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 discretionar
The global therapeutic contact lenses 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 %.)
Improvements in cases of irreversible kinds of blindness have been noted as medical knowledge has increased. Healthcare professionals are heavily funding research and development projects as the prevalence of eye infections and illnesses rises, especially in the younger population.
The demand for contact lenses has increased dramatically as a result of the development of dynamic soft lenses with superior technology. Due to this, major market participants have also been inspired to develop new products. A well-known business, Innovega, is creating soft contact lenses that can project a display anywhere in the field of vision.
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According to the firm, the Optik technology can boost the safety of hands-free activities including driving, surgery, and military operations. The technology won’t be accessible to the general public for some time, though.
The Centers for Disease Control and Prevention estimate that 12 million Americans aged 40 and older have vision impairment, of which 1 million are blind, 3 million have it after having their vision corrected, and 8 million have it because of refractive error that has not been corrected.
As a result, the demand for smart therapeutic contact lenses is increasing quickly due to rapid technological breakthroughs. Smart lenses are consequently becoming more and more common.
As an illustration, the Mojo lens is regarded as the first smart lens with an integrated visual display created to enlarge images for persons with low eyesight. This unique lens can also project content from mobile devices.
Leading companies are focusing on making contact lenses to prevent digital eye strain as consumer reliance on digital gadgets rises.
For instance, Cooper Vision, Inc. has unveiled a state-of-the-art contact lens that aids in reducing eye strain brought on by using digital devices. Different aspheric curves are used by Bio infinity Energy. People’s eyes can switch between non-digital and digital activities more easily as a result. The lens material’s ability to keep eyes moist is an extra benefit. This is especially useful because people blink less when staring at a computer or screen.
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According to Future Market Insights, these factors will enable the market to expand at an astounding CAGR and achieve a valuation of $22.6 billion by the end of 2031.
Key Takeaways from the Therapeutic Contact Lenses Market Study
Who is Winning?
Global sales of therapeutic contact lenses have increased as a result of active promotional campaigns, advertising, and new product introductions by leading manufacturers.
AccuLens Company Inc., The Cooper Companies Inc., Bausch & Lomb Incorporated, Alcon Inc., Dynasil Corporation of America, Johnson and Johnson Vision Care Inc., Medennium Inc., SynergEyes Inc., X-Cel Specialty Contacts, Carl Zeiss AG, Abbot Medical Optics, Inc., CIBA Vision, Hydrogel Vision Corp., Novartis International AG, Contamac, Haohai
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About Future Market Insights, Inc. Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware
Jan 25, 2023