Increasing instances of eye diseases is driving the growth in Global Therapeutic Contact Lens Market in the forecast period, 2022-2026.
Also, younger generation have higher success rate of corneal transplant and increasing demand for the post-op patient care is also aiding to the growth of the global therapeutic contact lens market in the next five years. Increasing instances of eye diseases like macular degeneration, corneal rupture, glaucoma, myopia, cataract, etc. is also supporting the growth of the global therapeutic contact lens market since the demand for the therapeutic contact lens for post-surgery care of the eye in future five years.
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Other driving factors include increasing demand for the safe and effective vision correction surgeries, along with governmental aids to support the increasing healthcare and eyecare expenses. Consistent research and innovative product development to enhance the viability of these medical product is further anticipated to substantiate the growth of the global therapeutic contact lens market in the forecast years, until 2026.
The global therapeutic contact lens market is segmented on the basis of material type, application, distribution channel, competitional landscape, and regional distribution. On the basis of application, the market is bifurcated into pain relief, corneal healing, sealing & protection, drug delivery, and others. Corneal healing is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of increasing instances of corneal transplants.
Increasing cases of eye diseases like fungal keratitis, Fuchs’ dystrophy, advanced keratoconus, corneal edema, and cataract surgery complications require corneal transplant surgeries and thus drives the growth of the sub-segment along with the growth of the global therapeutic contact lens market in the next five years.
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Based on distribution channel, the market is again sub-segmented into optical retail stores, online, and hospitals & clinics. Hospitals and clinics are anticipated to hold the largest revenue shares of the market in the next five years on the account of increasing eye surgeries conducted in the eye hospitals and clinics. The bandage contact lens (therapeutic contact lens) is applied by the optometrist after the surgical procedure to allow corneal healing.
The application and removal are carried out by the professional only and the patient is not required to touch it. Moreover, in emergency situation and to modulate patient count from the hospitals to the eye clinics and specialist centers, optical retail stores may register significant growth in the upcoming five years.
Some of the market players, dominating the global market are
- Johnson & Johnson
- Alcon, Inc
- Bausch Health Companies, Inc.
- EssilorLuxottica S.A.
- Carl Zeiss Meditec AG
- SynergEyes Inc.
- X-Cel Specialty Contacts
- CooperVision, Inc.
- Hoya Corporation
- SEED Co., Ltd.
These market players along with new market entrants, are focused on extensive research and bringing innovative and advanced products. Technologically advanced manufacturing of the pharmaceutical products and therapeutic processes would aid in decreasing the cost of the production and aid the players in managing their investments. Moreover, initiatives from the government and private fundings would support the global therapeutic contact lens market growth indirectly.
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Alcon Inc. is a global leader in eye care products, devices, equipment, etc. and have recently acquired exclusive US commercialization rights in April 2021 to market Simbrinza® (brinzolamide/ brimonidine tartrate ophthalmic suspension) 1%/0.2% from its previous owner Novartis. The company is combining the sale of the Simbrinza® with its own over the counter eye drops thus gaining edge on its eye drop portfolio. The conjugating sales along with the existing therapeutic contact lens from the brand would strengthen future sales.
“Asia Pacific region is anticipated to dominate the market segment and register highest revenue shares of market growth in the consecutive five years. The future growth can be attributed to the increase in the population accounting for eye diseases like myopia. Countries like China, South Korea, Taiwan, Singapore, etc. registers highest number of patients suffering from the eye diseases and thus supports market growth. Shift in poor lifestyle, prolonged exposure to LED screen lights, and other environmental effects along with genetic modifications is aiding the growth of the global therapeutic contact lens market in the forecast years,” 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, 2016-2026 Segmented 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 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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