The Demand for Therapeutic Contact Lenses to Boom, Government Initiative Towards Advanced Vision Aids Encouraging Market Development, Investment Opportunity of USD 4 Billion in the Therapeutic Contact Lenses Market

The Demand for Therapeutic Contact Lenses to Boom, Government Initiative Towards Advanced Vision Aids Encouraging Market Development, Investment Opportunity of USD 4 Billion in the Therapeutic Contact Lenses Market

CHICAGO, Jan. 24, 2023 /PRNewswire/ — According to Arizton’s latest research report, the therapeutic contact lenses market is to grow at a CAGR of 5% during 2021-2027. The increasing use of silicone hydrogel contact lenses, the rise of drug-delivery contact lenses, and the introduction of hi-tech contact lenses are the key drivers in the global therapeutic contact lenses market. The growing focus on the aesthetic look and the popularity of colored contact lenses in the fashion industry will boost the demand for vision care products in the global market. Introduction of daily disposable contact lenses offering multiple advantages to generate new business opportunities for market vendors.

THERAPEUTIC CONTACT LENSES MARKET

THERAPEUTIC CONTACT LENSES MARKET

Favorable initiatives of governments around the world to promote advanced vision aids will support therapeutic contact lenses market growth in the upcoming 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.

North America is considered an attractive market for contact lenses due to high healthcare spending in the region. The US healthcare expenditure increased by 4.6% to reach $3.6 trillion in 2018, which was relatively faster than 4.2% in 2017. Also, the region has the presence of all major vendors in the global market. Moreover, a few key vendors enter into agreements with distributors and retailers to enhance their product uptake and competitiveness in the market.

Therapeutic Contact Lenses Market Report Scope

Report Attributes

Details

Market Size (2027)

USD 4.25 Billion

Market Size (2021)

USD 3.19 Billion

CAGR (2021-2027)

5 %

Base Year

2021

Forecast Year

2022-2027

Market Segments

Material, Usage, Application, Distribution Channel, and Geography

Geographic Analysis

North America, Europe, APAC, Latin America, and Middle East & Africa

Key Leading Countries

China, Japan, India, South Korea, Australia, the US, Canada, Germany, France, the UK, Italy, Spain, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, South Africa, and the UAE

Key Vendors

Alcon, Bausch & Lomb, Johnson & Johnson, The Cooper Companies, ABB Optical Group, AccuLens, Advanced Vision Technologies, Contamac, Excellent Hi-Care, Medennium, Menicon, Metro Optics, Orion Vision Group, POLYTOUCH, Shine Optical, SURGITECH INNOVATION, SynergEyes, UltraVision CLPL, Walman, and Visionary Optics

Page Number

291

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Impact of COVID-19

During the COVID-19 pandemic, the purchase of contact lenses through the online distribution channel has increased at a healthy rate owing to the closure of retail optical stores and the shift in focus of hospitals to exclusively treat COVID-19 patients across the globe. During the lockdown period, many governments allowed online distribution channels and e-commerce platforms to sell essential products. During the unlock period in many countries, the reopening of offline retail stores was slow, encouraging many contact lens wearers to purchase a wide range of contact lenses through online stores. For instance, the Vision Council’s annual VisionWatch internet influence study on eyewear consumers’ online buying habits reported that many buyers are increasingly using the internet to purchase 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.

  • The Cooper Companies is one of the world’s largest manufacturers of contact lenses, and the company manufactures a full array of monthly, two-week, and daily disposable contact lenses. In 2019, the company acquired Blanchard contact lenses.

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Key Vendors

Market Segmentation

Material

  • Soft Contact Lenses

  • Rigid Contact Lenses

Usage

  • Daily Disposable

  • Frequently Replacement

Application

  • Post Ocular Surgery

  • Corneal Surgery/Disorder

  • Drug Delivery

  • Others

Distribution Channel

Geography

  • APAC

  • North America

  • Europe

  • Latin America

  • Middle East & Africa

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Progressive Lenses Market –  The global progressive lenses market is expected to reach 38.64 billion by 2027. Europe dominates the global progressive lenses market with a market share of around 30.70%. In the European region, a significant increase in presbyopia patients requiring lens correction or treatment is estimated to grow during the forecast period. The awareness among ophthalmologists in Europe is lower compared to the market like the United States. Increasing awareness regarding new products and advancements will increase the adoption of progressive lenses in the region.

Eye Testing Equipment Market –  The global eye testing equipment market is expected to reach USD 4.1 billion by 2027. North America is the major revenue contributor to the global eye testing equipment market due to the advancements in eye care services, high adoption of advanced products, continuously rising healthcare expenditure, and the presence of market players.

Disposable Contact Lenses Market – The global disposable contact lenses market is expected to reach $11 by 2027. The paradigm shift towards premium-priced and cosmetic contact lenses, rise in e-commerce, new product launches, and increasing target population drive the disposable contact lenses market.

Contact Lenses Market –  The global contact lenses market will reach USD 13.1 billion by 2027. Bausch & Lomb launched an ultra-multifocal toric contact lens for presbyopic patients. Initially, astigmatism patients had to wear custom-ordered contact lenses or compromise their vision results. This first multifocal toric contact lens is a standard vision care offering.

Table of Content

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.1.1 INCLUSIONS

4.1.2 EXCLUSIONS

4.1.3 MARKET ESTIMATION CAVEATS

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.3.1 MARKET SEGMENTATION BY MATERIAL

4.3.2 MARKET SEGMENTATION BY USAGE

4.3.3 MARKET SEGMENTATION BY APPLICATION

4.3.4 MARKET SEGMENTATION BY DISTRIBUTION CHANNEL

4.3.5 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

6 MARKET AT A GLANCE

7 PREMIUM INSIGHTS

7.1 OVERVIEW

8 INTRODUCTION

8.1 OVERVIEW

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 MATERIAL

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 USAGE

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 APPLICATION

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 OTHERS

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

17 GEOGRAPHY

17.1 MARKET SNAPSHOT & GROWTH ENGINE

17.2 GEOGRAPHIC OVERVIEW

18 NORTH AMERICA

18.1 MARKET OVERVIEW

18.2 MARKET SIZE & FORECAST

18.2.1 NORTH AMERICA MARKET BY MATERIAL

18.2.2 NORTH AMERICA MARKET BY USAGE

18.2.3 NORTH AMERICA MARKET BY APPLICATION

18.2.4 NORTH AMERICA MARKET BY DISTRIBUTION CHANNEL

18.3 KEY COUNTRIES

18.3.1 US: MARKET SIZE & FORECAST

18.3.2 CANADA: MARKET SIZE & FORECAST

19 APAC

19.1 MARKET OVERVIEW

19.2 MARKET SIZE & FORECAST

19.2.1 APAC THERAPEUTIC CONTACT LENSES MARKET BY MATERIAL

19.2.2 APAC THERAPEUTIC CONTACT LENSES MARKET BY USAGE

19.2.3 APAC THERAPEUTIC CONTACT LENSES MARKET BY APPLICATION

19.2.4 APAC THERAPEUTIC CONTACT LENSES MARKET BY DISTRIBUTION CHANNEL

19.3 KEY COUNTRIES

19.3.1 JAPAN: MARKET SIZE & FORECAST

19.3.2 CHINA: MARKET SIZE & FORECAST

19.3.3 INDIA: MARKET SIZE & FORECAST

19.3.4 SOUTH KOREA: MARKET SIZE & FORECAST

19.3.5 AUSTRALIA: MARKET SIZE & FORECAST

20 EUROPE

20.1 MARKET OVERVIEW

20.2 MARKET SIZE & FORECAST

20.2.1 EUROPE THERAPEUTIC CONTACT LENSES MARKET BY MATERIAL

20.2.2 EUROPE THERAPEUTIC CONTACT LENSES MARKET BY USAGE

20.2.3 EUROPE THERAPEUTIC CONTACT LENSES MARKET BY APPLICATION

20.2.4 EUROPE THERAPEUTIC CONTACT LENSES MARKET BY DISTRIBUTION CHANNEL

20.3 KEY COUNTRIES

20.3.1 GERMANY: MARKET SIZE & FORECAST

20.3.2 FRANCE: MARKET SIZE & FORECAST

20.3.3 UK: MARKET SIZE & FORECAST

20.3.4 SPAIN: MARKET SIZE & FORECAST

20.3.5 ITALY: MARKET SIZE & FORECAST

21 LATIN AMERICA

21.1 MARKET OVERVIEW

21.2 MARKET SIZE & FORECAST

21.2.1 LATIN AMERICA THERAPEUTIC CONTACT LENSES MARKET BY MATERIAL

21.2.2 LATIN AMERICA THERAPEUTIC CONTACT LENSES MARKET BY USAGE

21.2.3 LATIN AMERICA THERAPEUTIC CONTACT LENSES MARKET BY APPLICATION

21.2.4 LATIN AMERICA THERAPEUTIC CONTACT LENSES MARKET BY DISTRIBUTION CHANNEL

21.3 KEY COUNTRIES

21.3.1 BRAZIL: MARKET SIZE & FORECAST

21.3.2 MEXICO: MARKET SIZE & FORECAST

21.3.3 ARGENTINA: MARKET SIZE & FORECAST

22 MIDDLE EAST & AFRICA

22.1 MARKET OVERVIEW

22.2 MARKET SIZE & FORECAST

22.2.1 MIDDLE EAST & AFRICA THERAPEUTIC CONTACT LENSES MARKET BY MATERIAL

22.2.2 MIDDLE EAST & AFRICA THERAPEUTIC CONTACT LENSES MARKET BY USAGE

22.2.3 MIDDLE EAST & AFRICA THERAPEUTIC CONTACT LENSES MARKET BY APPLICATION

22.2.4 MIDDLE EAST & AFRICA THERAPEUTIC CONTACT LENSES MARKET BY DISTRIBUTION CHANNEL

22.3 KEY COUNTRIES

22.3.1 TURKEY: MARKET SIZE & FORECAST

22.3.2 SOUTH AFRICA: MARKET SIZE & FORECAST

22.3.3 SAUDI ARABIA: MARKET SIZE & FORECAST

22.3.4 UAE: MARKET SIZE & FORECAST

23 COMPETITIVE LANDSCAPE

23.1 COMPETITION OVERVIEW

23.2 MARKET SHARE ANALYSIS

23.2.1 ALCON

23.2.2 BAUSCH & LOMB

23.2.3 JOHNSON & JOHNSON

23.2.4 THE COOPER COMPANIES

24 KEY COMPANY PROFILES

24.1 ALCON

24.1.1 BUSINESS OVERVIEW

24.1.2 PRODUCT OFFERINGS

24.1.3 KEY STRATEGIES

24.1.4 KEY STRENGTHS

24.1.5 KEY OPPORTUNITIES

24.2 BAUSCH & LOMB

24.3 JOHNSON & JOHNSON

24.4 THE COOPER COMPANIES

25 OTHER PROMINENT VENDORS

25.1 ABB OPTICAL GROUP

25.1.1 BUSINESS OVERVIEW

25.1.2 PRODUCT OFFERINGS

25.2 ACCULENS

25.3 ADVANCED VISION TECHNOLOGIES

25.4 CONTAMAC

25.5 EXCELLENT HI-CARE

25.6 MEDENNIUM

25.7 MENICON

25.8 METRO OPTICS

25.9 ORION VISION GROUP

25.10 POLYTOUCH

25.11 ST. SHINE OPTICAL

25.12 SURGITECH INNOVATION

25.13 SYNEREYES

25.14 ULTRAVISION CLPL

25.15 WALMAN

25.16 VISIONARY OPTICS

26 REPORT SUMMARY

26.1 KEY TAKEAWAYS

26.2 STRATEGIC RECOMMENDATIONS

27 QUANTITATIVE SUMMARY

27.1 MARKET BY GEOGRAPHY

27.2 MARKET BY MATERIAL

27.3 MARKET BY USAGE

27.4 MARKET BY APPLICATION

27.5 MARKET BY DISTRIBUTION CHANNEL

27.6 NORTH AMERICA: BY MATERIAL

27.7 NORTH AMERICA: BY USAGE

27.8 NORTH AMERICA: BY APPLICATION

27.9 NORTH AMERICA: BY DISTRIBUTION CHANNEL

27.1 APAC: BY MATERIAL

27.11 APAC: BY USAGE

27.12 APAC: BY APPLICATION

27.13 APAC: BY DISTRIBUTION CHANNEL

27.14 EUROPE: BY MATERIAL

27.15 EUROPE: BY USAGE

27.16 EUROPE: BY APPLICATION

27.17 EUROPE: BY DISTRIBUTION CHANNEL

27.18 LATIN AMERICA: BY MATERIAL

27.19 LATIN AMERICA: BY USAGE

27.2 LATIN AMERICA: BY APPLICATION

27.21 LATIN AMERICA: BY DISTRIBUTION CHANNEL

27.22 MIDDLE EAST & AFRICA: BY MATERIAL

27.23 MIDDLE EAST & AFRICA: BY USAGE

27.24 MIDDLE EAST & AFRICA: BY APPLICATION

27.25 MIDDLE EAST & AFRICA: BY DISTRIBUTION CHANNEL

28 APPENDIX

28.1 ABBREVIATIONS

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