Therapeutic Contact Lenses Market By Material Type(Balafilcon, Lotrafilcon), Consumer Orientation(Male, Female), Price Range(Below US$ 10, US$ 50 and Above), Sales Channel(Wholesalers/Distributors, Specialty Stores (Optical Stores)), & Region - Forecast 2021 - 2031
Therapeutic Contact Lenses Market - Analysis, Outlook, Growth, Trends, Forecasts
- September 2021
- 300 pages
- Consumer Product
Therapeutic Contact Lenses Market Snapshot
Therapeutic lenses, also known as bandage lenses, act as eye bandages, protecting the cornea from the exterior wear and tear of our eyelids. With increasing cases of eye disorders across the globe, the market is set to register a year-on-year growth rate of 6.1% in 2021.
Driven by rising number of eye surgeries and increasing application of therapeutic lenses, the market reached US$ 10.4 Bn in 2020. Between 2021 and 2031, the market is expected to exhibit compound annual growth rate (CAGR) of 7.5%. As per Future Market Insights (FMI), senofilcon material is set to reflect a positive growth trajectory with an impressive CAGR of 10.6% through 2031.
Key Points Covered in the Therapeutic Contact Lenses Market Report
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on therapeutic contact lenses market and how to navigate
- Recommendation on key winning strategies
2021-2031 Therapeutic Contact Lenses Market Outlook in Comparison to 2016-2020
Rise in the number of eye treatment surgeries worldwide is leading to the growth of therapeutic contact lenses market owing to its post-surgical healing properties. As therapeutic contact lenses doesn’t help in vision correctness due to their lack of focusing power, they are mainly used for healing purposes.
Increasing cases of eye surgeries due to rising eye disorders have improved the demand for healing eye bandages, i.e. therapeutic contact lenses. Backed by the growing application, FMI estimates the therapeutic contact lenses market to outpace the growth registered during 2016-2020 by 2.2%, exhibiting growth at an impressive 7.5% CAGR through 2031.
Owing to the surging incidence of myopia, which is also linked to a higher risk of vision-threatening diseases such as glaucoma, cataracts, and retinal detachment, demand for therapeutic contact lenses is increasing.
As per International Myopia Institute, 30% of the world’s population is currently myopic and the ratio is likely to reach 50%, i.e. 5 billion people by the end of 2050. Prevalence of myopia is high in countries such as Taiwan, Singapore, Japan, China, and South Korea. Hence, East and South Asia are the expected to be the hotspot for therapeutic contact lenses market players.
Besides these, due to surging cases of myopia in the U.S., leading players are likely to focus on strategies to expand their footprint in the country.
Based on the aforementioned factors, the market will surpass US$ 22.6 Bn by 2031-end.
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Which Factors will Drive the Demand for Therapeutic Contact Lenses?
As contact lenses provide safe and effective vision correction, adoption of contact lenses is rapidly growing. Government healthcare authorities are adopting various efforts to promote vision care. On the back of this, several regional governments are increasingly promoting the importance of vision care.
Favorable government initiatives across the globe encouraging advanced vision care will aid the market growth over the coming years. For instance, The U.S. Department of Health and Human Services and Centers for Disease Control and Prevention (CDC) are actively working to increase awareness through initiatives such as Vision Health Initiative about behaviors and risk factors affecting vision health for people wearing contact lenses.
Besides governments and public health associations, numerous private sector organizations are actively involved in promoting vision care worldwide. For instance, in the year 2018, Johnson & Johnson Vision launched a worldwide campaign to “SpotlightSight” in honor of the world sight day.
X-Cel Specialty Contacts, another leading company, is running a “ChangingLives” campaign with an aim to treat underprivileged patients. Such efforts and initiatives on the part of private sector organizations are likely to boost awareness regarding vision care, thus positively impacting the market growth in the coming years.
On the back of this, therapeutic contact lenses are gaining traction globally, spurring the sales.
What is the Impact of the COVID-19 on Therapeutic Contact Lenses Market?
Due to unprecedented outbreak of COVID-19, global economy took a huge hit during the FQ-20.. Global shutdown also affected the operations in the eyeglasses and eye care businesses, as the supply-chain, demand, imports and exports, came to a halt.
As global shutdown kept everyone inside their houses, leaving internet and digital devices as few outlets for leisure and professional activities, increased dependency on digital devices led to increase in eye problems.
Due to this, demand for contact lenses, especially among younger population, witnessed sudden surge. The market also registered spike in sales of anti-fatigue and blue light cancelling lenses, resulting in impressive growth despite ongoing restrictions.
As e-commerce made deeper inroads worldwide, leading players relied on online platforms to meet the increasing consumer requirements. Due to social isolation, there has been an increase in online ordering. This also resulted in innovations in innovative delivery techniques, including click and collect and third-party delivery.
Ecommerce revolution is expected to bode well for the market, creating scope for expansion worldwide.
How is Demand for Therapeutic Contact Lenses Faring in the U.S.?
According to Future Market Insights, North America is estimated to dominate the global therapeutic contact lenses market, with 27.4% share in terms of value by 2021-end. The U.S. is expected to account for over 88.7% of market share in the region.
Introduction of smart lenses in the country has created attractive prospects for growth of the market in the U.S. Besides this, extensive efforts on the part of players to promote and encourage research and development have pushed scope for expansion.
Furthermore, as the work culture in the U.S. is different from other countries, use of smart devices such as desktops, mobile phones, tabs, and laptops among others is high. Consequently, demand for lenses instead of spectacles is more, as wearing lens is considered a fashion and more convenient.
Also, growing prevalence of eye disorders and surgeries in the country have led to increasing adoption of therapeutic contact lenses in the U.S.
Why is the U.K. a Hotspot for Leading Therapeutic Contact Lenses Manufacturers?
The U.K. therapeutic contact lenses market is expected to account for over 19.5% of market share in Europe through 2021. Growth witness in the U.K. is attributable to easy access to the latest innovations along with the increase in the affordability and higher level of discretionary income.
Adoption of contact lenses across Europe is increasing due to the growing geriatric population who are more vulnerable to eye disorders. Rising disposable income and increasing cases of eye infections and vision-related illnesses are bolstering the market growth.
Furthermore, shift in consumer preference in favor contact lenses with appealing colors, tints, and textures for enhancing eye appearance is also a major factor driving the demand. Regional players are focusing on innovation and providing better lenses.
For instance, Contamac Ltd (Contamac Holdings Limited) in 2020, Contamac launched Nutrifill™, a patented insertion solution for scleral lens wear. The product is an FDA-cleared preservative-free saline solution with 5 essential electrolytes for filling and rinsing scleral, hybrid, and gas permeable contact lenses.
Will Innovation in Contact Lenses Continue to Drive Sales in Japan?
In 2021, Japan will account for over 40.4% market share in East Asia, opines FMI. Growing cases of presbyopia in Japan will drive the demand for multifocal lenses during the forecast period.
Due to the increasing cases of eye disorders, contact lenses retailers are compelled to provide better services for elderly population for selection of right and safe eye wear. Furthermore, with advancement in technology across Japan, leading players are concentrating on providing technology-driven products.
For instance, SEED Co. Ltd headquartered in Japan, in 2019, launched SEED 1dayPure EDOF, which adopts the extended depth of focus (EDOF) technology, a new optical design for multifocal lenses, in response to the needs of the ageing society.
Which is the Most Preferred Material for Therapeutic Contact Lenses?
In terms of value share, in 2020, methafilcon accounts for the dominant share of 35.7% in the market. However, senofilcon is expected to register higher CAGR of 10.6% during the forecast period as senofilcon material is capable of reducing the discomfort usually caused due to contacts.
Unisex Consumer Orientation Category to Remain Most Prominent
In terms of consumer orientation, unisex category is expected to hold lion’s share in the global market. Accounting for over 60.3% sales, unisex category will dominate the market during the forecast period.
In terms of consumer orientation, the penetration of unisex contact lenses is quite significant as compared to gender-specific offerings. Key players in the market are focused to on offering unisex contact lenses.
Which Price Range Holds Maximum Share in the Therapeutic Contact Lenses Market?
In 2021, US$ 10 to US$ 30 price range is expected to account for nearly 37.8% in the market. Owing to its cost-effectiveness and variety of selection this price category, the segment is expected to generate lucrative avenues. Furthermore, population across emerging economies such as Brazil, India and others, prefer affordable therapeutic contact lenses, boosting segment growth.
Which Sales Channel Holds Major Revenue Share?
In terms of sales channels, specialty stores (optical stores) will hold major chunk of market share, contributing 23.1% of revenue in 2021. When it comes to healthcare, physical retail is still preferred as sales channel over online retail across the globe.
Furthermore, global shutdown due to COVID-19 have also increased the use of e-commerce websites due to the closure of retail outlets. Market participants have taken advantage of the circumstance to strengthen their online presence in the midst of the outbreak.
Due to this, online retailers will witness highest growth during the forecast period, exhibiting an impressive 10.8% CAGR.
Key companies operating in the therapeutic contact lenses market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product portfolio to address the demand of an expanding pool of consumers. For instance,
- In 2021, Alcon Vision LLC acquired U.S. commercialization rights to ophthalmic eye drop Sibrinza. This acquisition will give the brand a strong portfolio and the opportunity to capitalize on the global market.
- In 2020, Warwickshire and Scrivens Opticians & Hearing Care extended their long-standing partnership for five years. The company plans to gain customers by marketing their name in sports.
Scope of Report
Historical Data Available for
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Russia, Benelux, China, Japan, South Korea, Brazil, Mexico, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Northern Africa, and South Africa
Key Segments Covered
Material Type, Price Range, Consumer Orientation, Sales Channel, and Region
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Therapeutic Contact Lenses Market by Category
By Material Type:
By Consumer Orientation:
By Price Range:
- Below US$ 10
- US$ 10 to US$ 30
- US$ 30 to US$ 50
- US$ 50 and Above
By Sales Channel:
- Specialty Stores (Optical Stores)
- Multi-Brand Stores
- Online Retailing
- Other Sales Channel
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)