The global contact lenses market is anticipated to grow at a CAGR of 5.1 % during the forecast period (2022-2028). Contact lenses not only remove the need for cumbersome and difficult-to-manage spectacles, and also adds benefit of improving one’s aesthetic attractiveness. Increasing advancements in contact lens manufacturing during the forecast period have resulted in the utilization of a variety of materials to create lenses that serve several purposes.
Some driving factors for the global contact lenses market are:
- The rising prevalence of myopia and rising spending on ophthalmic products, such as contact lenses, as a corrective measure for refractive errors, are likely to propel the contact lens market forward during the forecast period. Myopia is more common in East Asian countries such as China, Japan, South Korea, and Singapore, according to the WHO. Myopia and high myopia are estimated to affect 4,949 million and 925 million individuals globally by 2050, respectively.
- Developing countries across the globe, such as BRIC, Mexico, and South Africa, offer tremendous growth opportunities for contact lens producers due to their large population bases. India and China are home to more than half of the world’s population. The region’s elderly population is predicted to grow from 548 million in 2019 to over 1.3 billion by 2050, resulting in a rise in the prevalence of age-related eye illnesses. Increased knowledge of eye diseases, changing lifestyles, rising per capita spending, and market saturation in industrialized economies are all motivating market participants to develop products and increase their presence in the market during the forecast period.
Some major players in the market include Essilor International, Bausch Health Companies Inc., Carl Zeiss AG, Cooper Companies Inc., and Novartis International AG, among others. The market players are additionally, contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance,
- In January 2021, DAILIES TOTAL for Astigmatism, the first and only Water Gradient contact lens for patients with astigmatism, was launched by Alcon, a global leader in eye care dedicated to helping people see brilliantly.
- In November 2021, Alcon’s Total30, a monthly replacement Water Gradient contact lens, was officially launched at the American Academy of Optometry.
- In August 2020, in the US, Alcon, a global leader in eye care, introduced PRECISION1 daily disposable silicone hydrogel (SiHy) contact lenses, the company’s newest addition to its extensive contact lens line. PRECISION1 is the first and only contact lens featuring Alcon’s SMART SURFACE technology, which is a permanent, micro-thin, high-performance coating of moisture on the lens surface that helps support a steady tear film and provides long-lasting visual performance from morning to night.
- In June 2019, Bausch + Lomb, a leading global eye health company and a wholly-owned subsidiary of Bausch Health Companies Inc., announced the launch of Bausch + Lomb ULTRA Multifocal for Astigmatism contact lenses in the US, the first and only multifocal toric lens available as a standard offering in the fit set of an eye care professional.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product Type
- By Usage
- By Design
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Essilor International, Bausch Health Companies Inc., Carl Zeiss AG, Cooper Companies Inc., Novartis International AG, among others.
A full report is available at: https://orionmarketreports.com/global-contact-lenses-market/112571/
Global Contact Lenses Market Report by Segment
By Product Type
- Soft Contact Lenses
- Hybrid Contact Lenses
- Rigid Gas Permeable Contact Lenses
- Others
By Usage
- Corrective Contact Lenses
- Therapeutic Contact Lenses
- Cosmetic Contact Lenses
- Prosthetic Contact Lenses
By Design
- Spherical
- Toric
- Multifocal
- Others
By Distribution Channel
- Online
- Offline
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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