidly changing technology, along with increasingly demanding consumer outcomes, is driving the push for new product creation and product enhancement. Product expansion is critical to driving the market and expanding sales of therapeutic contact lenses to new clients.
The therapeutic contact lenses industry has seen tremendous growth and has been steadily progressing for years due to increasing eye problems, but the industry is primarily associated with environmental and social issues such as material used for manufacturing of this products, waste generated during the production of therapeutic contact lenses products and after its use, and a variety of other issues.
In response to the industry's present environmental concerns, eco-friendly and sustainable raw material solutions have developed with support from the government. Consumers are becoming more ecologically concerned due to increased pollution through the manufacturing and after use unit of these type of products, which is driving demand for therapeutic contact lenses items with sustainable and biodegradable raw material and low usage of harmful material while manufacturing.
The number of people wearing contact lenses is steadily increasing as they offer secure and efficient vision correction. The public's access to vision care is being actively promoted by government healthcare agencies. As a result, several regional governments are working to emphasize the value of vision care.
The USA Department of Health and Human Services (CDC) is actively working to increase awareness such as Vision Health Initiative about behaviors and risk factors affecting vision health for people wearing contact lenses. Such initiatives on the part of regional governments are likely to positively impact market growth in the coming years.
Furthermore, numerous business sector groups, in addition to governments and public health organisation, are actively promoting vision care among the general population. For instance, in honor of the world sight day in 2018, Johnson & Johnson Vision developed a global campaign called #SpotlightSight.
Another business with a #ChangingLives initiative that aims to help impoverished patients is X-Cel Specialty Contacts. Such efforts and initiatives on the part of private sector organizations are likely to boost awareness regarding vision care among the general public, thus positively impacting the market growth in the coming years.
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“Increased usage of smart devices creates eye problems impacts on the therapeutic contact lenses market
The development of smart lenses has further altered the regional market environment, spurring expansion. Additionally, significant initiatives on the part of stakeholders to stimulate and promote research and development have accelerated regional growth.
Furthermore, Due to the unique work culture in the United States and the widespread use of smart gadgets like desktops, mobile phones, tabs, laptops, etc., blue light from phone displays and other digital devices is produced differently from that from natural sources. Blue light scatters more in the eye as a result, increasing visual noise. By boosting contrast, computer glasses with blue-light-blocking therapeutic contact lenses can reduce digital eye strain. Anti-reflective glasses eliminate glare, boost contrast, and obstruct blue light from electronic gadgets. Both a result, there is a greater demand for lenses than for eyeglasses since wearing lenses is thought of as fashionable and practical.
“Growing elderly community with a variety of eyesight problems and rapidly growing demographic of lens wearers”
United kingdom is expected to account for a sizeable portion of the therapeutic contact lenses market in Europe through 2022 owing to easy access to the latest innovations along with the increase in the affordability and higher levels of discretionary income.
The increasing elderly population in Europe with a range of vision problems, rising disposable income, an increase in the incidence of eye infections and illnesses related to vision, and a change in consumer preference for contact lenses with appealing tints, textures and colors for enhancing eye appearance are all factors driving contact lens usage in Europe. Furthermore, with the support of innovation, regional players are focusing on innovation and providing better lenses.
The number of people wearing contact lenses is steadily increasing as they offer secure and efficient vision correction. According to the Association of Optometrists' 2015 data, the number of people in the United kingdom and Ireland who wear contact lenses has increased by more than a factor of two over the previous ten years, surpassing 3.5 million. These figures show that the market's prospects for growth during the predicted period are favorable.
“Existence of established companies in the region favoring market growth”
Because of the growing number of individuals with presbyopia in Japan, demand for multifocal lenses is expected to rise. Retailers of contact lenses are going to be forced to provide greater services to assist senior citizens in selecting the right goods and using them correctly and safely. Furthermore, the region's players are concentrating on providing technology-driven products.
Like other business sectors, the healthcare industry is also experiencing a digital transition that is likely to open up new opportunities for players in the market. Online health solutions have transformed healthcare delivery and treatment. In light of this transformation, many players competing in the therapeutic lens market are connecting with their patients and vision care professionals through digital platforms to provide them with vision care solutions. Such efforts are expected to positively impact the growth of therapeutic contact lenses in the coming years.
For example, in 2019, SEED Co. Ltd, a Japanese company, introduced SEED 1dayPure EDOF, a multifocal lens that uses extended depth of focus (EDOF) technology and is designed to meet the demands of an ageing population.
“Methafilcon to be the highest selling material”
In terms of value share, in 2022 Methafilcon accounted for a notable share of 34.9%. Methafilcon A, the lens material, is a random copolymer of methacrylic acid and hydroxyethyl methacrylate. Myopia and hyperopia can be corrected using toric (methafilcon A) soft contact lenses in both aphakic and non-aphakic individuals with healthy eyes. People with astigmatism of 12 diopters or less may wear the lenses.
Additionally, Methafilcon material comes with lots of advantages like it protects eyes from harmful rays and dust as well as it can be use while working on smart devices. Therefore, as a result of all these advantages, it is expected that the market for therapeutic contact lenses market with Methafilcon material will expand at a CAGR of 6.2% from 2023 to 2033.
“Unisex category is anticipated to drive the sales in the market”
As per the analysis, in terms of consumer orientation unisex category is expected to hold a notable share of 60.9% and is anticipated to grow steadily at a CAGR of 8.6% in 2022. In terms of consumer orientation, the penetration of unisex contact lenses is quite significant as compared to gender-specific offerings. The players in the market are focused to on offering unisex contact lenses.
“Specialty stores (optical stores) is anticipated to drive the sales in market”
In terms of sales channel, specialty stores (optical stores) is expected to hold the major share in the therapeutic contact lenses market of around 22.6% of the total market and is anticipated to grow steadily at a CAGR of 4.7%.
When it comes to healthcare, physical retail is still considered a prominent sales channel over online retail in both developed as well as developing countries. Aside from that, the shifting trend in consumer purchasing preferences toward plat pricing ranges is another indicator ensuring future growth of online sales.
Market leaders are concentrating on new product launches and mergers and acquisitions to broaden their worldwide reach and capture a large revenue share. Manufacturers are concentrating on acquiring local players to satisfy the rising global demand for therapeutic contact lenses. These methods seek to diversify their individual product offers by adding new goods or expanding existing product lines.
For instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United kingdom, France, Spain, Italy, Russia, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand. |
| Key Segments Covered | Material Type, Price Range, Consumer Orientation, Sales Channel, and Region |
| Key Companies Profiled | The Cooper Companies Inc.; AccuLens Company Inc.; Alcon Inc.; Bausch & Lomb Incorporated; Dynasil Corporation of America; Johnson and Johnson Vision Care Inc.; Medennium Inc.; SynergEyes Inc.; X-Cel Specialty Contacts; Abbot Medical Optics, Inc; Carl Zeiss AG; CIBA Vision; Essilor International; Hydrogel Vision Corp; Novartis International AG; Contamac; Haohai Biological Technology; Hoya Corporation; Polylite Sofclear; Scrivens House; Seed Co. Ltd; STAAR Surgical Company |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Asia Pacific is projected to emerge as a lucrative market for therapeutic contact lenses.
The growth potential of the therapeutic contact lenses market is 7.8% through 2033.
The high cost of adoption is likely to limit market growth.
North America is likely to generate 25% revenue in 2023.
The global market size to reach USD 26,692.9 million by 2033.
| Market Size (2024) | USD 10,035.9 million |
|---|---|
| Projected Market Size (2034) | USD 16,256.8 million |
| Value-based CAGR (2024 to 2034) | 4.9% |
| Estimated Market Size (2023) | USD 12,595.3 million |
|---|---|
| Projected Market Size (2033) | USD 26,692.9 million |
| Value CAGR (2023 to 2033) | 7.8% |
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Therapeutic Contact Lenses Market
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