Next Generation Contact Lenses and Visual Prostheses Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Next-Generation Contact Lenses and Visual Prostheses Market is segmented By type of product (Contact lens, Visual prostheses), By type of diseases (Glaucoma, Diabetes, AMD, Retinitis pigmentosa and others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Next-Generation Contact Lenses & Visual Prostheses Market Size

The Global Next Generation Contact Lenses And Visual Prostheses Market reached US$ 172.5 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 608.0 million by 2031. The global next generation contact lenses and visual prostheses market is expected to exhibit a CAGR of 17.7% during the forecast period (2024-2031).

The global next-generation contact lenses and visual prostheses market is driven by technological advancements, the growing awareness related to daily eye care diagnostics, The rising prevalence of retinal diseases amongst the geriatric population, technological advances, and the availability of new biomaterials.

Next generation contact lenses and visual prostheses incorporate electronic components, sensors, and microchips to monitor health parameters, measure intraocular pressure, or provide augmented reality (AR) experiences. Some contact lenses are being designed to display digital information directly onto the wearer's field of view, offering real-time data, notifications, or even virtual overlays.

Market Summary

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Market Dynamics

The Rising Prevalence Of Retinal Diseases Amongst The Geriatric Population 

Rising prevalence of retinal diseases amongst the geritric population is one of the major drivers for the next generation contact lenses & visual  prostheses market. The most prevalent retinal diseases are AMD, hypertensive retinopathy, epiretinal membrane, BRVO, and diabetic retinopathy. Retinal diseases are more common in aged population. Hypertension and past cataract surgery are shown to be linked with retinal diseases. Timely screening, blood sugar and blood pressure control, and frequent eye exams can all assist to safeguard eyesight from retinal disorders.

Shortage of Expert Ophthalmologists

Shortage of expert ophthalmologists is one of the restraints hindering the growth of next generation contact lenses and visual prostheses market. For instance, according to the data, residency programs produce around 450 new ophthalmologists each year, whereas an estimated 500 to 550 ophthalmologists retire each year. For the time being, there is no way to increase the number of new doctors in the sector because of occupied residences.

Market Segmentation Analysis

The global next generation contact lenses and visual prostheses market is segmented based on type of product, type of  diseases and end user.

The Contact Lens Segment will be Dominated by Market Players During the Forecast Period. 

Contact lens is expected to be dominating segment with the percentage around 81.3% in the forecast period because traditional medicines need regular administration at high dosages to obtain therapeutic concentrations, contact lenses account for the biggest market share, limiting their acceptability by pediatric and geriatric patients.

Furthermore, greasy eye drops and ointments induce visual blur. Contact lenses offer the ability to overcome the inadequate contact time of topical eye drops and enable longer medication release. As a result, contact lenses provide higher bioavailability, fewer side effects, and a well-suited platform for the long-term therapy of ocular problems.

Source: DataM Intelligence Analysis (2023)

Market Geographical Share

North America is the Dominating Region During the Forecast Period

North America dominates the market for next-generation contact lenses and visual prostheses accounting for 42.1% and this trend is expected to continue during the projected period. Factors such as better healthcare infrastructure, increased contact lens awareness, active regional major players, and simple product availability in the area are driving the market.

Glaucoma is one of the leading causes of blindness in the United States, particularly among the elderly. It is a widespread, asymptomatic category of eye illnesses that induce optic nerve injury, resulting in gradual, permanent vision loss.

Source: DataM Intelligence Analysis (2023)

Market Key Players

The major global players include Johnson & Johnson, NIDEK, Novartis, Second Sight, NJ Retina, Interojo, OcuMedic, Bausch & Lomb, Pixium Vision, Menicon, and others.

COVID-19 Impact on Next-Generation Contact Lenses and Visual Prostheses Market

The COVID-19 pandemic has had a profound influence on the market for next-generation contact lenses and visual prostheses. The economic crisis brought on by COVID-19 has reduced demand for non-essential medical items such as contact lenses and vision prosthesis. Many clinical trials for next-generation contact lenses and visual prosthesis have been postponed or cancelled as a result of the epidemic. 

This has caused delays in the development and approval of new goods. The industry has evolved towards telemedicine and virtual consultations, which may have an impact on how contact lenses and visual prosthesis are prescribed and fitted. Overall, the COVID-19 pandemic has harmed the market for next-generation contact lenses and visual prostheses.

Russia-Ukraine Conflict Analysis

The conflict between Russia and Ukraine has caused a disruption of supply chain where transportation has been affected through which Russia played an important role in global transportation routes, owing to its enormous railway network and control over vital ports. 

Any conflicts or tensions involving Russia might possibly cause interruptions or delays in transit routes, impacting cross-border trade. These disruptions may have an impact on the timely supply of items such as next generation contact lenses and visual prostheses.

Key Developments

• In March 2023, Johnson & Johnson Vision announced that their next-generation laser vision-correction system, the ELITA Femtosecond Laser System, achieved CE Mark clearance. The new laser will enable surgeons to use the SILK method (Smooth Incision Lenticule Keratomileusis), a novel lenticular method, to provide refractive correction on patients with myopia, with or without astigmatism. The ELITA System uses an ultra-precise laser pulse and a rapid laser delivery system to create a smooth corneal surface, making lenticular removal incredibly simple, according to a prepared statement from the business.

• In September 2022, Johnson & Johnson Vision announced the expansion of its Acuvue Ability overnight lens line, as well as the introduction of a new intraocular lens. The FDA has authorized an extended range of Acuvue Ability overnight therapeutic lenses for the treatment of myopia (nearsightedness). The clearance extends the range of allowed lenses to six diopters, up from four diopters previously.

• In January 2023, Lumus, a pioneer in the development of reflective waveguide technology for augmented reality (AR) eyewear, announced the release of its 2nd generation Z-Lens 2D waveguide architecture, which expands on the 2D Maximus to enable the development of smaller, lighter AR eyeglasses with high-resolution image quality, outdoor-compatible brightness, and seamless Rx integration. The new technology will be officially demonstrated for the first time at CES 2023.

Why Purchase the Report?

• To visualize the global next generation contact lenses and visual prostheses market segmentation based on type of product, by type of diseases and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of global next generation contact lenses and visual prostheses market level with all segments.
• Pdf report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global next generation contact lenses and visual prostheses market report would provide approximately 92 tables, 108 figures and 195 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies