The global therapeutic contact lenses market is going to register a CAGR of 7.13% from 2021 to 2030 – thanks to a rising number of research and development activities in the industry.
Advances such as the introduction of dynamic soft therapeutic contact lenses combined with advanced technology are predicted to boost the growth of therapeutic contact lenses. Favorable government support and reimbursements, along with technological advancements in therapeutic contact lenses are the major factors anticipated to augment the market growth. Several hospitals and medical practices were affected during the COVID-19 pandemic owing to several changes in protocols.
Per market research studies, the soft lens segment held the largest share accounting for around 65% market share in 2021 owing to the high effectiveness and adoption rates of the soft lens throughout the globe. For several ocular conditions, therapeutic contact lenses can help limit the acute pain that patients experience. A patient’s quality of life can be considerably improved through the use of a therapeutic contact lens.
The silicon hydrogel segment held a considerable market share in 2021. Silicon hydrogel is more compatible with the physiology of cornea than its predecessors, hence there is a reduced risk of hypoxia-related complications. Several silicon hydrogel lens are available for day and night wear. Recently developed soft lenses have low water content and are more resistant to dehydration, thereby increasing their preference among individuals.
The rigid lens segment held a substantial market share in 2020. Rigid lenses are often used for therapeutic and optical indications. Corneal abnormalities leading to a high amount of irregular astigmatism will benefit visually only with the rigid lens. Increasing adoption of the rigid lens and rising prevalence of ocular disorders owing to its competitive advantage over the soft lens is anticipated to secure the market position. Also, increasing R&D investments for rigid lenses across the globe is predicted to augment the market progression.
North America dominated the therapeutic contact lens in 2021. Recent progressions in therapeutic contact lenses and the launch of dynamic soft contact lenses combined with flexibility and choices are some of the factors responsible for the largest share held by North America. The increasing number of outdoor activities and the presence of advanced healthcare infrastructure across the U.S. and Canada is predicted to accelerate the therapeutic contact lens market growth. In addition, the local presence of major market players in the U.S., such as CooperVision, Alcon, Bausch & Lomb Incorporated, and others is expected to augment the regional growth.
The European region accounted for the second-highest revenue and is expected to grow with a CAGR of around 6.93% during the forecast period. The increasing prevalence of ocular diseases is estimated to surge the adoption of therapeutic contact lens among healthcare professionals. The region is expected to grow at a lucrative rate during the forecast period due to the presence of skilled professionals and a well-established healthcare infrastructure.
Asia Pacific is predicted to expand at a significant CAGR over the forecast period. An increase in purchasing power of consumers is anticipated to foster the growth of the therapeutic contact lens market. Rising elderly population base and increasing adoption of therapeutic contact lenses. within India and China is anticipated to fuel the market. Furthermore, increasing healthcare expenditure and R&D activities is expected to boost the demand for therapeutic contact lens over the forecast period.