Global Next Generation Contact Lenses and Visual Prostheses Market - 2023-2030

Market Overview

The Global Next Generation Contact Lenses And Visual Prostheses Market reached US$ 172.5 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 608.0 million by 2030. The global next generation contact lenses and visual prostheses market is expected to exhibit a CAGR of 17.7% during the forecast period (2023-2030).

Next-generation contact lenses are more advanced than traditional contact lenses and can correct a wider range of vision problems. next-generation contact lenses and visual prostheses are devices that replace the function of the eye's natural lens after it has been removed or damaged. They can be used to treat cataracts, glaucoma, and other eye conditions.

The rising prevalence of retinal diseases amongst the geriatric population is one of the major drivers for the next generation contact lenses & visual prostheses market. The most prevalent retinal diseases are AMD, hypertensive retinopathy, epiretinal membrane, BRVO, and diabetic retinopathy.

Market Dynamics

Rising Prevalence of Eye Related Diseases

The frequency of eye diseases is increasing globally, particularly in India. For instance, according to the World Health Organization (WHO), at least 2.2 billion people worldwide suffer from near- or far-sightedness. According to the World Health Organization, if the patient had received the proper diagnosis and care, at least one billion cases of vision impairment may have been avoided.

Due to a hectic lifestyle, cases of vision loss are on the rise in India. According to a large-scale study, which included data from 14.5 lakh patients, the number of cases of dry eye disease increased to 21,000 in 2019. It states that India is on the verge of a dry eye disease epidemic. By 2030, it will affect approximately 40% of the urban population.

Shortage of Ophthalmologists

Although the need for ophthalmologists has expanded dramatically in recent years. This is especially noticeable in underdeveloped nations. In India, for example, there is one ophthalmologist for every 90,000 people, but the US has a ratio of 1:15. The average number of ophthalmologists per million people varies according to economic development, ranging from 9 per million in low-income nations to 79 million in high-income countries.

COVID-19 Impact Analysis

The pandemic has hampered the advancement of next-generation contact lens research and development. Lockdowns, social distancing tactics, and restricted financing prospects have caused disruptions in laboratories and research facilities. This might possibly push back the timescale for bringing new innovations to market.

The pandemic has had a substantial impact on the global supply chain, causing interruptions in the manufacture and delivery of many items. These disruptions have the potential to influence the manufacture and availability of next-generation contact lenses, including the procurement of materials, components, and manufacturing equipment.

Segment Analysis

The global next generation contact lenses and visual prostheses market is segmented based on type of product , type of diseases and end user .

The Contact Lens Segment will be Dominated by Market Players During the Forecast Period

Contact lens is expected to be the dominating segment with the percentage around 81.3% in the forecast period as a result of product launches and approvals. For instance, Alcon Canada, for example, introduced new total toric lenses for astigmatic patients. Alcon, a worldwide pioneer in eye care devoted to helping people see brilliantly, announced the Canadian debut of a total of 30 for Astigmatism and Dailies Total 1 Astigmatism.

Alcon's line of reusable and daily disposable lenses has been expanded with high-performing solutions targeted at astigmatic patients. According to estimates, toric lenses (for astigmatic correction) are the fastest expanding section of the contact lens industry, providing an opportunity for eye care specialists to deliver excellent vision correction and patient care.

Geographical Analysis

North America is the Dominating Region During the Forecast Period

North America dominates the market for next-generation contact lenses and visual prostheses accounting for 42.1% and this trend is expected to continue during the projected period. The region's dominance is likely to continue during the projection period, owing to factors such as rising diabetes incidence, high disposable income, and growing awareness of modern technology for the treatment of eyesight impairment.

Due to factors such as improved healthcare infrastructure and the availability of innovative medicines for treating blindness, as well as economic expansion in countries such as India and China, the Asia Pacific area is expected to be the fastest-growing regional sector throughout the projection period.

Competitive Landscape

The major global players include: Johnson & Johnson, NIDEK, Novartis, Second Sight, NJ Retina, Interojo, OcuMedic, Bausch & Lomb, Pixium Vision, Menicon, and others.

• Why Purchase the Report?
• To visualize the global next generation contact lenses and visual prostheses market segmentation based on the type of product, type of diseases, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global next generation contact lenses and visual prostheses market level with all segments.
• Pdf report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global next generation contact lenses and visual prostheses market report would provide approximately 92 tables, 108 figures and 195 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies