Therapeutic Contact Lens Market to Grow at a CAGR of 12.10% During the Forecast Period
Increasing cases of Eye infection and Eye Surgeries disease are driving the growth in global Therapeutic Contact Lens market in the forecast period, 2023-2027.
According to TechSci Research report, “Therapeutic Contact Lens Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, The global Therapeutic Contact Lens market stood at USD2830.96 million in 2021 and is expected to grow at a CAGR of 12.10% during the forecast period due to the growing demand for Eyes Infection. Besides, the COVID-19 pandemic crisis has contributed to a significant hit in the therapeutic contact lens market. The supply chain, demand, import and export all came to a halt during the global shutdown, which had an impact on the eyewear and eyecare industries. Increased reliance on digital devices led to a rise in eye disorder as the global shutdown locked everyone inside their homes, leaving the internet and digital gadgets as the only outlets for pleasure and professional activity creating a need of more therapeutic contact lenses in future. Growing awareness pertaining to the use of bandage lens for various eye related problem such as to reduce pain, protect the ocular surface, stimulate corneal healing, among others are expected to drive the market growth through 2027. Also, Government healthcare authorities are adopting various efforts to promote eye surgeries campaigns and to create awareness about the use of bandage contact lenses across the globe. Various Technology Advancement and innovations in the sector of Therapeutic Contact Lens to enhance the growth yield is also one of the factors driving the Global Therapeutic Contact Lens Market. In Addition, various eye surgeries have approved the use of Drug inoculated Contact Lenses in myopic surgery.
Browse over 195 market data Figures spread through 110 Pages and an in-depth TOC on " Global Therapeutic Contact Lens Market"
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The global therapeutic contact lens market is segmented based on material type, application, distribution Channel, company, and regional distribution. In terms of material type, the market can be split into Balafilcon, Lotrafilcon, Methafilcon, Senofilcon, and Others. Senofilcon is used for therapeutic contact lens as it contains a lot of water, which allows oxygen to travel through the lens, keeping the eyes white and healthy. In terms of application, the market can be categorized into pain relief, corneal healing, sealing & protection, drug delivery and others. Drug Delivery dominates the market in 2021 with a share of 45.79% as many eye surgeries require the drug to be inoculated directly in the eyes thus, require the usage of more bandage contact lens to prevent it from serious infection otherwise it can lead to blindness all over the globe. Poor hygienic conditions and improper handling of lens during eye operations results in bacterial contamination in eyes that can lead to serious eye illness and thus boost the usage of bandage contact lens to support this segment growth. The Market is also categorized based on distribution channels such as optical retail stores, online, hospitals & clinics. Hospitals & clinics dominate the market in 2021 with a share of 65.74% as mainly therapeutic contact lenses are available with the ophthalmologist as they prescribe according to the patient requirement. Hospitals & Clinics are the largest source of bandage contact lenses as many of the companies tie up directly with the doctors according to the type of infection and their demand.
Key market players in the therapeutic contact lens market include:
· Johnson & Johnson.
· Alcon, Inc
· Bausch Health Companies, Inc
· Carl Zeiss Meditec AG
· SynergEyes Inc
· X-Cel Specialty Contacts
· CooperVision, Inc.
· Hoya Corporation
· SEED Co., Ltd.
Global therapeutic contact lens market is a quite consolidated market with few established players such as Alcon, Inc., CooperVision, Inc., Johnson & Johnson and Bausch Health Companies, Inc. These players are among the top players who are operating in the industry since long and are having granted patents for their therapeutic contact lenses. Other prominent players operating in the industry include Hoya Corporation, SEED Co., Ltd, etc.
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“The North America region dominates the overall therapeutic contact lenses market on account of the increasing adoption of advanced technologies and options for treatment of different diseases in the region. The use of contact lenses for treatment of various problems such as corneal healing, pain relief and in drug delivery is quite prominent in the region. Additionally, major market leaders such as Alcon, Inc., CooperVision, Inc., Johnson & Johnson, among others are well established in the region and are expanding said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Therapeutic Contact Lens Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 By Material Type (Balafilcon, Lotrafilcon, Methafilcon, Senofilcon, Others), By Application (Pain Relief, Corneal Healing, Sealing & Protection, Drug Delivery, Others), By Distribution Channel (Optical Retail Stores, Online, Hospitals & Clinics), By Region”, has evaluated the future growth potential of global Therapeutic Contact Lens and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global therapeutic contact lens market.
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