Contact Lenses Market Scope
Market Research Future (MRFR) reveals that the contact lenses market can attain a growth rate of 5.70% during the appraisal period (from 2020 to 2027). The contact lenses market can presumably touch USD 12,330.46 Million by the end of 2027.
Growth Drivers and Restraints
Corrective lenses are emerging quite popular as these rectify refractive errors and compensate for any type of visual deficiency, like presbyopia, astigmatism, and myopia hypermetropia/hyperopia. Therefore, the soaring cases of visual inaccuracies worldwide is bound to create a favorable business scenario for contact lenses in the future. Meanwhile, sales of soft contact lenses are picking up pace as well, as these are made of flexible and soft plastics like silicone hydrogel that offer eyes easy adaptability as well as comfort. Soft lenses are majorly used to correct ametropia.
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Dramatic increase in the number of research & development activities in the optic & optometry fields is witnessed in the global market. Some of the key developments in recent years include soft contact lenses that are integrated with advanced technologies, which enhance their quality and appeal among consumers. The rising popularity of daily disposable contact lenses among consumers is touted to be a great opportunity for the manufacturers in the global market.
Contact Lenses Market Segmentation
With respect to the wear type, the contact lenses market can be divided into disposable lenses, daily disposable lenses, conventional lenses, and frequent replacement lenses.
Different contact lenses types are therapeutic lenses, corrective lens, and cosmetic and lifestyle-oriented lens. Corrective lenses have secured the lead in the market, with the biggest share of 43.2% in 2018.
Material-wise, the top segments include methacrylate hydrogel soft contact lens, gas-permeable contact lens, silicone hydrogel soft contact lens, and others.
Contact lenses are available in a variety of designs, such as multifocal lens, spherical lens, toric lens, and others.
Contact Lenses Market Regional Analysis
The American market has achieved the highest position out of all the regions, mainly due to the booming sales of contact lenses by virtue of mounting burden of eye-related disorders. Soaring popularity of colored and cosmetic lenses, especially among the youth would also add to the market strength in the region. Moreover, companies and researchers in the region explore new technologies to induce product innovations while also focusing on R&D activities. The highest penetration of contact lenses can be seen in the United States, given the surging demand from the media and entertainment industries.
Europe will remain the second highest gainer all through the analysis timeframe, thanks to the vast population of contact lens wearers and the surging cases of age-related eye disorders. As a result, the European market can expect to attain a growth rate of 6.02% from 2020 to 2027, charting a somewhat relentless growth trajectory.
Asia Pacific is on track to attain the fastest growth in the next few years, in response to the growing of eye disorders along with the expanding market for colored lenses. Moreover, with several global multinational firms shifting to emerging countries and setting up their production units, the contact lenses industry is likely to receive a significant boost in the coming years. Surge in the purchasing capacity of the consumers in the region happens to be another major reason for the strong business growth. The market size in China will blossom rapidly in the future, particularly the cosmetic lens segment, considering the rapidly emerging beauty and grooming trends in the county.
Contact Lenses Market Leading Companies
The biggest contact lens developers listed in the research study of the worldwide industry include Bausch Health, Menicon Co., Ltd, St. Shine Optical Co., Ltd, CooperVision, Inc. (The Cooper Companies Inc.), Hoya Corporation, Johnson & Johnson Services Inc., Neovision Co, Ltd, Seed Co. Ltd, Oculus Private Limited, Novartis AG, Camax Optical Corp., and many more.
Alcon is planning to introduce Total30 monthly replacement water gradient lens in the European market by the end of 2021. These contact lenses make use of a water gradient material that was first available with Dailies Total1 contact lenses and are developed to offer extra comfort. The water gradient design is reusable and has been designed using the biomimetic Celligent technology that combines a unique lens chemistry with a biomimetic surface to protect from bacteria as well as lipid deposits.
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