Therapeutic Contact Lens Market to Grow with Increasing Eye Surgeries During the Forecast Period
Increasing instances of eye diseases is driving the
growth in Global Therapeutic Contact Lens Market in the forecast period,
2022-2026.
According to TechSci Research report, “Therapeutic
Contact Lens Market - Global Industry Size, Share, Trends, Opportunity and
Forecast, 2016-2026”, the global therapeutic contact lens market has
a potential to project an impressive CAGR toward forces growth in the period,
2022-2026, on the account of increasing instances of eye infection among the
global population. Rapidly increasing geriatric population and their increased
dependency over corrective eye surgeries to remove blurry vision, etc. is
further driving the growth of the global therapeutic contact lens market in the
upcoming five years.
Also, younger generation have higher success rate of corneal transplant
and increasing demand for the post-op patient care is also aiding to the growth
of the global therapeutic contact lens market in the next five years.
Increasing instances of eye diseases like macular degeneration, corneal
rupture, glaucoma, myopia, cataract, etc. is also supporting the growth of the
global therapeutic contact lens market since the demand for the therapeutic
contact lens for post-surgery care of the eye in future five years.
Other driving factors include increasing demand for the safe and
effective vision correction surgeries, along with governmental aids to support
the increasing healthcare and eyecare expenses. Consistent research and
innovative product development to enhance the viability of these medical
product is further anticipated to substantiate the growth of the global
therapeutic contact lens market in the forecast years, until 2026.
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The global therapeutic contact lens market is segmented on the basis of
material type, application, distribution channel, competitional landscape, and
regional distribution. On the basis of application, the market is bifurcated
into pain relief, corneal healing, sealing & protection, drug delivery, and
others. Corneal healing is anticipated to hold the largest revenue shares of
the market and dominate the market segment in the upcoming five years on the
grounds of increasing instances of corneal transplants.
Increasing cases of eye diseases like fungal keratitis, Fuchs’
dystrophy, advanced keratoconus, corneal edema, and cataract surgery
complications require corneal transplant surgeries and thus drives the growth
of the sub-segment along with the growth of the global therapeutic contact lens
market in the next five years.
Based on distribution channel, the market is again sub-segmented into
optical retail stores, online, and hospitals & clinics. Hospitals and
clinics are anticipated to hold the largest revenue shares of the market in the
next five years on the account of increasing eye surgeries conducted in the eye
hospitals and clinics. The bandage contact lens (therapeutic contact lens) is
applied by the optometrist after the surgical procedure to allow corneal
healing.
The application and removal are carried out by the professional only and
the patient is not required to touch it. Moreover, in emergency situation and
to modulate patient count from the hospitals to the eye clinics and specialist
centers, optical retail stores may register significant growth in the upcoming
five years.
Some of the market players, dominating the global market are
·
Johnson & Johnson
·
Alcon, Inc
·
Bausch Health Companies, Inc.
·
EssilorLuxottica S.A.
·
Carl Zeiss Meditec AG
·
SynergEyes Inc.
·
X-Cel Specialty Contacts
·
CooperVision, Inc.
·
Hoya Corporation
·
SEED Co., Ltd.
These market players along
with new market entrants, are focused on extensive research and bringing
innovative and advanced products. Technologically advanced manufacturing of the
pharmaceutical products and therapeutic processes would aid in decreasing the
cost of the production and aid the players in managing their investments.
Moreover, initiatives from the government and private fundings would support
the global therapeutic contact lens market growth indirectly.
Alcon Inc. is a global leader in eye care products, devices, equipment,
etc. and have recently acquired exclusive US commercialization rights in April
2021 to market Simbrinza® (brinzolamide/ brimonidine tartrate ophthalmic
suspension) 1%/0.2% from its previous owner Novartis. The company is combining
the sale of the Simbrinza® with its own over the counter eye drops thus gaining
edge on its eye drop portfolio. The conjugating sales along with the existing
therapeutic contact lens from the brand would strengthen future sales.
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“Asia Pacific region is
anticipated to dominate the market segment and register highest revenue shares
of market growth in the consecutive five years. The future growth can be
attributed to the increase in the population accounting for eye diseases like
myopia. Countries like China, South Korea, Taiwan, Singapore, etc. registers
highest number of patients suffering from the eye diseases and thus supports
market growth. Shift in poor lifestyle, prolonged exposure to LED screen lights,
and other environmental effects along with genetic modifications is aiding the
growth of the global therapeutic contact lens market in the forecast years,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Therapeutic Contact Lens
Market - Global Industry Size, Share, Trends, Opportunity and Forecast,
2016-2026 Segmented By Material Type (Balafilcon,
Lotrafilcon, Methafilcon, Senofilcon, Others), By Application (Pain Relief,
Corneal Healing, Sealing & Protection, Drug Delivery, Others), By
Distribution Channel (Optical Retail Stores, Online, Hospitals & Clinics), By
Region”, has evaluated the
future growth potential of global therapeutic contact lens and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global therapeutic contact lens market.
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