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The next generation contact lenses market is estimated to be worth $38 million in 2019 and is expected to grow at CAGR of 52% during the forecast period. 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 estimated that close to 2.4 million eye injuries occur every year in the US. In order to cater to this demand, a myriad of therapeutic contact lenses have been developed specifically for treating / protecting the eye. The efficient delivery of drugs / other therapeutic substances to the eye is also deemed to be an area for improvement. It is presently characterized by low bioavailability and limited exposure time to pharmacological interventions; for instance, in the case of eye drops, 95% of the active therapeutic ingredient is assumed to be lost / wasted post dose administration. A variety of drug-eluting contact lenses have been / are being developed to address the aforementioned challenges. The potential of contact lenses is being explored for diagnosis and disease monitoring purposes as well. Diabetes and glaucoma are key clinical conditions for which contact lenses are being developed to assess and track various disease related parameters. In fact, 10 contact lenses have already been approved for purposes other than vision correction; recent examples include CUSTOMFLEX® ARTIFICIALIRIS (aniridia, 2018) and EYEMATE® (glaucoma, 2017).
On the other hand, according to the National Eye Institute, nearly 1.3 million people are blind, while 2.9 million individuals have poor vision, in the US. It is estimated that the number of cases for blindness and poor vision are likely to reach 2.2 million and 5 million, respectively, by 2030, in the same region. Visual prosthetics, such as bionic eyes, represent the next generation of solutions for vision restoration. Their unique mechanism of action leverages electrical pulses to stimulate optic nerves and bypass damaged segments of region in the eye. Pharmaceutical companies and academic institutions have already invested a significant amount of capital in the development and commercialization of the abovementioned products. The ongoing efforts to innovate in next generation contact lenses market are evident from the fact that more than 7,500 patents have been granted / filed since 2013. In the coming years, the market is anticipated to grow at a significant pace as more novel solutions clear clinical evaluation and get commercialized.
Examples of key technologies that are being developed to expand the functionality of contact lenses (which have also been profiled in this market report; the complete list of contact lens companies and their respective technologies is available in the full report) include EyePrintPRO™, Interscatter Communication Technology, Leo Lens Technology, Nanowafer Technology and the Diamond Eye™ Technology. This market report includes an easily searchable excel database of all the contact lens companies providing next generation contact lenses / technologies, worldwide.
Several recent developments have taken place in next generation contact lenses market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The “Next Generation Contact Lenses Market, 2019-2030” market report features an extensive study of the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the next generation contact lenses market. The market research report lays emphasis on the novel products and technologies that are being developed for the treatment of ocular disorders, which generally cause severe visual impairment or blindness.
Amongst other elements, the market research report includes:
The key objective of next generation contact lenses market report is to provide a detailed market analysis in order to estimate the existing market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for next generation contact lenses market during the forecast period. Based on parameters, such as the target patient population, price of the lenses and the likely adoption rates, we have provided an informed estimate on the likely evolution of the market over the forecast period 2019-2030. The market report also features a detailed segmentation of the present and anticipated future opportunity based on [A] type of product (contact lenses and visual prostheses) [B] purpose of development of contact lenses (therapeutic, drug delivery and diagnosis / monitoring) [C] key disease indications (glaucoma, diabetes, AMD, retinitis pigmentosa and others) and [D] geography (North America, EU5 and Asia-Pacific). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely the conservative, base and optimistic scenarios, which represent different tracks of the industry’s evolution.
The opinions and insights presented in this market research report were also influenced by discussions conducted with several stakeholders in next generation contact lenses market. The market report features detailed transcripts of interviews held with Mark E Byrne (Co-Founder and Chief Technical Officer, OcuMedic), Michal Shavit (Head of Sales and Marketing, EyeYon Medical and Praful Doshi (Founder, Chief Executive Officer and Chief Technical Officer, Leo Lens Technology).
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.