Contact Lenses Market is Projected to Worth $13 Billion by 2023
Arizton’s recent market research report on the contact lenses market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by usage (daily use, weekly use, and bi-weekly/monthly use contact lenses), by design (spherical contact lens, toric contact lens, and multifocal contact lens), by application (corrective lenses, therapeutic contact lenses, and cosmetic and lifestyle-related lenses), by distribution channel (retail store, hospitals & clinics, and online stores), and by geography (North America, Europe, APAC, Latin America, and MEA).
The contact lenses market is projected to generate revenues of more than $13 billion and is expected to grow at a CAGR of over 5% during the forecast period. The growing popularity of contact lenses for medical and lifestyle-related benefits will propel the growth of the global market. The introduction of innovation of novel silicone hydrogel-based polymers will fuel the demand for daily use contact lenses in the global market.
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The top 3 drivers and trends augmenting growth in the contact lenses market are discussed below:
CVS and Prolonged Exposure to Digital Content
The prolonged and continual exposure to consumers or other electronic devices is causing computer vision syndrome (CVS) and driving the demand for contact lenses in the global market. The common symptoms of CVS include headaches, eyestrain, blurred vision, dry eyes, irritated eyes, dizziness, and double vision. The use of digital devices in improper lighting or bright glares aggravates the syndrome and results in vision detects in the long run. The extensive use of electronic equipment such as computers, tablets, smartphones, and gaming systems are the strongest attributes of CVS. Such prolonged exposure leads to dry eyes which are boosting the demand for antiglare vision care products in the global market. The vendors are also focusing on launching advanced vision corrective lenses to meet the growing consumer demand and gain a larger share in the global contact lenses market during the forecast period.
Widening Usage Scope with Advent of New Generation Contacts
The consistent upgrades in contact lens materials, the plethora of advancements in terms of contact lens designs, and manufacturing technologies is encouraging vendors to launch new generation contact lenses in the global market. The introduction of new generation silicone hydrogel (SiHy) based materials are offering improved comfort with high oxygen permeability and boosting the popularity of contact lenses in the global market. The new materials, surface treatments, coatings, and moisture networks provide better comfort to contact lens wearers. Such innovative product launches will help leading companies gain a larger consumer base and help them sustain the competitiveness in the global market. The advent of innovative contact lenses with advanced technologies helps in the development of the global contact lenses market.
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Product Innovations and Advent of Smart Contact Lenses
The introduction of contact lens designs that offer superior features such as optical comfortability, crystal clear vision, and high permeability will propel the growth of the global market during the forecast period. The recent advancement in biosensors technologies and microfabrication technologies is propelling the advent of digital or smart contact lenses which hold the potential to diagnose, monitor, and treat a wide range of diseases. Such technological innovations will help in the management of health digitally and transform the global contact lenses market. The launch of smart contact lenses that are capable of monitoring intraocular pressure of the eye and helps in the management of glaucoma more effectively will boost the demand for these products in the global market.
The leading vendors in the contact lenses market are CooperVision Inc, Novartis, Johnson & Johnson, and Bausch & Lomb Incorporated.
The complete overview of the latest market research report on contact lenses market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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