The growing adoption of contact lenses for restoring multiple vision dysfunctions will promote the growth of the global contact lens market.
According to the latest Arizton's market research report, the global contact lenses market size to reach around USD 12 billion by 2025, growing at a CAGR of over 5% during the forecast period.
Growth Opportunities in the Global Contact Lens Market
New product launches coupled with R&D activities are helping the players to expand their presence, enhance market growth, and sustain their position in the global contact lens market. Many research studies and even players confirmed that the bulk of the future growth of contact lens would be arising from emerging markets of APAC, Latin America, Africa, and Eastern European regions. The expansion of training opportunities for eye care professionals in emerging markets is also leading to increasing patients’ awareness and access to premium eye care products such as the usage of contact lenses thereby, facilitating the growth of the global contact lens market.
Global Contact Lens Market Insights:
- Alcon an eye care product company supports new business models to expand customer experience and have started to invest in the e-commerce distribution segment.
- It is estimated that around 2.3 billion people worldwide have refractive errors. Most of these patients have their sight restored by using contact lens or spectacles.
- Johnson & Johnson Vision Care business segment launched Acuvue Oasys with transitions in April 2019. The lens is built on the backbone of the phenomenally successful Acuvue Oasys lens.
The growing adoption of contact lens for restoring multiple vision dysfunctions will promote the growth of the global contact lens market. The adoption of contact lenses to improve looks is also significantly propelling market growth.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by material, design, usability, application, distribution, and geography
- Competitive Landscape – 4 Key Company Profiles and 18 Other Prominent Vendors
How is the Demand for Contact Lens in North America Accelerating?
In 2015, around 12 million Americans had a vision problem. This number is going to increase to 25 million by 2050, which in turn, is expected to propel the growth of global contact lens market in North America. The US was the largest market for contact lenses and the increasing retail distribution and online sales expansion in the country have helped in increasing the market revenue for the same in the region. The interesting thing is that all the major players in the global contact lenses market have expanded their market presence in North America. Furthermore, researchers estimated that by 2050 around two million Americans will struggle with blindness; 7 million will have glaucoma, damages the optic nerve, or age-related macular degeneration, which destroys the retina; and 16 million will have the wrong eyeglasses. This, in turn, plays a vital role in boosting the demand for the contact lenses market in the region.
Key Strategies Driving the Global Contact Lens Market
Manufacturers in the global contact lens market, designs and manufacture corrective, cosmetic, and therapeutic contact lenses and market them primarily to medical professionals and retailers. The market is highly concentrated, with key players accounting for commendable shares. Johnson & Johnson, Alcon, The Cooper Companies, and Bausch & Lomb are the top four players in the market. In 2019, these four players accounted for around 90% of the market share for contact lenses across the globe. The established players also sometimes form strategic alliances and enter into co-marketing agreements in an effort to increase their competitiveness and market penetration of contact lenses. The global contact lenses market players are strategizing on establishing long-term partnerships with suppliers and distributors to increase their sales volume and geographical reach.
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