Future Market Insights’ recent report on the therapeutic contact lens (TCL) market is projecting significant growth in the next 10 years, jumping from $12.6 million in 2023 to over $26.6 million by 2033.
On top of that, the market is expected to see a compound annual growth rate (CAGR) of 7.8%—a major uptick from the 4.1% CAGR seen from 2018 to 2022.
What classifies as a therapeutic contact lens?
TCLs—accounting for 25% to 35% of the total global contact lens market—are typically used to manage corneal and ocular surface diseases (OSDs) by providing pain relief, promoting corneal healing, corneal wound sealing and protection, as well as ophthalmic drug delivery.
These lenses are mainly reserved for therapeutic purposes while retaining a soft material design—which, in most cases, does not contain spherical or astigmatic visual correction.
One notable exception currently in development is Innovega’s Optik technology, featuring soft contact lenses with an adjustable dynamic display. They can project information (i.e. map details, email alerts, lifestyle updates, etc) anywhere in the vision field potentially making activities involving the use of both hands safer and more convenient for the wearer.
What are some major causes for growth?
The report cites an increase in global ophthalmic treatment procedures with highlights such as TCLs’ potential ability to speed up post-surgery healing, the growing recognition of the myopia epidemic, along with product diversification and expansion.
Further, U.S. government healthcare agencies are also actively promoting vision care access to the public, such as with the Vision Health Initiative launched by the Centers for Disease Control and Prevention (CDC).
Corporations like Johnson & Johnson Vision have developed global campaigns (Vision for Good and #ConnectedBySight) as well as public health organizations’ focused efforts to boost vision care awareness among the public.
What’s the top in-demand material?
Demand for Methafilcon is expected to grow at a CAGR of 6.2% by 2033—higher than any other material type..
Who are the major market players?
The top companies making up 30% to 40% of the value share include many household names such as:
- Johnson & Johnson Vision Care Inc
- The Cooper Companies Inc.
- Alcon Inc.
- Bausch & Lomb Incorporated
And where are the dominant markets?
In North America, the United States holds a significant market share (88.8%) while the United Kingdom holds a key position in the European market, with 18.8% market share.
On the manufacturing side, China leads as a key producer of TCLs, followed by Japan, the United Kingdom, Germany, and Italy.
Takeaway.
Supply and demand for TCLs will potentially dictate the expected growth in this burgeoning space. Based on increasing prevalence of ocular diseases coupled with public awareness expectations for appropriate care, these factors alone could elicit the proper conditions for technological advances and projected revenue.