Therapeutic Lenses Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Therapeutic Lenses Market Analysis

The therapeutic lenses market is expected to register a CAGR of 8.5% during the forecast period.

The number of patients undergoing ophthalmology procedures at the hospital declined during the COVID-19 pandemic, significantly hampering therapeutic lens usage. For instance, according to a research study published by the Indian Journal of Ophthalmology in June 2021, the studied clinics were expected to perform 7,500 cataract procedures. Still, due to the pandemic, they could perform only 2,500 procedures. This data suggests a significant decrease in cataract procedures during the COVID-19 pandemic. Furthermore, as per the research study published by Dovepress in November 2021, on the comparison of the pre-pandemic and pandemic periods data for glaucoma patients in a tertiary centre, it was observed that the total number of outpatient clinical visits, visual field exams, surgical procedures, and medications released decreased by 92.52%, 93.84%, 72.74%, and 19.63%, respectively. Thus, the COVID-19 outbreak affected the market's growth significantly; however, as the pandemic has currently subsided, the market is expected to experience pre-pandemic growth levels during the study's forecast period.

The market is driven by factors such as the increasing burden of eye diseases, the increasing prevalence of diabetes and cataracts, and the rising adoption of advanced premium intraocular lenses (IOLs).

According to the World Health Organization October 2021 update, in low- and middle-income regions, the prevalence of distance vision impairment is estimated to be four times higher as compared to the high-income areas, while, in terms of near vision impairment, rates of unaddressed close vision impairment are estimated to be greater than 80% in western, eastern and central sub-Saharan Africa, while comparative rates in high-income regions of North America, Australasia, Western Europe, and of Asia-Pacific are reported to be lower than 10%. Thus, these regions may emerge as significant growth regions for the therapeutic lens market over the forecast period of the study.

Moreover, the growing burden of cataracts and diabetes is anticipated to drive the demand for therapeutic lenses market. According to the October 2021 statistics by the HelpMeSeeIndia Foundation, cataract contributes to 66.2% of overall blindness in people between 50-90 years of age. In Addition, as per the September 2021 report of the International Diabetes Federation, diabetes affected approximately 537 million persons aged 20 to 79 in 2021. The total number of people with diabetes was expected to reach 643 million by 2030 and 783 million by 2045. Three out of every four adults with diabetes lived in low- and middle-income nations. Therefore, people with diabetes are more likely to develop eye diseases, which is predicted to increase demand for therapeutic lenses and stimulate market expansion.

Thus, all aforementioned factors such as the high burden of eye diseases are expected to boost market growth over the forecast period. However, poor quality and high cost of the lens are expected to restrain the market growth over the forecast period.

Therapeutic Lenses Market Trends

Multifocal Intraocular Lens is Expected to Witness Healthy Growth Over the Forecast Period

Therapeutic Lenses Industry Segmentation

As per the scope of the report, therapeutic lenses are intended to stop the mechanical rubbing of the blinking eyelids on a cornea that has been damaged or infected, allowing the cornea to heal. A wide range of corneal conditions, including bullous keratopathy, corneal erosions, corneal epithelial defects, and postsurgical conditions like post-keratoplasty and post-laser vision correction, can be treated with therapeutic lenses. The therapeutic contact lenses market is segmented by product (intraocular lenses, progressive lenses, others), application (myopia, presbyopia, corneal surgery/disorders, post-ocular surgery, drug delivery, others), end user (hospitals, ambulatory centers, other end users), and geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America).. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.