NEWARK, Del, Jan. 27, 2023 (GLOBE NEWSWIRE) — A recent report by Future Market Insights predicts that the therapeutic contact lenses market is slated to experience explosive growth, rising from ~USD 12, 595. 3 Million in 2023 to a whopping ~USD 26, 692. 9 million over the next decade with an impressive CAGR of 7. 8%. This sector represents roughly 25-35% of its parent industry – global contact lens markets
Improved medical technology is significantly improving the likelihood of patients with illnesses like macular degeneration and glaucoma having their eyesight saved or improved. Even previously thought to be permanent forms of blindness are showing signs of improvement, offering hope to those who had only known darkness. In the particular realm associated with optics and optometry, there has been a significant growth in R& D effort.
The introduction of dynamic soft contact lenses along with superior technology has increased the need for restorative disposable lenses. For instance, Innovega is creating a soft lens with an adjustable display that can be worn anywhere in the field of vision. Instances requiring the use of both hands, including driving, surgery, plus military operations, may be made safer, according to the particular business, thanks to the iOptik technologies. However , it will be some time before the technologies is consumer-ready.
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The Centers for Disease Control and Prevention estimate that about 12 million Americans aged 40 and up have some form of vision impairment, including three million people with vision impairment following correction, one mil blind people, and eight million individuals with eyesight impairment brought on by refractive error that has not already been corrected.
As a result, rapid technological advancements have played a significant role in impacting lifestyles. The trend is continuous in the healthcare category as well. The healing contact lenses market will be dominated simply by Methafilcon within terms associated with material type is expected to boost the market at higher CAGR (9. 1%) as compared to other material of product during the forecast. In light of this, smart lenses are gaining prominence in the marketplace. For instance, Mojo lens is usually considered the particular first smart lens that will has the built-in visual display designed to magnify images for people with low vision. This patented lens is also capable associated with projecting content from smartphones.
While some market participants are concentrating on producing lenses in order to combat digital eye strain, given the pandemic, the particular populace is definitely always engrossed in electronic gadgets. For example, Cooper Vision, Inc. offers released a novel contact lens that aids in the reduction of eye strain caused by the usage of digital devices. Multiple aspheric curves are used in the Bioinfinity Energy’s. This particular allows people’s eyes to adapt more easily as they shift their own sight between digital and non-digital activities. The lens material can be also meant to assist eyes maintain moisture, which is certainly an extra bonus. This is especially useful when using a computer or the screen because people blink less frequently.
Further, the therapeutic get in touch with lenses market is estimated to expand at a CAGR of over ~7. 8% throughout the forecast period associated with 2023-2033, plus it is estimated in order to be valued at US$ ~26, 692. 9 million by the particular end of 2033.
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Key Takeaways from the Therapeutic Contact Lenses Market Study
- Growing consumer awareness associated with products, increasing product consumption as a consequence of technical advancements within eye care products, and fast urbanisation all contribute to the need for therapeutic contact lens products which has resulted to a good increasing demand for restorative contacts among manufacturers.
- Companies have established improved focus on innovation and technological advancements. Alongside, companies possess adopted online retailing in order to extend the distribution network effectively.
- In 2023, the United States has the notable value share of 88. 8% in North America, owing to its distinct work culture and significant use associated with smart devices such as desktops, mobile phones, tablets, and laptops.
- UK will be a key market in Europe reflecting a notable value share of 18. 8% due to higher spending on premium healing contact lenses in the country.
- The particular growing need for vision care products are anticipated to grow at a rapid pace during the particular forecast tenure. Also, the demand with regard to premium category products is usually high are usually will steadily remain high in the future.
- In terms of customer orientation, the particular unisex category is predicted to hold a considerable discuss of 61. 5% within 2023. When compared to gender-specific offers, the penetration of unisex contact lenses is relatively significant.
“Healthcare delivery plus treatment have got been altered by on the internet health solutions. As a result of this shift, many players within the therapeutic lens market are using electronic platforms in order to engage with their patients and vision treatment professionals and provide them along with vision care solutions. Within the coming years, such efforts are projected to have a positive impact on the expansion of restorative contact lens, ” Says an FMI analyst.
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Impact associated with COVID-19 on the Marketplace
The novel coronavirus pandemic provides impacted business operations across a wide range of industries, resulting in a slowdown in the economy. With regard to market gamers, the drop in aggregate discretionary spending is a temporary barrier. Manufacturers in the industry are focusing on growing their particular product offerings and improving their product ranges, as well as increasing internet penetration, which allows them to access the bigger consumer base in a reduced cost.
Who is winning?
Leading manufacturers of therapeutic contact lenses are focused on aggressive promotional strategies, advertisements, plus new product launches that have driven sales development of healing for the purpose of globally.
Major players present in the therapeutic contact lenses market are AccuLens Company Inc., The Cooper Companies Incorporation., Bausch & Lomb Incorporated, Alcon Inc., Dynasil Corporation of America, Johnson and Johnson Eyesight Care Incorporation., Medennium Inc., SynergEyes Incorporation., X-Cel Specialty Contacts, Carl Zeiss AG, Abbot Medical Optics, Inc., CIBA Vision, Essilor International, Hydrogel Eyesight Corp, Novartis International AG, Contamac, Haohai Biological Technology, Hoya Company, Polylite Sofclear, Scrivens House, and Seed Co. Ltd, STAAR Surgical Company among others.
By Material Type:
By Consumer Orientation:
By Price Range:
- Below US$ 10
- US$ ten to US$ 30
- US$ 30 in order to US$ 50
- US$ fifty and Above
Simply by Sales Channel:
- Specialty Stores (Optical Stores)
- Multi-Brand Shops
- Online Retailing
- Other Sales Route
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Table associated with Content
1 . Executive Summary | Restorative Contact Lens Market
one 1. Global Market Outlook
one. 2 . Overview of Crucial Statistics
1. 3. Summary of Essential Findings
one. 4. FMI Analysis plus Recommendations
second . Marketplace Overview
2 . 1. Market Taxonomy
second . 2. Market Definition
3. Key Market Trends
3. one. Key Trends/Opportunities Impacting the particular Market
a few. 1. 1 ) Rise in Prescription of Disposable lenses
three or more. 1 . two. Growing Prevalence of Myopia Among Children and Elderly Demographic Worldwide
3. 1. 3. Preference for Branded and Affordable Lenses
several. one 4. Rapidly Growing Aging Population Globally
3. one. 5. Demand for Photochromic Contacts Regarding UV Protection
3. 1. 6. Consumers are Willing To Spend More on Vision Care
3 or more. 1 ) seven. Demand regarding photochromic get in touch with lenses intended for UV protection
3. 1 . 8. Coverage of ophthalmic related problems by Govt. and private insurance companies
3. one. 9. Rise In Trend of Smart Contact Lenses
3. 1. 10. Changing Retail Landscape
3. one. 11. Growing Trend associated with Online Purchase Has Significant Impact On Eyesight Care Products
3. one twelve. Globalization Impacting Lifestyles
a few. 2 . Product Innovation Trends
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Disposable Contact Lenses Market Share : The Disposable Contact Lens Market is definitely likely to hold the worldwide market in a moderate CAGR of ~9. 2% throughout the forecast period. The global market holds a forecasted revenue of ~US$ 6. 88 Mil in 2022 and is likely to cross ~US$ 16. 5 Million by the end of 2032.
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