Insights on the Therapeutic Contact Lenses Global Market to 2027 - Increase in Silicone Hydrogel Contact Lenses Application Presents Opportunities
DUBLIN, Feb. 9, 2023 /PRNewswire/ -- The "Therapeutic Contact Lenses Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global therapeutic contact lenses market is expected to grow at a CAGR of 4.90% from 2021-2027. Therapeutic contact lenses (TCLs) are mainly used for corneal diseases, and the clinical use of TCL after ophthalmic surgery usually focuses on corneal lesions, corneal refractive surgery, and corneal transplantation.
These bandages were also used in cataract surgery. It also stimulates corneal metabolism, improves corneal regeneration, increases epithelial adhesion, maintains hydration, reduces collagenase accumulation, reduces edema, improves corneal clarity and vision, and is a vehicle for ophthalmic drug delivery.
The two most common contact lens variants available in the therapeutic contact lenses market include hard and soft contact lenses. RGP contact lenses are the most common type of hard contact lenses available in the industry. These lenses are usually made from plastic materials.
These lenses hold their shape firmly and allow oxygen to flow through the wearer's eye lens. RGP lenses are helpful for people with astigmatism and keratoconus as they enable sharper vision when the cornea is unevenly curved compared to soft contact lenses. Soft contact lenses are made up of hydrogel and silicone hydrogel materials.
Nearly 125 million people worldwide wear contact lenses to correct regular or common vision problems, such as myopia, hyperopia, presbyopia, and astigmatism. This vision correction can be done per the user's needs without disturbing the physical appearance.
By 2050, more than 2 billion people will be aged over 60. There is an increase in the global target population with the number of people requiring vision corrections.
For instance, around 153 million people are affected by uncorrected refractive errors, 1.7 billion have presbyopia, 352 million people suffer from dry eyes, and 20 million people are facing blind from cataracts. In addition, the diabetic population does suffer from various vision-related issues. For instance, around 93 million people suffer from diabetic retinopathy, and more than 67 million suffer from glaucoma.
Market Trends and Drivers
Increasing Use of Silicone Hydrogel Contact Lenses
Silicone hydrogel contact lenses have become the most widely used contact lenses. As they are easy and handy to use with no maintenance required, they do not cause any harm to people compared to extended wearable lenses. Also, Silicone hydrogel lenses can treat eye problems such as red eyes, blurred vision, corneal swelling, and general discomfort in the eyes.
Many key players in the therapeutic contact lenses market do offer Silicone hydrogel therapeutic contact lenses, such as Acuvue Oasys (Johnson & Johnson Vision Care), Air Optix Aqua (Alcon), Biofinity (CooperVision), and PureVision2 (Bausch & Lomb).
The Coming Rise of Drug-delivery Contact Lenses
Extensive research has been documented recognizing the potential of BCL as a drug delivery system. This is due to their superior drug bioavailability compared to eye drops and their ability to be used on long-wearing schedules, increasing dosing frequency, side effects, and compliance. Desired properties of drug delivery devices include easy, comfortable, and controlled administration over an extended period with preservation of vision and ocular function.
Introduction of Hi-Tech Contact Lenses
Hi-tech contact lenses are used to treat eye disorders and more. The hi-tech contact lenses involve various processes, such as delivering the drug to the eye, providing augmented reality, monitoring eye health conditions, and more.
Mojo Vision, a California-based company working on AR (Augmented Reality) based smart contact lenses, has launched contact lenses that elevate users' vision. These lenses are equipped with an inbuilt display that provides timely information regarding the objects focused on without interrupting the real vision.
Growing Prevalence of Ophthalmic Disorders & Geriatric Population
As populations continue to expand, so does the need for eye care. Aging is one of the most significant global demographic factors impacting eye care as the need for vision correction increases and becomes more complex as a person grows older. In 2018, around one-third of the global population was above the age of 45, the average onset of presbyopia (long-sightedness caused by loss of elasticity of the eye's lens).
Further, the rise in urbanization and the expansion of middle classes in fast-developing markets, particularly in Latin America and Asia, have transformed the economy and local eye health requirements.
A considerable increase in migration from rural areas to cities in search of better jobs has contributed to the demand for better healthcare requirements and trends. Increased disposable incomes are encouraging people to prefer the luxury products like contact lenses in the market, which is one of the major factors contributing to the growth of the global therapeutic contact lenses market.
Technological Advancements in Contact Lenses
The key vendors in the contact lenses market are constantly investing in research & development to launch a new variety of contact lenses benefitting the market's users and fulfilling the market's unmet needs.
New products are one of the unique strategies to drive customers towards new products with unique features in the therapeutic contact lenses market. In 2019, Bausch & Lomb launched the ULTRA multifocal toric contact lens for presbyopia patients. The ULTRA multifocal for astigmatism features vision at all distances and a stable fit for consistent results.
Public and Private Initiatives to Increase Vision Care Awareness
Favorable initiatives of governments around the world to promote advanced vision aids will support therapeutic contact lenses market growth in the coming years. For example, the US Department of Health and Human Services and the Centers for Disease Control and Prevention (CDC) is actively working to raise awareness of behaviors and risk factors that affect vision in contact lens wearers through the Vision Health Initiative.
In addition to government and public health organizations, many private organizations worldwide are actively involved in advancing ophthalmology. For example, in 2018, Johnson & Johnson Vision launched a global campaign called SpotlightSight in honor of World Sight Day.
The global therapeutic contact lenses market is highly consolidated, with the key players including Alcon, Bausch & Lomb, Johnson & Johnson, and The Cooper Companies accounting for a major market share. The market is subjected to constant technological advances and regularly evolving vision correction requirements and standards. Vendors compete based on product variety, pricing, quality, technological leadership and innovation, and the efficacy of therapeutic contact lenses.
Key Developments in The Global Therapeutic Contact Lenses Market
Alcon brands such as Dailies and Air Optix have enabled the company to achieve a significant therapeutic contact lens market share. In 2016, Alcon launched Air Optix plus HydraGlyde in the US and the EU, an innovative upgrade to monthly SiHy contact lenses featuring the HydraGlyde moisture matrix technology for long-lasting lens surface wettability and another product, DAILIES TOTAL1 Multifocal contact lenses in both the US and the EU.
Johnson & Johnson's growth is primarily driven by its daily disposable lens sales in the ACUVUE OASYS contact lenses category. In 2021, Johnson & Johnson Vision received approval in Canada for ACUVUE Abiliti 1-Day Soft Therapeutic Lenses for Myopia Management.
Bausch & Lomb
Johnson & Johnson
The Cooper Companies
Other Prominent Vendors
ABB Optical Group
Advanced Vision Technologies
Orion Vision Group
Key Questions Answered:
1. What is the size of the therapeutic contact lenses market?
2. What is the growth rate of the therapeutic contact lenses market?
3. Who are the key players in the global therapeutic contact lenses market?
4. Which region has the highest global therapeutic contact lenses market share?
5. What factors impact the growth of the therapeutic contact lenses market?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
9 Market Opportunities & Trends
9.1 Increase in Silicone Hydrogel Contact Lenses Application
9.2 Advances in Drug-Delivery Contact Lenses Technology
9.3 Introduction of Hi-Tech Contact Lenses
10 Market Growth Enablers
10.1 Growing Prevalence of Ophthalmic Disorders & Geriatric Population
10.2 Advances in Contact Lenses Technology
10.3 Public and Private Initiatives to Increase Vision Care Awareness
11 Market Restraints
11.1 High Cost of Therapeutic Contact Lenses
11.2 Adverse Events Associated with Contact Lenses
11.3 Low Accessibility, Affordability, & Financial Exclusion for Large Patient Pool
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.2.1 Geography Insights
12.2.2 Material Segmentation Insights
12.2.3 Usage Segmentation Insights
12.2.4 Applications Segmentation Insights
12.2.5 Distribution Channel Segmentation Insights
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Soft Contact Lenses
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Soft Contact Lenses Market by Geography
13.4 Rigid Contact Lenses
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Rigid Contact Lenses Market by Geography
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Daily Replacement
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Daily Replacement Market by Geography
14.4 Frequent Replacement
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Frequent Replacement Market by Geography
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Post Ocular Surgery
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.3.3 Post Ocular Surgery Market by Geography
15.4 Corneal Surgery/Disorder
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.4.3 Corneal Surgery/Disorder Market by Geography
15.5 Drug Delivery
15.5.1 Market Overview
15.5.2 Market Size & Forecast
15.5.3 Drug Delivery Therapeutic Contact Lenses Market by Geography
15.6.1 Market Overview
15.6.2 Market Size & Forecast
15.6.3 Other Therapeutic Contact Lenses Market by Geography
16 Distribution Channel
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Omni Channel
16.3.1 Market Overview
16.3.2 Market Size & Forecast
16.3.3 Omni Channel Therapeutic Contact Lenses Market by Geography
16.4 Hospitals & Eye Care Clinics
16.4.1 Market Overview
16.4.2 Market Size & Forecast
16.4.3 Hospitals & Eye Care Clinics Therapeutic Contact Lenses Market by Geography
18 North America
21 Latin America
22 Middle East & Africa
23 Competitive Landscape
23.1 Competition Overview
23.2 Market Share Analysis
24 Key Company Profiles
25 Other Prominent Vendors
26 Report Summary
27 Quantitative Summary
For more information about this report visit https://www.researchandmarkets.com/r/gl9zci
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact: Laura Wood | +353-1-481-1716 | firstname.lastname@example.org
View original content:https://www.prnewswire.com/news-releases/insights-on-the-therapeutic-contact-lenses-global-market-to-2027---increase-in-silicone-hydrogel-contact-lenses-application-presents-opportunities-301742277.html
SOURCE Research and Markets