Global Therapeutic Contact Lenses Market Insights Forecasts to 2030

• The global therapeutic contact lenses market was valued at USD 2,830.96 billion in 2021.
• The market is growing at a CAGR of 9% from 2021 to 2030
• The global therapeutic contact lenses market is expected to reach USD 6,148.5 billion by 2030
• The Asia Pacific is expected to grow the fastest during the forecast period

The global therapeutic contact lenses market is expected to reach USD 17.34 billion by 2030, at a CAGR of 9% during the forecast period 2021 to 2030. The therapeutic contact lenses market has been growing owing to the increasing applications of therapeutic contact lenses. During the forecast period, there is likely to be an increase in demand for therapeutic contact lenses due to the rising incidence of glaucoma.

Market Overview:

Therapeutic contact lenses protect the cornea from mechanical ocular surface degeneration as well as the effects of the external environment. Patients who suffer from corneal erosion syndrome and utilize therapeutic contact lenses experience a reduction in discomfort and a promotion of re-epithelialization of the cornea. Contact lenses are an essential component of therapeutic management disorders that affect the cornea and the ocular surface. There are two kinds of contact lenses that are utilized for therapeutic purposes. These include soft lenses and scleral lenses. As a result of the multiple therapeutic benefits that therapeutic contact lenses provide, such as the creation of a mechanical barrier between the cornea and the outside world, the hydration of the corneal epithelium, the acceleration of corneal wound healing, and the relief of discomfort, therapeutic contact lenses are an essential medication for the treatment of eye conditions that are related to the ailment. The market for therapeutic contact lenses is expected to expand over the forecast period because these lenses are increasingly used as an essential drugs in treating eye-related issues. The eye is a complicated and intricate organ with several anatomical and physiological drug penetration barriers. These barriers include the precorneal and corneal barriers, the conjunctival, the blood-aqueous, and the blood-retinal barriers. These barriers prevent drugs from entering the eye. Because of these impediments, the task of ocular medication distribution to the appropriate target tissue is extremely challenging for both medical professionals and scientists.

Report Coverage

This research report categorizes the global therapeutic contact lenses market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global therapeutic contact lenses market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global therapeutic contact lenses market sub-segments.

Segmentation Analysis

• In 2021, the senofilcon segment dominated the market with the largest market share of 21% and market revenue of 594.5 billion.

Based on the material type, the Therapeutic Contact Lenses market is categorized into Senofilcon, Balafilcon, Lotrafilcon, Methafilcon, and Others. In 2021, the senofilcon segment dominated the market with the largest market share of 21% and market revenue of 594.5 billion. The senofilcon segment will account for the greatest revenue in the market as it is the most used material in manufacturing therapeutic contact lenses. Furthermore, the increasing demand for therapeutic contact lenses propels the segment's growth.

• In 2021, the sealing & protection segment accounted for the largest share of the market, with 30% and market revenue of 849.2 billion.

Based on application, the therapeutic contact lenses market is categorized as Drug Delivery, Corneal Healing, Pain Relief, Sealing & Protection, and Others [Corneal Protection]. In 2021, the sealing & protection segment dominated the market with the largest market share of 30% and market revenue of 849.2 billion. Sealing and protection have accounted for the largest revenue in the market due to the increasing focus on preventing infection from one patient to another.

Regional Segment Analysis of the Therapeutic Contact Lenses Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, North America emerged as the largest market for the global therapeutic contact lenses market, with a market share of around 35% and 2,830.96 billion of the market revenue in 2021.

• In 2021, North America emerged as the largest market for the global therapeutic contact lenses market, with a market share of around 35% and 2,830.96 billion of the market revenue. The market for therapeutic contact lenses in the North American region has been expanding owing to the increasing rise in R&D activities by several small and medium enterprises to develop medical healthcare facilities in the healthcare sector. North America dominates the market for contact lenses. It will remain so in the future due to the rising popularity of daily disposable lenses and the increased knowledge regarding the need for eye exams. A further factor that is anticipated to contribute to the expansion of the market is the growing popularity of contact lenses among children.

• The Asia-Pacific market is expected to grow at the fastest CAGR between 2021 and 2030. The market for therapeutic contact lenses in Asia has been growing owing to the increasing demand for applications such as catheters & cannulas, drug delivery systems, bulk therapeutic contact lenses, and other special applications. The Asia-Pacific region is expected to continue to see significant growth. It will achieve the greatest growth rate due to the increasing frequency of eye illnesses and improvements in personal disposable income. During the forecast period, there is likely to be an increase in demand for therapeutic contact lenses due to the rising incidence of glaucoma.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global therapeutic contact lenses market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Market Players:

• Bausch & Lomb Incorporated
• Advanced Vision Technologies
• CooperVision
• VISTAKON (division of Johnson & Johnson Vision Care, Inc.)
• X-Cel Specialty Contacts
• Contamac
• Excellent Hi-Care Pvt Ltd
• Alcon
•  Novartis International AG
• Menicon Group
• Carl Zeiss AG
• Visioneering Technologies, Inc.
• Mojo Vision
• Johnson & Johnson Vision
• Air Optix
• Essilor
• Surgitech Innovation
• UltraVision CLPL 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Third-party knowledge providers
• Value-Added Resellers (VARs)

Recent Development

• In August 2020, To broaden the product offerings, the major players in the global therapeutic contact lens market were concentrating their efforts on the launch of smart contact lenses. For instance, Bausch + Lomb introduced a new daily disposable contact lens made of silicone hydrogel (SiHy) called Bausch + Lomb INFUSE.

• In January 2020, In a similar vein, Mojo Vision revealed that they are in the process of creating the Mojo Lens, which will be the world's first real smart contact lens.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global therapeutic contact lenses market based on the below-mentioned segments:

Global Therapeutic Contact Lenses Market, By Material

• Senofilcon

• Balafilcon
• Lotrafilcon
• Methafilcon
• Others

Global Therapeutic Contact Lenses Market, By Application

• Drug Delivery
• Corneal Healing
• Pain Relief
• Sealing & Protection
• Others [Corneal Protection]

Global Therapeutic Contact Lenses Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

• Driver-  Increasing glaucoma

• Restraint-  Infection

• Opportunity- Government initiatives by the government

• Challenge- Potential Risks Associated with chemicals