CHICAGO , Jan. 24, 2023 /PRNewswire/ -- According to Arizton's latest research report, the therapeutic contact lenses market is to grow at a CAGR of 5% during 2021-2027. The increasing use of silicone hydrogel contact lenses, the rise of drug-delivery contact lenses, and the introduction of hi-tech contact lenses are the key drivers in the global therapeutic contact lenses market. The growing focus on the aesthetic look and the popularity of colored contact lenses in the fashion industry will boost the demand for vision care products in the global market. Introduction of daily disposable contact lenses offering multiple advantages to generate new business opportunities for market vendors.

Favorable initiatives of governments around the world to promote advanced vision aids will support therapeutic contact lenses market growth in the upcoming years. For example, the US Department of Health and Human Services and the Centers for Disease Control and Prevention (CDC) is actively working to raise awareness of behaviors and risk factors that affect vision in contact lens wearers through the Vision Health Initiative. In addition to government and public health organizations, many private organizations worldwide are actively involved in advancing ophthalmology. For example, in 2018, Johnson & Johnson Vision launched a global campaign called SpotlightSight in honor of World Sight Day. Contact Lenses Wholesale

North America is considered an attractive market for contact lenses due to high healthcare spending in the region. The US healthcare expenditure increased by 4.6% to reach $3.6 trillion in 2018, which was relatively faster than 4.2% in 2017. Also, the region has the presence of all major vendors in the global market. Moreover, a few key vendors enter into agreements with distributors and retailers to enhance their product uptake and competitiveness in the market.

Therapeutic Contact Lenses Market Report Scope

Material, Usage, Application, Distribution Channel, and Geography

North America, Europe, APAC, Latin America, and Middle East & Africa

China, Japan, India, South Korea, Australia, the US, Canada, Germany, France, the UK, Italy, Spain, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, South Africa, and the UAE

Alcon, Bausch & Lomb, Johnson & Johnson, The Cooper Companies, ABB Optical Group, AccuLens, Advanced Vision Technologies, Contamac, Excellent Hi-Care, Medennium, Menicon, Metro Optics, Orion Vision Group, POLYTOUCH, Shine Optical, SURGITECH INNOVATION, SynergEyes, UltraVision CLPL, Walman, and Visionary Optics

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During the COVID-19 pandemic, the purchase of contact lenses through the online distribution channel has increased at a healthy rate owing to the closure of retail optical stores and the shift in focus of hospitals to exclusively treat COVID-19 patients across the globe. During the lockdown period, many governments allowed online distribution channels and e-commerce platforms to sell essential products. During the unlock period in many countries, the reopening of offline retail stores was slow, encouraging many contact lens wearers to purchase a wide range of contact lenses through online stores. For instance, the Vision Council's annual VisionWatch internet influence study on eyewear consumers' online buying habits reported that many buyers are increasingly using the internet to purchase contact lenses.

Key Developments in The Global Therapeutic Contact Lenses Market

Alcon brands such as Dailies and Air Optix have enabled the company to achieve a significant therapeutic contact lens market share. In 2016, Alcon launched Air Optix plus HydraGlyde in the US and the EU, an innovative upgrade to monthly SiHy contact lenses featuring the HydraGlyde moisture matrix technology for long-lasting lens surface wettability and another product, DAILIES TOTAL1 Multifocal contact lenses in both the US and the EU.

Johnson & Johnson's growth is primarily driven by its daily disposable lens sales in the ACUVUE OASYS contact lenses category. In 2021, Johnson & Johnson Vision received approval in Canada for ACUVUE Abiliti 1-Day Soft Therapeutic Lenses for Myopia Management.

The Cooper Companies is one of the world's largest manufacturers of contact lenses, and the company manufactures a full array of monthly, two-week, and daily disposable contact lenses. In 2019, the company acquired Blanchard contact lenses.

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Hospitals & Eye Care Clinics

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Progressive Lenses Market -  The global progressive lenses market is expected to reach 38.64 billion by 2027. Europe dominates the global progressive lenses market with a market share of around 30.70%. In the European region, a significant increase in presbyopia patients requiring lens correction or treatment is estimated to grow during the forecast period. The awareness among ophthalmologists in Europe is lower compared to the market like the United States . Increasing awareness regarding new products and advancements will increase the adoption of progressive lenses in the region.

Eye Testing Equipment Market -  The global eye testing equipment market is expected to reach USD 4.1 billion by 2027. North America is the major revenue contributor to the global eye testing equipment market due to the advancements in eye care services, high adoption of advanced products, continuously rising healthcare expenditure, and the presence of market players.

Disposable Contact Lenses Market - The global disposable contact lenses market is expected to reach $11 by 2027. The paradigm shift towards premium-priced and cosmetic contact lenses, rise in e-commerce, new product launches, and increasing target population drive the disposable contact lenses market.

Contact Lenses Market -  The global contact lenses market will reach USD 13.1 billion by 2027. Bausch & Lomb launched an ultra-multifocal toric contact lens for presbyopic patients. Initially, astigmatism patients had to wear custom-ordered contact lenses or compromise their vision results. This first multifocal toric contact lens is a standard vision care offering.

4.3.4 MARKET SEGMENTATION BY DISTRIBUTION CHANNEL

9.1 INCREASE IN SILICONE HYDROGEL CONTACT LENSES APPLICATION

9.2 ADVANCES IN DRUG-DELIVERY CONTACT LENSES TECHNOLOGY

9.3 INTRODUCTION OF HI-TECH CONTACT LENSES

10.1 GROWING PREVALENCE OF OPHTHALMIC DISORDERS & GERIATRIC POPULATION

10.2 ADVANCES IN CONTACT LENSES TECHNOLOGY

10.3 PUBLIC AND PRIVATE INITIATIVES TO INCREASE VISION CARE AWARENESS

11.1 HIGH COST OF THERAPEUTIC CONTACT LENSES

11.2 ADVERSE EVENTS ASSOCIATED WITH CONTACT LENSES

11.3 LOW ACCESSIBILITY, AFFORDABILITY, & FINANCIAL EXCLUSION FOR LARGE PATIENT POOL

13.1 MARKET SNAPSHOT & GROWTH ENGINE

13.3.3 SOFT CONTACT LENSES MARKET BY GEOGRAPHY

13.4.3 RIGID CONTACT LENSES MARKET BY GEOGRAPHY

14.1 MARKET SNAPSHOT & GROWTH ENGINE

14.3.3 DAILY REPLACEMENT MARKET BY GEOGRAPHY

14.4.3 FREQUENT REPLACEMENT MARKET BY GEOGRAPHY

15.1 MARKET SNAPSHOT & GROWTH ENGINE

15.3.3 POST OCULAR SURGERY MARKET BY GEOGRAPHY

15.4.3 CORNEAL SURGERY/DISORDER MARKET BY GEOGRAPHY

15.5.3 DRUG DELIVERY THERAPEUTIC CONTACT LENSES MARKET BY GEOGRAPHY

15.6.3 OTHER THERAPEUTIC CONTACT LENSES MARKET BY GEOGRAPHY

16.1 MARKET SNAPSHOT & GROWTH ENGINE

16.3.3 OMNI CHANNEL THERAPEUTIC CONTACT LENSES MARKET BY GEOGRAPHY

16.4 HOSPITALS & EYE CARE CLINICS

16.4.3 HOSPITALS & EYE CARE CLINICS THERAPEUTIC CONTACT LENSES MARKET BY GEOGRAPHY

17.1 MARKET SNAPSHOT & GROWTH ENGINE

18.2.1 NORTH AMERICA MARKET BY MATERIAL

18.2.2 NORTH AMERICA MARKET BY USAGE

18.2.3 NORTH AMERICA MARKET BY APPLICATION

18.2.4 NORTH AMERICA MARKET BY DISTRIBUTION CHANNEL

18.3.1 US: MARKET SIZE & FORECAST

18.3.2 CANADA : MARKET SIZE & FORECAST

19.2.1 APAC THERAPEUTIC CONTACT LENSES MARKET BY MATERIAL

19.2.2 APAC THERAPEUTIC CONTACT LENSES MARKET BY USAGE

19.2.3 APAC THERAPEUTIC CONTACT LENSES MARKET BY APPLICATION

19.2.4 APAC THERAPEUTIC CONTACT LENSES MARKET BY DISTRIBUTION CHANNEL

19.3.1 JAPAN : MARKET SIZE & FORECAST

19.3.2 CHINA : MARKET SIZE & FORECAST

19.3.3 INDIA : MARKET SIZE & FORECAST

19.3.4 SOUTH KOREA : MARKET SIZE & FORECAST

19.3.5 AUSTRALIA : MARKET SIZE & FORECAST

20.2.1 EUROPE THERAPEUTIC CONTACT LENSES MARKET BY MATERIAL

20.2.2 EUROPE THERAPEUTIC CONTACT LENSES MARKET BY USAGE

20.2.3 EUROPE THERAPEUTIC CONTACT LENSES MARKET BY APPLICATION

20.2.4 EUROPE THERAPEUTIC CONTACT LENSES MARKET BY DISTRIBUTION CHANNEL

20.3.1 GERMANY : MARKET SIZE & FORECAST

20.3.2 FRANCE : MARKET SIZE & FORECAST

20.3.3 UK: MARKET SIZE & FORECAST

20.3.4 SPAIN : MARKET SIZE & FORECAST

20.3.5 ITALY : MARKET SIZE & FORECAST

21.2.1 LATIN AMERICA THERAPEUTIC CONTACT LENSES MARKET BY MATERIAL

21.2.2 LATIN AMERICA THERAPEUTIC CONTACT LENSES MARKET BY USAGE

21.2.3 LATIN AMERICA THERAPEUTIC CONTACT LENSES MARKET BY APPLICATION

21.2.4 LATIN AMERICA THERAPEUTIC CONTACT LENSES MARKET BY DISTRIBUTION CHANNEL

21.3.1 BRAZIL : MARKET SIZE & FORECAST

21.3.2 MEXICO : MARKET SIZE & FORECAST

21.3.3 ARGENTINA : MARKET SIZE & FORECAST

22.2.1 MIDDLE EAST & AFRICA THERAPEUTIC CONTACT LENSES MARKET BY MATERIAL

22.2.2 MIDDLE EAST & AFRICA THERAPEUTIC CONTACT LENSES MARKET BY USAGE

22.2.3 MIDDLE EAST & AFRICA THERAPEUTIC CONTACT LENSES MARKET BY APPLICATION

22.2.4 MIDDLE EAST & AFRICA THERAPEUTIC CONTACT LENSES MARKET BY DISTRIBUTION CHANNEL

22.3.1 TURKEY : MARKET SIZE & FORECAST

22.3.2 SOUTH AFRICA : MARKET SIZE & FORECAST

22.3.3 SAUDI ARABIA : MARKET SIZE & FORECAST

22.3.4 UAE: MARKET SIZE & FORECAST

27.9 NORTH AMERICA : BY DISTRIBUTION CHANNEL

27.21 LATIN AMERICA : BY DISTRIBUTION CHANNEL

27.22 MIDDLE EAST & AFRICA : BY MATERIAL

27.23 MIDDLE EAST & AFRICA : BY USAGE

27.24 MIDDLE EAST & AFRICA : BY APPLICATION

27.25 MIDDLE EAST & AFRICA : BY DISTRIBUTION CHANNEL

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Contact Lens Manufacturers SOURCE Arizton Advisory & Intelligence