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Therapeutic Contact Lenses Market Share, Size, Revenue, Latest Trends, CAGR Status, Growth Opportunities and Forecast 2031
Increasing cases of macular degeneration and glaucoma across the globe have improved the demand for therapeutic contact lenses market. According to Future Market Insights (FMI), the therapeutic contact lenses market is expected to surpass a valuation of US$ 11.03 Bn at a CAGR of over 7.5% through 2031.
Cases of permanent forms of blindness are showing signs of improvement with advancements in medical science. As the cases of eye infection and disorders are increasing, especially in the younger generation, healthcare professionals are extensively investing in research & development activities.
With the advent of dynamic soft contact lenses with improved technology, demand for contact lenses has increased. This also has encouraged product development among key market players. A leading company Innovega, for instance, is developing a soft contact lens that can make a display anywhere in the field of view.
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The iOptik system, according to the business, can increase the safety of hands-free tasks such as driving, surgery, and military operations. However, the technology is still years away from being consumer-ready.
According to the Centers for Disease Control and Prevention, approximately 12 million Americans aged 40 and above, have vision impairment, with 1 million being blind, 3 million having vision impairment after correction, and 8 million having vision impairment due to uncorrected refractive error.
As a result, rapid technological advancements are playing significant role in accelerating the demand for smart therapeutic contact lenses. Subsequently, smart lenses are gaining popularity in the market.
For instance, Mojo lens is considered to be the first smart lens that has a built-in visual display designed to magnify images for people with low vision. This patented lens is also capable of projecting content from smart phones.
Leading players are concentrating on producing contact lenses to combat digital eye strain, as reliance on digital devices is increasing among consumers.
For instance, Cooper Vision, Inc. has released a novel contact lens that aids in the reduction of eye strain caused by the usage of digital devices. Multiple aspheric curves are used in the Bioinfinity Energys. This allows people’s eyes to adapt more easily as they shift their sight ****ween digital and non-digital activities. The lens material is also meant to assist eyes maintain moisture, which is an extra bonus. This is especially useful when using a computer or a screen because people blink less frequently.
Backed by these factors, the market is poised to expand at an astounding CAGR, exceeding valuation of US$ 22.6 Bn by 2031-end, estimates Future Market Insights.
Who is Winning?
Leading manufacturers of therapeutic contact lenses are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of therapeutic contact lenses globally.
Major players present in the therapeutic contact lenses market are 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, Essilor International, Hydrogel Vision Corp, Novartis International AG, Contamac, Haohai Biological Technology, Hoya Corporation, Polylite Sofclear, Scrivens House, Seed Co. Ltd, STAAR Surgical Company among others.
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