PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1208912
PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1208912
The global therapeutic contact lenses market is expected to grow at a CAGR of 4.90% from 2021-2027
MARKET INSIGHTS
IMPACT OF COVID-19
The COVID-19 pandemic has largely affected customer behavior regarding therapeutic contact lenses. A considerable rise in first-time contact lens users has recently been witnessed. However, there has been an increase in the market's percentage of contact lens dropouts. Some first-time contact lens users include medical professionals, management professionals, and office workers who use computers and electronic devices for long hours daily. The common goal of these contact lens users was to eliminate the dependency on spectacle corrections while performing critical tasks. Simultaneously, in 2020, there was an increase in dropouts among long-term contact lens users in the therapeutic contact lenses market. Some reasons for a decline or complete discontinuation in contact lenses include concerns associated with the high risk of contracting infections, worsened dry eye conditions, and low demand for contact lenses due to remote work options from the comfort of homes.
MARKET TRENDS & DRIVERS
Increasing Use of Silicone Hydrogel Contact Lenses
Silicone hydrogel contact lenses have become the most widely used contact lenses. As they are easy and handy to use with no maintenance required, they do not cause any harm to people compared to extended wearable lenses. Also, Silicone hydrogel lenses can treat eye problems such as red eyes, blurred vision, corneal swelling, and general discomfort in the eyes. Many key players in the therapeutic contact lenses market do offer Silicone hydrogel therapeutic contact lenses, such as Acuvue Oasys (Johnson & Johnson Vision Care), Air Optix Aqua (Alcon), Biofinity (CooperVision), and PureVision2 (Bausch & Lomb).
The Coming Rise of Drug-delivery Contact Lenses
Extensive research has been documented recognizing the potential of BCL as a drug delivery system. This is due to their superior drug bioavailability compared to eye drops and their ability to be used on long-wearing schedules, increasing dosing frequency, side effects, and compliance. Desired properties of drug delivery devices include easy, comfortable, and controlled administration over an extended period with preservation of vision and ocular function.
Introduction of Hi-Tech Contact Lenses
Hi-tech contact lenses are used to treat eye disorders and more. The hi-tech contact lenses involve various processes, such as delivering the drug to the eye, providing augmented reality, monitoring eye health conditions, and more. Mojo Vision, a California-based company working on AR (Augmented Reality) based smart contact lenses, has launched contact lenses that elevate users' vision. These lenses are equipped with an inbuilt display that provides timely information regarding the objects focused on without interrupting the real vision.
Growing Prevalence of Ophthalmic Disorders & Geriatric Population
As populations continue to expand, so does the need for eye care. Aging is one of the most significant global demographic factors impacting eye care as the need for vision correction increases and becomes more complex as a person grows older. In 2018, around one-third of the global population was above the age of 45, the average onset of presbyopia (long-sightedness caused by loss of elasticity of the eye's lens).
Further, the rise in urbanization and the expansion of middle classes in fast-developing markets, particularly in Latin America and Asia, have transformed the economy and local eye health requirements. A considerable increase in migration from rural areas to cities in search of better jobs has contributed to the demand for better healthcare requirements and trends. Increased disposable incomes are encouraging people to prefer the luxury products like contact lenses in the market, which is one of the major factors contributing to the growth of the global therapeutic contact lenses market.
Technological Advancements in Contact Lenses
The key vendors in the contact lenses market are constantly investing in research & development to launch a new variety of contact lenses benefitting the market's users and fulfilling the market's unmet needs. New products are one of the unique strategies to drive customers towards new products with unique features in the therapeutic contact lenses market. In 2019, Bausch & Lomb launched the ULTRA multifocal toric contact lens for presbyopia patients. The ULTRA multifocal for astigmatism features vision at all distances and a stable fit for consistent results.
Public and Private Initiatives to Increase Vision Care Awareness
Favorable initiatives of governments around the world to promote advanced vision aids will support therapeutic contact lenses market growth in the coming 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.
SEGMENTATION ANALYSIS
INSIGHTS BY MATERIAL
The global therapeutic contact lenses market is segmented into soft and rigid contact lenses by material segment. Among the material segment, the soft contact lenses segment dominates the market with a share of 85.25%, followed by rigid contact lenses in 2021. The soft contact lenses segment will likely witness the highest CAGR of 5.03%, with incremental growth of USD 932.18 million. Hydrogels used to manufacture therapeutic soft contact lenses are commonly synthesized by free radical and UV photopolymerization and cast molding. The main network of hydrogels that make up soft contact lenses is usually based on poly(hydroxyethyl methacrylate) (HEMA), especially methafilcon A. Soft hydrogel contact lenses are typically more comfortable to wear than rigid or hard lenses, as they are more flexible and move and bend with the eyes.
Segmentation by Material
INSIGHTS BY USAGE
The daily replacement segment dominated the global therapeutic contact lenses market, with a share of 55.24% in 2021, and is likely to witness the highest CAGR of 5.16%. Daily replacement contact lenses are one-time usable lenses that are discarded post-usage. One of the major reasons for the preference is its ease of use, reduced infections, and more comfort on the eye. This has largely driven the usage of daily disposable contact lenses in the market. Daily disposable contact lenses are increasing among specialists and are also largely recommended among users. Further, the adoption of daily contact lenses is high among developed countries, whereas among developing countries, the usage of daily disposable contact lenses is low in the market.
Segmentation by Usage
INSIGHTS BY APPLICATION
Segmentation By Application
INSIGHTS BY DISTRIBUTION CHANNEL
The Omni channel distribution dominates the therapeutic contact lenses market with a share of 73.31%. It is likely to witness incremental growth of USD 864.79 million. The Omni channels comprise retail and online stores. Compared to developed countries, such as Latin America and Asia, distribution through retail stores has increased in developing countries. The reputation, consumer awareness about the brands, and customer satisfaction have increased loyalty, still driving them to prefer retail stores to purchase contact lenses in the market. In addition, multiple commercial campaigns are launched by various retail stores, which attracts users to move towards retail stores.
Segmentation By Distribution Channel
GEOGRAPHICAL ANALYSIS
In 2021, North America dominated the global therapeutic contact lenses market with a share of 34.68%. The region is one of the major consumers of contact lenses due to people's increased awareness and disposable income. This makes the companies largely focus on launching their products in the market. Countries like the US and Canada have well-developed healthcare systems and a stringent regulatory environment for manufacturers of contact lenses. Also, market vendors are investing in R&D initiatives and advanced technologies to develop efficient contact lens products.
APAC is expected to witness the highest CAGR growth of 5.30% in the global therapeutic contact lenses market over the forecast period. In 2020, APAC had a higher number of customers using contact lenses in the countries such as China, India, and more. In addition, the surge in the target population is majorly driving the demand for contact lenses. The growing myopic population in the region, including teenagers, and elderly individuals, is one of the driving factors. In addition, increasing awareness regarding brand consciousness is accelerating the demand for contact lenses in the region.
Segmentation by Geography
VENDOR LANDSCAPE
The global therapeutic contact lenses market is highly consolidated, with the key players including Alcon, Bausch & Lomb, Johnson & Johnson, and The Cooper Companies accounting for a major market share. The market is subjected to constant technological advances and regularly evolving vision correction requirements and standards. Vendors compete based on product variety, pricing, quality, technological leadership and innovation, and the efficacy of therapeutic contact lenses.
Key Developments in The Global Therapeutic Contact Lenses Market
Key Vendors
Other Prominent Vendors
KEY QUESTIONS ANSWERED
LIST OF TABLES