Pune, India, April 24, 2023 (GLOBE NEWSWIRE) -- The Global Contact Lenses Market size is projected to register a CAGR of 5.8% during the forecast period, reaching USD 15.40 Billion by 2030 from an estimated USD 10.35 billion in 2023, published by Fortune Business Insights.
Contact lenses are thin lenses placed on the eye's surface to correct ocular issues. They come in various forms, such as hard and soft lenses, depending on their nature, reusability, and comfort. These ocular prosthetic devices are being increasingly used in developing countries due to the rising incidence of ocular disorders. The global prevalence of refractive errors is also on the rise, thereby propelling the contact lens market growth during the forecast period.
According to a report published by BMC Public Health in 2021, a recent study revealed that an estimated 116.3 million people were living with moderate to severe visual impairment due to untreated refractive error. The increasing burden of refractive errors and growing awareness regarding the significance of lenses in correcting refractive errors are expected to surge the demand for contact lenses.
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Key Industry Development:
November 2022 - Menicon Co., Ltd. received approval for Menicon Z Night, an orthokeratology lens from China’s National Medical Products Administration (NMPA).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.8% |
| 2030 Value Projection | USD 15.40 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 9.90 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 160 |
Key Takeaways:
- In 2022, the market size in North America was USD 3.42 billion.
- The market will be growing at a CAGR of 5.8% during the forecast period.
- Johnson & Johnson Vision Care, Inc., Alcon, and the Cooper Companies Inc. are the top players in the market.
- Asia-Pacific is expected to be the fastest-growing region in the contact lenses market, due to factors such as a large and growing population, increasing disposable income, and a high prevalence of eye disorders.
Drivers and Restraints:
Contact Lenses Widely Used to Treat Refractive Errors
The incidence of myopia and presbyopia, especially among children and adults, is rising at an alarming rate. Many people are also reluctant to undergo vision correction procedures, which has increased the global prevalence of people suffering from vision impairment. Uncorrected refractive errors are among the leading causes of vision impairment and blindness. The growing usage of contact lenses in developed as well as developing countries is anticipated to expand the contact lens market share. Apart from this, the focus of organizations on emerging markets will also bolster product penetration in developed as well as emerging economies.
The easy availability of substitutes, such as eyeglasses and LASIK surgery, to treat refractive errors can stifle market growth. Additionally, the lack of insurance reimbursement for these devices might dampen the sales of these products in developed countries during the forecast period.
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Segments:
Reusable Lenses to Hold Dominant Share Owing to Growing Incidence of Refractive Errors
Based on modality, the market is segmented into reusable and disposable. The reusable segment captured the largest market share. The rising number of patients living with refractive errors and the increasing percentage of contact lens users boost the demand for these products.
Spherical Lenses Witness Robust Use Due to the Introduction of Advanced Technologies
In terms of design, the market is divided into toric, multifocal, and spherical. The spherical segment is anticipated to hold the largest market share during the forecast timeframe. Some of the major factors contributing to the robust demand for spherical lenses are the introduction of innovative technologies and the ease of wearing them due to their exact fitting.
Demand for Affordable Lenses to Expand Network of Retail Stores
On the basis of distribution channel, the market covers ophthalmologists, retail stores, and online stores. The retail store segment accounted for the largest share in the market in 2022 due to the growing demand for these stores is the initiatives taken by manufacturers to launch advanced products at economical prices at retail outlets. This factor has played a vital role in increasing the penetration of retail stores in the market.
Report Coverage:
The research report offers an elaborative analysis of the market and highlights key areas, such as modality, design, leading companies, and distribution channels. The report also provides important insights into the recent trends in the market and showcases key industry developments. Apart from the factors mentioned above, the report covers several factors that have contributed to the market's growth in recent years.
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Regional Insights:
North America to Dominate Due to Growing Patient Population Suffering from Refractive Errors
The North America market value stood at USD 3.42 billion in 2022. The patient pool suffering from refractive errors is growing. However, they are also gaining awareness regarding various types of vision correction treatments. These products are also being widely adopted in countries, such as the U.S. and Canada; these are some of the major factors responsible for the market’s growth in the region.
Also, leading companies in the market are entering into strategic partnerships and collaborations, which might drive product adoption in North America.
Additionally, there might be a gradual rise in the number of lens wearers in the U.S. As per the U.S. Environment Protection Agency report, in 2021, 31 million people wore lenses in the U.S. The increasing percentage of lens users due to shifting preference toward eyewear is anticipated to support the growth of the North America market.
Competitive Landscape:
Key Companies to Hold Dominant Market Position Due to Their Strong Distribution Networks
The global market consists of key players, such as Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., and Alcon.
Johnson & Johnson Vision Care, Inc. captured a major market share in 2022. The company held a dominant position in the market due to the growing number of product launches and strategic partnerships with other organizations to expand its market presence. The key organizations operating in the market are unveiling technologically advanced products to gain a competitive advantage over their rivals.
LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT
- Johnson & Johnson Vision Care, Inc. (U.S.)
- Alcon (Switzerland)
- The Cooper Companies Inc. (U.S.)
- Menicon Co., Ltd. (Japan)
- HOYA Corporation (Japan)
- EssilorLuxottica (France)
- Carl Zeiss Meditec AG (Germany)
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Table Of Content
Key Insights
- Global Contact Lens Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Modality
- Reusable
- Disposable
- Market Analysis, Insights and Forecast – Design
- Market Analysis, Insights and Forecast – By Modality
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- Epidemiology of Ocular Disease - For Key Countries, 2022
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- New Product Launches, By Key Players
- Technological Advancements in Contact Lenses
- Impact of COVID-19 on the Market
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- Toric
- Multifocal
- Spherical
- Market Analysis, Insights and Forecast – By Distribution Channel
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- Ophthalmologists
- Retail Stores
- Online Stores
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- Market Analysis, Insights and Forecast – By Region
- North America Contact Lens Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Modality
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- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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FAQs:
How big is Contact Lenses Market?
Global market stood at USD 9.90 billion in 2022 and is projected to reach USD 15.40 billion by 2030.
Who are the major players in this market?
Johnson & Johnson Vision Care, Inc., Alcon, and the Cooper Companies Inc. are the major players in the market.
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