Next Generation Contact Lenses and Visual Prosthesis: Rising Popularity to Drive a Multibillion Dollar Market
For more than five decades, contact lenses have primarily been used to correct vision-related disorders. The existence of several unmet needs in the field of ophthalmology, recent technological advances and the availability of new biomaterials, have substantially expanded the range of potential application areas for contact lenses. It is also worth highlighting that Visual Prosthetics, such as bionic eyes, represent the next generation of solutions for vision restoration.
I have highlighted below some of the most interesting insights from our study. You can also access additional details here.
The recent technological advances and rising economic burden due to blindness have widened the opportunity for companies developing next generation contact lenses and visual prostheses
Over 55 novel ophthalmic products are currently available / being developed for various therapeutic, diagnostic & monitoring and drug delivery applications; their growing popularity is evident across social media as well
The current market landscape features both industry and non-industry players across the world, having proprietary products in different stages of development
The introduction of bionic eyes has revolutionized the treatment landscape; with three products already in the market, several players are engaged in the development of such solutions
Case Study: In order to increase the adoption of marketed products, companies have developed and implemented a diverse range of promotional strategies
Partnership activity across the globe is indicative of the increasing interest of stakeholders in developing novel products for use in treating ophthalmic disorders
In fact, close to 7,500 patents covering innovative contact lens technologies have been granted / filed in the given time period, significantly strengthening the intellectual capital in this domain
A number of prominent scientists from renowned universities, owing to their involvement in clinical development efforts, have emerged as key opinion leaders
The market is poised to grow at a steady pace as stakeholders tap the multi-billion potential in the coming decade; the opportunity is likely to be well distributed across various products, target indications and regions
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