Next Generation Contact Lenses & Visual Prostheses Market by Product, Disease

Description

List of Tables

[197 Pages Report] The Next Generation Contact Lenses & Visual Prostheses Market size was estimated at USD 214.71 million in 2023 and expected to reach USD 254.45 million in 2024, at a CAGR 18.76% to reach USD 715.57 million by 2030.

Next generation contact lenses encompass a variety of advanced features and materials that enhance functionality beyond conventional vision correction. These include contact lenses designed with smart technology that may enable interactive visual overlays, health monitoring sensors, drug delivery systems, and improved comfort and vision through advanced materials or designs. Visual prostheses are medical devices designed to restore functional vision for individuals suffering from vision loss or impairment caused by conditions such as retinitis pigmentosa or age-related macular degeneration. These devices often work by bypassing damaged photoreceptors and directly stimulating the remaining functional parts of the visual system, including the retina, optic nerve, or visual cortex. Increasing an aging population, the rise in eye-related diseases, and the growing demand for non-invasive medical devices contribute to market expansion. However, high costs of development and production coupled with stringent regulatory requirements for medical device approval may impede market growth. Nevertheless, the development of smart contact lenses that monitor health indicators and the integration of AI algorithms to improve the functionality of visual prostheses with customization and 3D printing technologies to produce devices tailored to individual patients' needs is expected to create potential opportunities for the next generation contact lenses and visual prostheses market expansion.

KEY MARKET STATISTICS
Base Year [2023]	USD 214.71 million
Estimated Year [2024]	USD 254.45 million
Forecast Year [2030]	USD 715.57 million
CAGR (%)	18.76%

Product: Burgeoning adoption of therapeutic contact lenses proving invaluable in post-surgical care and treatment of various corneal conditions

Diagnostic or monitoring contact lenses are advanced ocular devices designed to measure physiological parameters, such as intraocular pressure, glucose levels, and tear composition, in a non-invasive manner. Drug-eluting contact lenses are engineered to provide a controlled release of medications directly into the eye, offering a novel approach to treating ocular conditions such as infections, allergies, and dry eyes. These lenses are impregnated with therapeutic agents and aim to improve drug contact time, enhance bioavailability, and reduce systemic side effects as compared to traditional eye drops, improving patient compliance and treatment efficacy. Therapeutic contact lenses are designed to treat and manage ocular surface disorders and injuries. They are a protective barrier over the cornea, promote healing, and can deliver drugs. Visual prostheses, or "bionic eyes," aim to restore vision to individuals with severe vision loss or blindness due to retinal diseases. These systems consist of a camera mounted on glasses, a video processing unit, and an implant that electrically stimulates the visual system. A cortical implant is a type of visual prosthesis that bypasses the eye entirely and targets the brain's visual cortex. The device translates visual information into electrical stimulation patterns delivered directly to the brain's visual cortex, intending to restore visual perception to those who have lost sight due to ocular, optic nerve, or pre-cortical visible pathway damage. An optic nerve implant is a visual prosthesis designed to stimulate the optic nerve directly, which gives visual information from the retina to the brain. This is typically considered when the retina has become non-functional; however, the nerve and downstream visual pathway remain intact. Retinal implants replace degenerated retinal cells' functionality and are primarily used to treat retinal diseases, including age-related macular degeneration and retinitis pigmentosa. These implants capture light and convert it into electrical signals, stimulating the remaining retinal cells to send visual information to the brain.

Disease: Evolving adoption of next-generation contact lenses and visual prostheses for age-related macular degeneration

Age-related macular degeneration is the foremost reason for vision loss in individuals aged 50 and above. It is characterized by the deterioration of the retina's central portion, known as the macula, which affects central vision. Advanced forms include dry and wet AMD. New generations of visual prostheses and contact lenses are being researched to amplify the remaining vision, deliver drugs to the retina to slow the progression, or even incorporate miniature cameras that interface with the neural circuitry of the retina to restore vision. Diabetic eye diseases, primarily diabetic retinopathy and diabetic macular edema, are complications of diabetes caused by damage to blood vessels in the retina. The latest advancements in contact lens technology include lenses that can monitor glucose levels through tears, potentially aiding diabetes management. Glaucoma is a cluster of eye conditions that damage the optic nerve, often linked to heightened intraocular pressure. Untreated glaucoma can lead to irreversible blindness. Contact lenses with embedded sensors are being developed to continuously monitor intraocular pressure levels, providing a non-invasive method to manage and deter glaucoma progression. Visual prostheses for glaucoma patients could be adopted to stimulate the visual pathway beyond the damaged optic nerve. Retinitis pigmentosa is a genetic disorder affecting the retina, causing gradual vision loss and night blindness. In the realm of prosthetics, significant progress has been made in creating bionic eye implants that substitute the function of degenerated photoreceptors in the retina. For contact lenses, research focuses on lenses that include microelectronics to enhance the available vision or to deliver light therapy to slow the progression of RP.

Regional Insights

The Americas region's high consumer awareness, strong economy, and insurance coverage for medical devices contribute to increased market demand. Interest in smart contact lenses with advanced features such as glucose monitoring and augmented reality has spurred several startups and R&D initiatives. Furthermore, there is an inclination towards advanced medical devices, with initiatives by both the private sector and academic institutions pushing forward innovative solutions in visual prostheses and enhanced ocular devices in the Americas. EU countries are witnessing a growing demand for advanced contact lenses due to increased activities related to digital screens and an aging populace. Regulatory directives such as the Medical Device Regulation (MDR) shape industry standards. Ongoing projects funded by the EU Framework Programmes for Research and Innovation showcase the commitment to cutting-edge ocular technology. The Middle East is gradually adopting these advanced medical devices, with a strong focus on luxury and quality. The region's healthcare investment is scaling, characterized by government initiatives to improve healthcare infrastructure. The Asia-Pacific region exhibits diverse market dynamics, with the region's large population base driving consumer needs for vision correction and protection, which is compounded by an aging demographic in certain countries. Smart contact lenses that cater to health monitoring and lifestyle needs are gaining popularity, and investments in the region are focused on leveraging manufacturing prowess to reduce costs and improve accessibility.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Next Generation Contact Lenses & Visual Prostheses Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Next Generation Contact Lenses & Visual Prostheses Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Next Generation Contact Lenses & Visual Prostheses Market, highlighting leading vendors and their innovative profiles. These include ABB Optical Group, Alcon Vision LLC, Bausch & Lomb Incorporated, Bionic Vision Technologies, Chromagen Europe B.V., CooperVision, Inc., HOYA Corporation, INTEROJO CO. LTD., Johnson & Johnson Vision Care, Inc., Luneau Technology Operations SAS, Menicon Co., Ltd., Miami Contact Lens, Mojo Vision Inc., Nidek Co., Ltd., Novartis AG, Orion Vision Group, PERVICE CO., LTD., Pixium Vision SA, Sensimed SA, Spectrum International, STAAR Surgical Company, SwissLens S.A., SynergEyes, Inc., XPANCEO RESEARCH ON NATURAL SCIENCE L.L.C., and ZEISS Group.

Market Segmentation & Coverage

This research report categorizes the Next Generation Contact Lenses & Visual Prostheses Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Diagnostic or monitoring contact lenses
- Drug-eluting contact lenses
- Therapeutic contact lenses
- Visual prostheses
  - Cortical Implant
  - Optic Nerve Implant
  - Retinal Implant
Disease
- Age-Related Macular Degeneration
- Diabetes
- Glaucoma
- Retinitis pigmentosa

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Next Generation Contact Lenses & Visual Prostheses Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Next Generation Contact Lenses & Visual Prostheses Market?

3. What are the technology trends and regulatory frameworks in the Next Generation Contact Lenses & Visual Prostheses Market?

4. What is the market share of the leading vendors in the Next Generation Contact Lenses & Visual Prostheses Market?

5. Which modes and strategic moves are suitable for entering the Next Generation Contact Lenses & Visual Prostheses Market?

Product Code: MRR-437517DB6E67

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rise in Ocular Diseases such as Retinitis Pigmentosa, Macular Degeneration, Glaucoma, and Cataract
  - 5.1.1.2. Growing Prevalence of Hybrid Contact Lenses owing to Rising Cases of Astigmation
  - 5.1.1.3. Development of Devices and Tools to Interface with The Nervous System for Prosthetic Purposes
- 5.1.2. Restraints
  - 5.1.2.1. Growing Acceptance of Refractive Surgeries
- 5.1.3. Opportunities
  - 5.1.3.1. Technological Advances and the Availability of New Biomaterials
  - 5.1.3.2. Potential Application of the Contact Lenses in the Biosensing and Diagnosis of Various Ocular Disorders
- 5.1.4. Challenges
  - 5.1.4.1. Complexities Associated with the Prosthesis Implantation
5.2. Market Segmentation Analysis
- 5.2.1. Product: Burgeoning adoption of therapeutic contact lenses proving invaluable in post-surgical care and treatment of various corneal conditions
- 5.2.2. Disease: Evolving adoption of next-generation contact lenses and visual prostheses for age-related macular degeneration
5.3. Market Trend Analysis
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization
- 5.9.1. Impact Analysis
- 5.9.2. Regulatory Framework

6. Next Generation Contact Lenses & Visual Prostheses Market, by Product

6.1. Introduction
6.2. Diagnostic or monitoring contact lenses
6.3. Drug-eluting contact lenses
6.4. Therapeutic contact lenses
6.5. Visual prostheses

7. Next Generation Contact Lenses & Visual Prostheses Market, by Disease

7.1. Introduction
7.2. Age-Related Macular Degeneration
7.3. Diabetes
7.4. Glaucoma
7.5. Retinitis pigmentosa

8. Americas Next Generation Contact Lenses & Visual Prostheses Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Next Generation Contact Lenses & Visual Prostheses Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Next Generation Contact Lenses & Visual Prostheses Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
- 11.3.1. New High-Tech Startup Developing Smart Contact Lenses for Glaucoma Diagnosis and Management
- 11.3.2. MAHE Researchers Develop Self-Moisturising Contact Lens
- 11.3.3. Johnson & Johnson Vision Care Receives FDA Approval for ACUVUE Theravision with Ketotifen - Drug-Eluting Contact Lens

12. Competitive Portfolio

12.1. Key Company Profiles
12.2. Key Product Portfolio