Contact Lenses Market Scope
Market Research Future (MRFR)’s contact lenses market insights reveals that in 2022, the industry size was estimated to be worth USD 8.9 billion. According to projections, the contact lenses market would increase from USD 9.21 billion in 2023 to USD 12.13 billion by 2032, with a compound annual growth rate (CAGR) of 3.50% throughout the forecast period (2023-2032).
Growth Boosters and Deterrents
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.
Contact lenses are the perfect alternative to spectacles, with more and more consumers progressively opting for these for better vision. Consumer preference for Plano sunglasses has surged as well since these elevate the aesthetic appeal. To accommodate the mounting demand across the globe, major manufacturers are focused on product innovation to improve quality and bolster sales.
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.
Market Segmentation
Depending on wear type, the contact lenses industry caters to disposable lenses, daily disposable lenses, conventional lenses, and frequent replacement lenses.
Different types of contact lenses generally sold worldwide include 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-based segments are 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. Multifocal lenses experience massive demand among the consumers, given the provision of multiple prescriptions. Contact lenses of this design find widespread use in treating age-related ophthalmic diseases such as presbyopia. Some of the benefits include higher visual acuity for those that need several prescriptions but all in one lens.
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 accounts for the second-biggest market for contact lenses, thanks to the escalating cases of age-related eye diseases. The regional market could capture a moderate growth rate of 6.02%. Some of the most commonly occurring eye disorders in the region are hypermetropia, myopia, astigmatism, glaucoma, and presbyopia, which push the product demand to a large extent.
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.
Leading Companies
There are two types of companies that dominate the contact lenses market: Ophthalmic device manufacturers and Contact Lenses Retailers.
These firms work diligently on expanding their global reach by focusing on launching cutting-edge products and technologies. They adopt competitive tactics such as partnerships, collaborations, acquisition, and agreement to capture a higher share in the global industry. To cite a reference, in June 2021, GlassesUSA.com joined hands with Transitions Optical to introduce the Transitions Pastels collection; the company latest limited-edition line of bold colored lenses that will be available at www.glassesusa.com/transitions-lenses-pastel. Only 1,000 pairs are available in four colors: Sunset Yellow, Paradise Blue, Sage Green, and Coral Pink.
Oculus Private Limited, CooperVision, Inc. (The Cooper Companies Inc.), Neovision Co, Ltd, Seed Co. Ltd, Menicon Co., Ltd, Camax Optical Corp., and St. Shine Optical Co., Ltd, Novartis AG, Hoya Corporation, Johnson & Johnson Services Inc., Bausch Health are the top key players listed by the contact lenses market outlook report in the worldwide market.
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