THERAPEUTIC CONTACT LENSES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Therapeutic Contact Lenses Market Size and Trends

The global therapeutic contact lenses market is estimated to be valued at USD 4.91 Bn in 2024 and is expected to reach USD 7.90 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7% from 2024 to 2031.

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The growing prevalence of eye diseases and increasing cases of myopia and presbyopia are major factors expected to drive the therapeutic contact lenses market growth during the forecast period. Increasing geriatric population worldwide susceptible to conditions like presbyopia and growing awareness regarding benefits of contact lenses over eyeglasses are expected to propel the market growth.

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Insights By Product Type - Comfort and Convenience Drive Demand for Soft Lenses

In terms of product type, soft lenses segment is expected to account for 41.3% in 2024 of the global therapeutic contact lenses market, surpassing rigid lenses due to their distinct advantages. Their thinner, more flexible design enhances handling and comfort, while their flexibility helps prevent eye dryness and offers protection against physical impacts or accidental rubbing, making them ideal for daily wear.

Insights By Application – Rising Cataract Surgery Rates Drive Post-Ocular Surgery Application

In terms of application, post-ocular surgery segment is expected to contribute the highest share of the global therapeutic contact lenses market with 38.1% in 2024 owing to rising cataract surgery rates. Contact lenses are widely used after various ophthalmic surgeries and procedures involving incision or treatment of the cornea. According to National Library of Medicine, Cataract surgery practice patterns worldwide: a survey, in January 2021, cataract surgery is one of the most common eye surgeries globally with over 15 million procedures performed annually worldwide.

Insights By Distribution Channel – Distribution Through Retail Pharmacies Remains High

Retail pharmacies segment is expected to contribute the highest share of the global therapeutic contact lenses market with a share of 52.12% in 2024 owing to its widespread network and ease of access. Retail pharmacies remain the most preferred channel for therapeutic contact lens purchases due to their extensive geographical presence and walk-in availability. Large retail pharmacy chains like Walgreens, etc. maintain huge private label inventory with specialized product portfolios and trained opticians/optometrists on staff for fitting and support services.

Regional Insights

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Dominating Region: North America

North America dominates the therapeutic contact lenses market with an estimated share of 37.2% in 2024. This can be attributed to factors such as the strong presence of major players, favorable government policies supporting research and development, and high patient awareness levels. The U.S. dominates the North American market due to the large patient population and focus on technological advancements in eye care.

Fastest-Growing Region: Asia Pacific

The Asia Pacific region exhibits the fastest growth due to rising geriatric population, increasing healthcare expenditure, growing awareness regarding vision correction procedures, and supportive government initiatives in countries such as China and India.

Therapeutic Contact Lenses Market Outlook for Key Regions

U.S.’ Advanced Healthcare

The U.S. therapeutic contact lenses market growth is driven by advancements in manufacturing and inspection technologies, and a growing consumer emphasis on eye health and convenience. Increasing preference for contact lenses for vision correction prompted manufacturers to enhance inspection processes to ensure quality and safety. Notably, in March 2022, Johnson & Johnson Vision Care, Inc. received the U.S. FDA approval for ACUVUE Theravision with Ketotifen, daily disposable lenses that alleviate allergic conjunctivitis-related eye itching while correcting vision.

Growing Awareness and Accessibility in Canada

Canada's therapeutic contact lenses market growth is fueled by increasing awareness of eye health and corneal disorders. In November 2020, according to the Canadian Ophthalmological Society, corneal disorders affect approximately 1 in 500 Canadians, leading to a growing demand for therapeutic lenses.

Rapid Prevalence of Myopia in China

China therapeutic contact lenses market is expanding rapidly due to government initiatives aimed at improving healthcare access. As of July 2023, according to the National Institutes of Health (NIH), the prevalence of myopia among children in China has reached approximately 53%. This statistic highlights the urgent need for effective vision correction solutions, including therapeutic contact lenses.

High Prevalence of Myopia in India

Myopia, or nearsightedness, is increasingly prevalent among Indian schoolchildren. For instance, according to a study published in ResearchGate, in October 2024, the prevalence of myopia among school-aged children in India reached approximately 30-40%, which has led to the increased demand for corrective solutions, including therapeutic contact lenses.

Market Concentration and Competitive Landscape

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Top Strategies Followed by Global Therapeutic Contact Lenses Market Players

• Established players in the contact lenses market, including Johnson & Johnson, Bausch & Lomb, and CooperVision, invest over 10% of annual revenue in R&D, focusing on innovative materials, designs, and features for better vision correction and comfort. Partnerships, like CooperVision's with Sight Sciences, expand specialty vision care offerings. Global expansion is another strategy, with companies establishing production and distribution hubs in Asia Pacific and Latin America, gaining first-mover advantages and catering to local standards.
• Mid-level players compete by offering affordable, high-quality alternatives priced 20-30% lower than market leaders. These companies optimize operations, reduce costs, and collaborate on advanced technologies. For example, Bausch & Lomb partners with startups on 3D-printed lenses and biomaterials, enhancing innovation while maintaining competitive pricing.
• Small-scale players pick specialized segments often overlooked by large firms. They focus on niche demographics like teens/elderly or unique eye conditions. Small brands like Ocutec offer innovative materials via digital manufacturing platforms and customized software solutions.

Emerging Startups in the Global Therapeutic Contact Lenses Market

Startups bring novel technologies like smart contact lenses integrated with sensors, trackers, and AI. For instance, Sensoria develops lenses that measure glucose levels for diabetes patients. The data streams to smartphones via embedded chips and RFID tags. Such innovations could revolutionize remote monitoring and pave way for “smart” diagnostic tools.

Sustainability is a priority for many startups. NovoaLenses produces biodegradable lenses using plant-based polymers that breakdown naturally in 8-12 weeks. Loop Lens focuses on recycling - it collects used lenses, shreds the materials, and reuses them to manufacture new products, lowering environmental impact.

Startups fill market gaps left by bigger firms. They address conditions rarely targeted before. Clariti focuses contact lenses tailored for Keratoconus patients while Acuvue Therapies develops specialized disposable lenses for dry eye therapy.

Therapeutic Contact Lenses Industry News

• In February 2024, XPANCEO, a technology company specializing in smart contact lenses with extended reality (XR) and health monitoring features, unveiled a successful prototype of what it claims is the world’s first augmented reality (AR) holographic lens testing system
• In June 2023, Bausch + Lomb, an eye health products company, introduced INFUSE Multifocal silicone hydrogel daily disposable contact lenses in the U.S., aiming to meet the needs of the expanding presbyopia market. These lenses feature ProBalance Technology and a 3-Zone Progressive design, providing all-day comfort and seamless transitions across near, intermediate, and distance vision.
• In April 2021, Menicon, a contact lens manufacturer, announced a global collaboration with Johnson & Johnson Vision, an ophthalmology company to enhance products and services for managing myopia progression in children. Building on the 2019 launch of the Menicon Bloom Myopia Control Management System, the partnership aims to address the growing myopia epidemic, especially among younger populations.

Key Takeaways from Analyst

• Rising prevalence of eye disorders such as myopia, hyperopia, and presbyopia across both developed and developing nations will drive the demand for corrective lenses. Moreover, growing geriatric population prone to age-related visual impairments also present a strong demand base. Technological advancements leading to the introduction of innovative lens material, designs focused on comfort and customization as per extent of disorder are expected to boost product acceptance.
• However, lack of awareness about advanced lenses especially in rural areas may restrain market expansion to some extent in the short-term. High cost compared to basic vision correction options can deter some customer segments as well. Meanwhile, Asia Pacific especially China and India offer the most attractive prospects with their massive population bases and improving access to healthcare. In the Americas and Europe, demand is likely to be fueled by rising health expenditure as well as focus on non-invasive therapies.
• Overall, the presence of a large target population in need of vision correction, ongoing innovations, increasing recognition of benefits associated with therapeutic contact lenses and expansion of healthcare infrastructures worldwide should ensure continued strong gains for industry participants. Focus on emerging territories and value-added product segments remain key to capturing long-term opportunities as this market evolves.

Market Report Scope

Market Dynamics

Market Driver - Advancements in lens technology and material

Continuous advancements in contact lens technologies have revolutionized vision correction, offering improved clinical outcomes. Innovations like multifocal lenses address presbyopia, providing clear near and distance vision without switching glasses. For instance, in October 2023, Alcon, an ophthalmology company, introduced TOTAL30 Multifocal, the first monthly Water Gradient multifocal contact lens, designed to provide exceptional comfort and clear vision at all distances for individuals with presbyopia. This lens utilizes Alcon's PRECISION PROFILE design, achieving a 96% fit success rate.

Market Challenge - High costs associated with specialized lenses

One of the major challenges being faced by the global therapeutic contact lenses market is the high costs associated with specialized lenses. Therapeutic lenses require specialized designs and materials to effectively treat ocular conditions such as keratoconus and myopia. This specialized manufacturing increases production costs. Additionally, customized designs tailored to individual patient's eye anatomy and physiognomy further raise the costs.

Market Opportunity - Growing demand for customized and smart contact lenses

Advancements in 3D printing and digital design technologies have enabled manufacturers to create highly customized contact lenses tailored to individual ocular needs, enhancing vision correction and comfort. Simultaneously, the integration of miniature sensors and circuits has led to the development of smart contact lenses capable of real-time monitoring of intraocular pressure, glucose levels, and other biomarkers, offering significant potential in personalized eye care and health monitoring.

Key Stakeholders of Market

What does Growth in the Therapeutic Contact Lenses Industry mean for Different Stakeholders?

The therapeutic contact lenses industry has multiple players with varied designations and offers multiple opportunities based on their scope of operations.

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Market Segmentation

• By Product Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Soft Lenses
  • Rigid Lenses
  • Specialty Lenses
• By Application Insights (Revenue, USD Bn, 2019 - 2031)
• • Post-Ocular Surgery
  • Corneal Disorders
  • Drug Delivery
  • Others
• By Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
• • Retail Pharmacies
  • Hospitals Pharmacies
  • Online Pharmacies
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • Johnson & Johnson
  • Alcon
  • Bausch + Lomb
  • CooperVision
  • Menicon Co., Ltd.
  • Hoya Corporation
  • Carl Zeiss AG
  • EssilorLuxottica
  • SynergEyes, Inc.
  • OptiMed Technology, Inc.
  • Aerie Pharmaceuticals, Inc.
  • Eyevance Pharmaceuticals
  • Ocular Therapeutix, Inc.
  • Visioneering Technologies, Inc.
  • X-Cel Specialty Contacts