THERAPEUTIC CONTACT LENSES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
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. Therapeutic contact lenses are specialized lenses prescribed by eye care professionals to support vision correction and eye health. These lenses are designed to treat refractive errors, astigmatism, presbyopia, and various ocular surface diseases. The rising incidence of ocular disorders such as cataract, keratoconus, and diabetic retinopathy has been driving the demand for therapeutic contact lenses. Additionally, technological advancements in contact lens materials that offer superior comfort and extended wear capabilities are further widening the application scope of these lenses. However, lack of awareness about available treatment options and high cost of specialized lenses in some regions may restrain the market growth to some extent.
Market Dynamics:
The global therapeutic contact lenses market is primarily driven by the growing geriatric population which is more susceptible to ocular diseases requiring treatment. According to the WHO, in October 2024, estimates reveal over 1.3 billion people globally will be aged 65 years or older by 2050. Additionally, rising prevalence of lifestyle diseases such as diabetes propelling conditions like diabetic retinopathy is also fueling the demand. The market is also witnessing increasing adoption of silicone hydrogel lenses owing to their enhanced oxygen permeability compared to conventional lenses, allowing extended wear periods and better patient compliance. However, high cost of specialty lenses particularly for rare conditions and lack of awareness about treatment options in developing economies are major challenges. Moreover, stringent regulatory approvals and infrastructure requirements for contact lenses manufacturing pose difficulties for new entrants. Nevertheless, ongoing R&D to expand applications and develop affordable lenses presents new opportunities in the coming years.
Key Features of the Study:
- This report provides in-depth analysis of the global therapeutic contact lenses market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global therapeutic contact lenses market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include 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., and X-Cel Specialty Contacts
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global therapeutic contact lenses market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global therapeutic contact lenses market
Market Segmentation
Market Segmentation
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