Therapeutic Contact Lenses Market Witness High Growth Owing To Increasing Prevalence of Myopia

  • Ronak Shah
  • U.S.A
  • January 14, 2025

The therapeutic contact lenses market is estimated to be valued at US$ 4.91 Bn in 2024 and is expected to exhibit a CAGR of 7% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights’The therapeutic contact lenses market is driven by increasing prevalence of myopia globally. Myopia, commonly known as near-sightedness, is a condition where the eyes have become elongated, causing distant objects to appear blurred.

According to a recent study published in Ophthalmology, the prevalence of myopia in the world has increased from 30% to 50% from 2000 to 2050. Other key driver is increasing cases of presbyopia. Presbyopia is a common age-related vision condition where the eyes lose the ability to focus on nearby objects.

Key Market Trends: Increased adoption of silicone hydrogel contact lenses is a major trend witnessed in the market. Silicone hydrogel contact lenses are made by combining silicone and hydrogel materials, which allows more oxygen to pass through the contact lenses compared to conventional hydrogel lenses. This keeps the eyes adequately supplied with oxygen and improves comfort level. Moreover, rising demand for daily disposable lenses is also observed. Single-use daily disposable lenses minimize risks of infection and are more convenient as they do not require cleaning, disinfection or storage.

Therapeutic Contact Lenses Market Opportunities: By Type Insights-The therapeutic soft contact lenses segment accounted for highest revenue share in 2021. Therapeutic soft contact lenses are highly preferred over rigid gas permeable lenses as they are comfortable and easier to handle. Rapid adoption of these lenses for treating myopia, hyperopia and keratoconus is driving growth of this segment.

By Service Type Insights-The refractive error correction segment accounted for over 50% of global revenue in 2021. Rising cases of myopia and hyperopia globally is driving demand for refractive error correction. Correction of refractive errors through contact lenses have advantages over prescription glasses as they are more comfortable and do not fog or slip. This is supporting adoption.

Key Market Takeaways: The therapeutic contact lenses market is anticipated to witness a CAGR of 7% during the forecast period 2024-2031, owing to rising prevalence of vision related disorders globally.

On the basis of type, the therapeutic soft contact lenses segment is expected to hold a dominant position, owing to high comfort and ease of use compared to rigid gas permeable lenses.

On the basis of service type, the refractive error correction segment is expected to dominate the market over the forecast period, due to the high incidence of refractive errors such as myopia and hyperopia globally.

Regionally, North America is expected to hold a dominant position over the forecast period, due to rising healthcare expenditure and high awareness about vision care in the region.

Competitor Insights: Key players operating in the therapeutic contact lenses market include Hoya Corporation., Alcon, Bausch & Lomb, Abbott Medical Optics, Johnson & Johnson, and CooperVision. These players are focusing on new product launches and partnerships to consolidate their position in the market.

Recent Developments: In June 2023, CooperVision received FDA approval for its MyDay Toric contact lenses designed for patients with astigmatism. The single-use daily disposable toric contact lenses offer vision correction for both nearsightedness and astigmatism in a convenient daily disposable lens. Featuring CooperVision’s biomimetric material, MyDay Toric lenses demonstrate excellent comfort and all-day vision accuracy. The lenses are expected to be widely available at eye care practices across the U.S. by late summer 2023. More information in full report.

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