Next Generation Contact Lenses & Visual Prostheses

Next Generation Contact Lenses & Visual Prostheses Market by Product (Diagnostic or monitoring contact lenses, Drug-eluting contact lenses, Therapeutic contact lenses), Disease (Age-Related Macular Degeneration, Diabetes, Glaucoma) - Global Forecast 2024-2030

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[186 Pages Report] The Next Generation Contact Lenses & Visual Prostheses Market size was estimated at USD 214.71 million in 2023 and expected to reach USD 254.45 million in 2024, at a CAGR 18.76% to reach USD 715.57 million by 2030.

Next Generation Contact Lenses & Visual Prostheses Market
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Next generation contact lenses encompass a variety of advanced features and materials that enhance functionality beyond conventional vision correction. These include contact lenses designed with smart technology that may enable interactive visual overlays, health monitoring sensors, drug delivery systems, and improved comfort and vision through advanced materials or designs. Visual prostheses are medical devices designed to restore functional vision for individuals suffering from vision loss or impairment caused by conditions such as retinitis pigmentosa or age-related macular degeneration. These devices often work by bypassing damaged photoreceptors and directly stimulating the remaining functional parts of the visual system, including the retina, optic nerve, or visual cortex. Increasing an aging population, the rise in eye-related diseases, and the growing demand for non-invasive medical devices contribute to market expansion. However, high costs of development and production coupled with stringent regulatory requirements for medical device approval may impede market growth. Nevertheless, the development of smart contact lenses that monitor health indicators and the integration of AI algorithms to improve the functionality of visual prostheses with customization and 3D printing technologies to produce devices tailored to individual patients’ needs is expected to create potential opportunities for the next generation contact lenses and visual prostheses market expansion.

Regional Insights

The Americas region's high consumer awareness, strong economy, and insurance coverage for medical devices contribute to increased market demand. Interest in smart contact lenses with advanced features such as glucose monitoring and augmented reality has spurred several startups and R&D initiatives. Furthermore, there is an inclination towards advanced medical devices, with initiatives by both the private sector and academic institutions pushing forward innovative solutions in visual prostheses and enhanced ocular devices in the Americas. EU countries are witnessing a growing demand for advanced contact lenses due to increased activities related to digital screens and an aging populace. Regulatory directives such as the Medical Device Regulation (MDR) shape industry standards. Ongoing projects funded by the EU Framework Programmes for Research and Innovation showcase the commitment to cutting-edge ocular technology. The Middle East is gradually adopting these advanced medical devices, with a strong focus on luxury and quality. The region's healthcare investment is scaling, characterized by government initiatives to improve healthcare infrastructure. The Asia-Pacific region exhibits diverse market dynamics, with the region's large population base driving consumer needs for vision correction and protection, which is compounded by an aging demographic in certain countries. Smart contact lenses that cater to health monitoring and lifestyle needs are gaining popularity, and investments in the region are focused on leveraging manufacturing prowess to reduce costs and improve accessibility.

Market Dynamics

The market dynamics represent an ever-changing landscape of the Next Generation Contact Lenses & Visual Prostheses Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Rise in Ocular Diseases such as Retinitis Pigmentosa, Macular Degeneration, Glaucoma, and Cataract
    • Growing Prevalence of Hybrid Contact Lenses owing to Rising Cases of Astigmation
    • Development of Devices and Tools to Interface with The Nervous System for Prosthetic Purposes
  • Market Restraints
    • Growing Acceptance of Refractive Surgeries
  • Market Opportunities
    • Technological Advances and the Availability of New Biomaterials
    • Potential Application of the Contact Lenses in the Biosensing and Diagnosis of Various Ocular Disorders
  • Market Challenges
    • Complexities Associated with the Prosthesis Implantation
Market Segmentation Analysis
  • Product: Burgeoning adoption of therapeutic contact lenses proving invaluable in post-surgical care and treatment of various corneal conditions

    Diagnostic or monitoring contact lenses are advanced ocular devices designed to measure physiological parameters, such as intraocular pressure, glucose levels, and tear composition, in a non-invasive manner. Drug-eluting contact lenses are engineered to provide a controlled release of medications directly into the eye, offering a novel approach to treating ocular conditions such as infections, allergies, and dry eyes. These lenses are impregnated with therapeutic agents and aim to improve drug contact time, enhance bioavailability, and reduce systemic side effects as compared to traditional eye drops, improving patient compliance and treatment efficacy. Therapeutic contact lenses are designed to treat and manage ocular surface disorders and injuries. They are a protective barrier over the cornea, promote healing, and can deliver drugs. Visual prostheses, or "bionic eyes," aim to restore vision to individuals with severe vision loss or blindness due to retinal diseases. These systems consist of a camera mounted on glasses, a video processing unit, and an implant that electrically stimulates the visual system. A cortical implant is a type of visual prosthesis that bypasses the eye entirely and targets the brain's visual cortex. The device translates visual information into electrical stimulation patterns delivered directly to the brain's visual cortex, intending to restore visual perception to those who have lost sight due to ocular, optic nerve, or pre-cortical visible pathway damage. An optic nerve implant is a visual prosthesis designed to stimulate the optic nerve directly, which gives visual information from the retina to the brain. This is typically considered when the retina has become non-functional; however, the nerve and downstream visual pathway remain intact. Retinal implants replace degenerated retinal cells' functionality and are primarily used to treat retinal diseases, including age-related macular degeneration and retinitis pigmentosa. These implants capture light and convert it into electrical signals, stimulating the remaining retinal cells to send visual information to the brain.

  • Disease: Evolving adoption of next-generation contact lenses and visual prostheses for age-related macular degeneration

    Age-related macular degeneration is the foremost reason for vision loss in individuals aged 50 and above. It is characterized by the deterioration of the retina's central portion, known as the macula, which affects central vision. Advanced forms include dry and wet AMD. New generations of visual prostheses and contact lenses are being researched to amplify the remaining vision, deliver drugs to the retina to slow the progression, or even incorporate miniature cameras that interface with the neural circuitry of the retina to restore vision. Diabetic eye diseases, primarily diabetic retinopathy and diabetic macular edema, are complications of diabetes caused by damage to blood vessels in the retina. The latest advancements in contact lens technology include lenses that can monitor glucose levels through tears, potentially aiding diabetes management. Glaucoma is a cluster of eye conditions that damage the optic nerve, often linked to heightened intraocular pressure. Untreated glaucoma can lead to irreversible blindness. Contact lenses with embedded sensors are being developed to continuously monitor intraocular pressure levels, providing a non-invasive method to manage and deter glaucoma progression. Visual prostheses for glaucoma patients could be adopted to stimulate the visual pathway beyond the damaged optic nerve. Retinitis pigmentosa is a genetic disorder affecting the retina, causing gradual vision loss and night blindness. In the realm of prosthetics, significant progress has been made in creating bionic eye implants that substitute the function of degenerated photoreceptors in the retina. For contact lenses, research focuses on lenses that include microelectronics to enhance the available vision or to deliver light therapy to slow the progression of RP.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Next Generation Contact Lenses & Visual Prostheses Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Next Generation Contact Lenses & Visual Prostheses Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Next Generation Contact Lenses & Visual Prostheses Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Next Generation Contact Lenses & Visual Prostheses Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Next Generation Contact Lenses & Visual Prostheses Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Next Generation Contact Lenses & Visual Prostheses Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Next Generation Contact Lenses & Visual Prostheses Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Next Generation Contact Lenses & Visual Prostheses Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Next Generation Contact Lenses & Visual Prostheses Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Next Generation Contact Lenses & Visual Prostheses Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Next Generation Contact Lenses & Visual Prostheses Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Next Generation Contact Lenses & Visual Prostheses Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • New High-Tech Startup Developing Smart Contact Lenses for Glaucoma Diagnosis and Management

    BVS Sight Inc., a startup poised to revolutionize early glaucoma detection, emerged from a strategic alliance between Boomerang Ventures Studio and the Purdue Research Foundation. This venture leverages smart contact lens technology to enable non-intrusive, 24-hour monitoring of intraocular pressure (IOP), a critical factor in managing glaucoma, which is a condition affecting over 80 million individuals globally. [Published On: 2023-01-09]

  • MAHE Researchers Develop Self-Moisturising Contact Lens

    Manipal Academy of Higher Education unveiled a landmark study on 3D-printed self-moisturizing contact lenses, according to a research paper. This innovation addresses the common issue of dry eyes associated with contact lens use by maintaining hydration, thus reducing the risk of irritation, inflammation, or corneal damage. The study utilized AutoCAD software and stereolithography for the meticulous design and production of these novel lenses. Notably, this development enhances the comfort and functionality of contact lenses and sets the stage for integrating lab-on-a-chip technologies. [Published On: 2022-05-20]

  • Johnson & Johnson Vision Care Receives FDA Approval for ACUVUE Theravision with Ketotifen – Drug-Eluting Contact Lens

    Johnson & Johnson Vision Care, Inc. received FDA approval for ACUVUE Theravision with Ketotifen, initiating a revolutionary class of contact lenses aimed at combating allergic eye irritation. These innovative daily disposable lenses, which contain 19 mcg of the established antihistamine ketotifen, are designed to alleviate ocular itch from allergies while providing vision correction for individuals without significant astigmatism. The approval speaks to Johnson & Johnson Vision's dedication to advancing eye health technology, providing a seamless option for the estimated 40% of U.S. contact lens wearers affected by ocular allergies and addressing the inconvenience of traditional allergy eye drops. [Published On: 2022-03-02]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Next Generation Contact Lenses & Visual Prostheses Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Next Generation Contact Lenses & Visual Prostheses Market, highlighting leading vendors and their innovative profiles. These include ABB Optical Group, Alcon Vision LLC, Bausch & Lomb Incorporated, Bionic Vision Technologies, Chromagen Europe B.V., CooperVision, Inc., HOYA Corporation, INTEROJO CO. LTD., Johnson & Johnson Vision Care, Inc., Luneau Technology Operations SAS, Menicon Co., Ltd., Miami Contact Lens, Mojo Vision Inc., Nidek Co., Ltd., Novartis AG, Orion Vision Group, PERVICE CO., LTD., Pixium Vision SA, Sensimed SA, Spectrum International, STAAR Surgical Company, SwissLens S.A., SynergEyes, Inc., XPANCEO RESEARCH ON NATURAL SCIENCE L.L.C., and ZEISS Group.

Next Generation Contact Lenses & Visual Prostheses Market - Global Forecast 2024-2030
To learn more about this report, request a free PDF copy
Market Segmentation & Coverage

This research report categorizes the Next Generation Contact Lenses & Visual Prostheses Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Product
    • Diagnostic or monitoring contact lenses
    • Drug-eluting contact lenses
    • Therapeutic contact lenses
    • Visual prostheses
      • Cortical Implant
      • Optic Nerve Implant
      • Retinal Implant
  • Disease
    • Age-Related Macular Degeneration
    • Diabetes
    • Glaucoma
    • Retinitis pigmentosa

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Next Generation Contact Lenses & Visual Prostheses Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Next Generation Contact Lenses & Visual Prostheses Market, by Product
  7. Next Generation Contact Lenses & Visual Prostheses Market, by Disease
  8. Americas Next Generation Contact Lenses & Visual Prostheses Market
  9. Asia-Pacific Next Generation Contact Lenses & Visual Prostheses Market
  10. Europe, Middle East & Africa Next Generation Contact Lenses & Visual Prostheses Market
  11. Competitive Landscape
  12. Competitive Portfolio
  13. List of Figures [Total: 20]
  14. List of Tables [Total: 290]
  15. List of Companies Mentioned [Total: 25]
Frequently Asked Questions
  1. How big is the Next Generation Contact Lenses & Visual Prostheses Market?
    Ans. The Global Next Generation Contact Lenses & Visual Prostheses Market size was estimated at USD 214.71 million in 2023 and expected to reach USD 254.45 million in 2024.
  2. What is the Next Generation Contact Lenses & Visual Prostheses Market growth?
    Ans. The Global Next Generation Contact Lenses & Visual Prostheses Market to grow USD 715.57 million by 2030, at a CAGR of 18.76%
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    Ans. Most reports are fulfilled immediately. In some cases, it could take up to 2 business days.
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