The global contact lenses market is projected to grow at a CAGR of 5.97% from 2022 to 2027, to reach USD 13.1 billion by 2027 from USD 9.19 billion in 2021. Contact lenses are commonly used to treat refractive errors such as myopia, hyperopia, astigmatism, and presbyopia. They are also often worn for additional reasons, such as aesthetic or cosmetic enhancement, to improve peripheral vision, or to achieve spectacle independence. The global contact lens market is segmented based on material, application, design, usage, and distribution channel.
Contact lenses are used to cure correct vision problems caused by refractive errors or defaults. Nearly 125 million people worldwide wear contact lenses to cure regular or common vision problems. There are designs for contact lenses, such as spherical, Toric, and multifocal contact lenses. It's used to cure defaults errors when customers' eye shape prevents light from focusing directly on the cornea.
Increasing awareness about the advantages of smart contact lenses over traditional eyeglasses and a sudden surge in the penetration among working professionals and youth contribute to the increased demand for contact lenses. The growing adoption of contact lenses for restoring multiple vision dysfunctions, such as myopia, hyperopia, astigmatism, and presbyopia, will promote global contact lenses. The growing focus on the aesthetic look and the popularity of colored lenses in the fashion industry will boost the demand in the upcoming years.
However, the industry is witnessing significant resistance from alternative treatment options such as LASIK and eyeglasses for various refractive error eye disorders.
The following factors are likely to contribute to the global contact lenses market growth:
- Introduction of Hi-Tech Contact Lenses
- Increasing Usage of Silicone Hydrogel Contact Lenses
- Paradigm Shift Towards Premium Priced and Cosmetic Lenses
- Technological Advancements in the Contact Lenses
- Increasing Product Launches
- Growing Target Population
- Technological advances in the manufacturing process are expected to drive the smart contact lenses market growth. For instance, CooperVision has partnered with the plastic bank to develop a “plastic neutral” product. CooperVision, one of the key players, has taken the step to produce recycled material-based contact lenses.
- Significant improvements in manufacturing technologies have notably decreased the manufacturing cost, which has paved the way for launching low-cost daily disposable contact lenses.
- The key factors driving growth are the growing target population due to myopia, the growing elderly population, and the increasing preference for contact lenses over prescription spectacles.
- Therapeutic contact lenses are gaining prominence as myopia is increasing incidence and progression in children.
MARKET TRENDS AND DEVELOPMENTS
- The emerging fashion trends, pollution, varied usage intensity, and attractive price points drive the industry growth.
- In 2020, Alcon boosted its portfolio in Canada by introducing its new innovative PRECISION1 daily disposable silicone hydrogel contact lenses.
- In April 2019, Johnson & Johnson Vision Care business segment launched Acuvue Oasys with transitions. Its unique feature is that it contains transitions light intelligent technology. It is designed to respond quickly and seamlessly to changing light conditions while reducing exposure to bright light inside and out.
- Bausch & Lomb launched an ultra-multifocal toric contact lens for presbyopic patients. Initially, astigmatism patients had to wear custom-ordered contact lenses or compromise their vision results. This first multifocal toric contact lens is a standard vision care offering.
MARKET SHARE AND SEGMENTS
- The silicone hydrogel segment accounted for 66% of material type's global contact lenses market share. The growing demand for the silicone hydrogel segment is due to the product's increased oxygen permeability, ease of use, and softness in nature.
- The cosmetic contact lenses market is expected to witness the fastest growth during the forecast period. An increase in disposable income and the high demand for colored and special-effect cosmetic lenses are the primary factors expected to boost the industry growth during the forecast period.
- The spherical design segment will generate the highest revenue during the forecast period, followed by the toric lenses. The increased prevalence of vision corrective disorders such as myopia and hyperopia and the increased preference for contact lenses for vision correction are driving the spherical contact lenses market.
- Due to the ease of use and reduced infection possibility, daily disposable contact lenses are gaining preference in developing countries. The daily disposable segment is expected to constitute more than 60% of the share compared to the frequent replaceable segment.
- The retail stores dominated the industry by capturing the highest share. However, the online segment is expected to witness the fastest growth during the forecast period.
North America, especially the United States, is a dominant region in the global contact lenses market. Further, a large proportion of the patient pool with refractive vision disorders, better access to eye care services, and a strong presence of prominent players contribute to the region's high market share. The region will retain its overall industry dominance and remain a key market.
APAC region to witness the fastest growth during the forecast period. The growing myopic people like teenagers and the aging population and the high rate of the rising rate of brand-conscious buyers will accelerate the growth of the China contact lenses market.
- The companies operating in the contact lenses market are Johnson & Johnson Vision Care, The Cooper Companies, Alcon, and Bausch & Lomb.
- The top four players occupy almost 90% of the global industry.
- Prominent players dominate the market, thereby reducing the scope for new entrants.
- Most leading players are focusing on implementing strategies such as product launches and approvals and marketing and promotional activities to strengthen their distribution networks and enhance their market share and presence.
- Increasing R&D investment and adding a technologically advanced product portfolio can strengthen key players presence in the industry.
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