Bandage Contact Lenses Market Will Generate New Growth Opportunities By 2025
Rise in prevalence of eye disorders, increase in the number of vision correction surgeries, rapidly aging population across the world, and surging applications of bandage contact lenses in the treatment of eye disorders are the major factors expected to drive the global Bandage Contact Lenses Market during the forecast period. Clinical studies across the world have demonstrated the clinical and therapeutic effects including faster corneal re-epithelialization, reduced patient discomfort, and other advantages of bandage contact lenses in the treatment of various eye disorders including dry eye, filamentous keratopathy, bullous keratopathy, and other diseases.
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According to the American Academy of Ophthalmology (AAO), around 48,229 corneal implants were performed in the U.S. in 2013. Prevalence of cataract and other eye-related disorders such as glaucoma, blindness, and diabetic retinopathy is on the rise, with cataract affecting nearly 24 million people in the U.S. each year. Moreover, an estimated 21 million LASIK surgical procedures were performed in the U.S. alone in 2015. Rise in number of vision correction surgeries including LASIK, increase in number of cataract surgeries being performed globally, and growing applications of bandage contact lenses in the post-surgical healing of cornea are projected to drive the market from 2017 to 2025.
The global bandage lenses market can be segmented based on material, indication, and region. In terms of material, the market can be categorized into lotrafilacon, balafilacon, senofilacon, methafilacon, and other materials. Growing applications of bandage contact lenses and rise in patient preference are inducing manufacturers to use new and more advanced materials in the manufacture of bandage contact lenses. Based on indication, the global bandage lenses market can be divided into corneal ablation, dye eye disease, LASIK surgery, and others. Various clinical trials and studies conducted globally demonstrating the clinical and therapeutic effects of bandage contact lenses in protection and treatment of cornea have led to usage of bandage contact lenses in new indications.
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In terms of region, the global bandage contact lenses market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global market during the forecast period. Rise in incidence of eye diseases, growing applications and adoption of bandage contact lenses among health care providers and patients, increase in health care spending, and adequate reimbursement policies are the major factors attributed to the higher market share of North America during the forecast period. Europe is likely to account for the second largest share of the bandage contact lenses market. However, rapidly increase in incidence of eye diseases in Asia Pacific, especially in China, Singapore, Indonesia, and other countries in Southeast Asia, rise in health care expenditure are factors expected to fuel the growth of the market in Asia Pacific from 2017 to 2025.
Key players in the global bandage contact lenses market include Vistacom, Inc., Alcon (Novartis AG), Bausch + Lomb, Incorporated (Valeant Pharmaceuticals International, Inc.), and Unilens Corporation.
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