Johnson & Johnson Secures FDA Approval for Drug-Eluting Contact Lens
Johnson & Johnson has made a significant breakthrough in the world of contact lenses. The company recently obtained FDA approval for a drug-eluting contact lens, providing relief for contact lens wearers suffering from allergic eye itch. This innovative product is set to revolutionize the market and improve the quality of life for many individuals.
Following this exciting development, medtech analysts at Needham & Co. have released a report examining the contact lens market and the intraocular lens market. The analysts note that both markets are poised for growth and present attractive opportunities for investors.
According to the report, a mix shift towards premium lenses is expected to drive growth in the approximately $9 billion contact lens market. The analysts highlight the increasing preference for daily contact lenses over monthly and two-week replacement lenses. While daily lenses are priced significantly higher, consumers are willing to pay for the convenience and comfort they offer. Additionally, there is a shift from hydrogel to silicone hydrogel lenses, which come at a premium price.
The report also emphasizes the potential for market growth through improved conversion rates from trialing to permanent wearer and higher retention rates among older contact lens wearers. Advancements in multifocal contact lenses are expected to contribute to this stability in the wearer base.
In another exciting development, Staar Surgical received FDA approval for its highly anticipated EVO/EVO+ Visian Implantable Collamer Lens. This lens is designed to correct myopia (nearsightedness) and myopia with astigmatism. Unlike traditional refractive error correction procedures that rely on laser technology, Staar’s implantable collamer lens can be implanted in individuals with more severe refractive errors.
Moving on to the intraocular lens (IOL) market, the Needham analysts anticipate growth driven by the adoption of premium lenses in cataract surgeries. While monofocal IOLs currently dominate the market, toric and advanced technology IOLs have shown significant improvement in recent years. These premium lenses offer enhanced visual outcomes but come at a higher price.
The analysts also highlight Google Trends data, which indicates that cataract procedure volumes are trending better than orthopedic and cardiovascular procedures. This suggests a positive outlook for the intraocular lens market.
The report estimates the current value of the intraocular lens market at approximately $3 billion. It also mentions RxSight’s differentiated intraocular lens system, which allows for post-procedure adjustments to provide tailored visual correction. This unique feature sets RxSight apart from other IOLs and makes it suitable for up to 20% of patients.
Alcon, another key player in the market, has achieved a significant milestone with its AcrySof IQ PanOptix Trifocal Intraocular Lens. This multifocal IOL has surpassed one million implants worldwide, offering improved near and intermediate vision compared to monofocal lenses. Alcon has also launched the Clareon family of IOLs in the United States, which utilizes advanced lens material for exceptional clarity and visual outcomes.
Overall, the report from Needham & Co. highlights the promising future of both the contact lens and intraocular lens markets. With advancements in technology and a shift towards premium products, these markets are expected to experience sustained growth in the coming years.