Market Trends of Therapeutic Lenses Industry
Multifocal Intraocular Lens is Expected to Witness Healthy Growth Over the Forecast Period
A multifocal intraocular lens (IOL) for astigmatism are advanced soft lenses that correct both presbyopia and astigmatism, so one can remain glasses-free after age 40 even if have astigmatism. Multifocal contact lenses can help if a person develops presbyopia along with more than one other refractive error, most often, myopia and astigmatism together.
According to the article published in the Eye and Vision in July 2021, a study was conducted that reported that good visual acuity (VA) at far, intermediate, and close ranges, as well as acceptable contrast sensitivity, this multifocal intraocular lens (IOL) offers a high percentage of spectacle independence. MIOL implantation could provide full-distance visual acuity and is a safe, effective way to treat cataracts. These advantages of the multifocal intraocular lens are therefore anticipated to fuel the segment's growth over the forecast period.
Additionally, the growing prevalence of presbyopia supports the growth of the segment over the forecast period. According to a research study published by the Indian Journal of Ophthalmology in November 2021, there was a high prevalence of presbyopia in the South Indian population of Chennai and the study has observed that the prevalence of presbyopia in different age groups increases with worsening diabetes status and thus, the growing diabetes prevalence may be an additional factor responsible for the increase in the burden of optical disorders which may have a positive impact on the growth of the studied market.
Furthermore, growing product launches by the key market players are anticipated to boost market growth. For Instance, in February 2021, Johnson & Johnson Vision received the Conformité Européene (CE) mark for its latest therapeutic contact lens, Acuvue OasysMultifocal with Pupil Optimized Design for Europe. Additionally, in October 2021, CooperVision reported the launch of MyDaymultifocal, at the American Academy of Optometry (AAO) annual meeting. The new, daily disposable, multifocal, soft intraocular lens, MyDay, has been designed for patients with presbyopia. MyDaylenses is the first to feature a new Binocular Progressive System- a breakthrough approach that simplifies fit and provides optimal visual acuity at all levels.
Thus, the factors mentioned above such as the advantages of multifocal intraocular lenses and the increasing prevalence of various diseases are expected to boost the segment growth.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America holds a significant share of the market for therapeutic lenses and is expected to continue its stronghold over the forecast period. North America has been the hub of all major research and development activities related to lenses for many years due to its advanced healthcare system. Furthermore, the growing acceptance of therapeutic lenses and the growing prevalence of eye diseases is also one of the major factors driving the growth of the market.
The rise in visual inaccuracies is expected to drive regional market growth. For instance, according to an article published by the Journal of Clinical Medicine in April 2023, a high prevalence of myopia is considered a significant public health issue globally and in the United States, and it is estimated to affect 4% of the population or 13 million people. Such a prevalence of myopia is expected to drive the growth of the market.
Moreover, with several developments, such as launches by companies to meet the demand of patients, the North American region is a highly attractive and stable region for the growth of companies in the contact lenses market. In November 2021, the American Academy of Optometry launched the Alcon's Total30, a monthly replacement Water Gradient contact lens. Additionally, in March 2022, Alcon debuted leading innovations (DAILIES TOTAL1 for Astigmatism) that are helping Eye Care Professionals (ECPs) and their patients see brilliantly during the SECO International 2022 Meeting in New Orleans, United States. Thus, all factors above are anticipated to drive market growth over the forecast period.
