Dublin, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The "Contact Lenses Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Contact Lenses Market is evaluated at US$9.522 billion for the year 2020, growing at a CAGR of 6.67%, reaching a market size of US$14.963 billion by the year 2027.
Contact lenses are thin, curved lenses placed directly on the eyes' surface for numerous reasons, such as to offer corrective vision or due to cosmetic and therapeutic reasons, among others. The global contact lenses market is projected to show significant growth over the next five years, which may be attributed to the fact that there has been a growing demand for these lenses over glasses due to several benefits.
Moreover, the growing prevalence of common eye diseases also propels the demand for contact lenses, thus, playing a significant role in shaping the market growth during the next five years. Additionally, decent growth is expected because of the growing aging population in many parts of the world since old aged people are more susceptible to vision-related issues.
However, there has also been a significant demand for lenses among the millennials for cosmetic contact lenses since these lenses are specially designed to change the appearance of the eyes with vibrant colors. Moreover, the surging investments by the market players in the form of increased investments in R&D for the launch of new products to gain a competitive edge in the market further show the high growth potential of the market.
Covid-19 Impact
During the Covid-19 Pandemic, the market for contact lenses fell due to the high risk of infectious disease. The introduction of Covid-19 significantly hampered the global demand for contact lenses. Because of the disease outbreak, the key market players observed a decline in revenue generation. During the lockdown, consumers shifted to wearing spectacles rather than contact lenses, which contributed to the drop. Because of the risk of Covid-19, medical establishments were also advising people to wear glasses instead of contact lenses.
Furthermore, the government enforced a lockdown and business closures, people avoided going to eye clinics, and the number of patients at vision correction centers decreased. Furthermore, raw material supply impacted the market for the contact lenses globally over the forecasted period.
High prevalence of common eye disorders and diseases
The key factor propelling the demand for contact lenses is the globally growing prevalence of common eye diseases and disorders. According to the statistics from the U.S Department of Health and Human Services, approximately 12 million adults of ages 40 and above have vision impairment in the United States, out of which 1 million are blind, 3 million have vision impairment after correction, and 8 million have vision impairment due to uncorrected refractive error.
Also, the predicted number of people with uncorrectable vision impairment is projected to reach 8.96 million by 2050, owing to the spreading epidemics of diabetes and other chronic diseases. Similarly, the World Health Organization reports that around 1 billion people globally have a near or distance vision impairment that could have been prevented or has yet to be addressed. Thus, all the factors mentioned above play an integral role in bolstering the demand for contact lenses globally during the next five years.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Contact Lenses Market Analysis, by Type
5.1. Introduction
5.2. Soft
5.3. Rigid Gas Permeable
5.4. Hybrid
5.5. Others
6. Contact Lenses Market Analysis, by Design
6.1. Introduction
6.2. Spherical
6.3. Toric
6.4. Multifocal
6.5. Others
7. Contact Lenses Market Analysis, by Life
7.1. Introduction
7.2. Daily disposable
7.3. Monthly
7.4. 6-months
7.5. Yearly
8. Contact Lenses Market Analysis, by Application
8.1. Introduction
8.2. Corrective
8.3. Therapeutic
8.4. Cosmetic
8.5. Others
9. Contact Lenses Market Analysis, by Distribution Channel
9.1. Introduction
9.2. Online
9.3. Offline
10. Contact Lenses Market Analysis, by Geography
10.1. Introduction
10.2. North America
10.2.1. North America Contact Lenses Market, By Type, 2020 to 2027
10.2.2. North America Contact Lenses Market, By Design, 2020 to 2027
10.2.3. North America Contact Lenses Market, By Application, 2020 to 2027
10.2.4. North America Contact Lenses Market, By Distribution Channel, 2020 to 2027
10.2.5. By Country
10.2.5.1. USA
10.2.5.2. Canada
10.2.5.3. Mexico
10.3. South America
10.3.1. South America Contact Lenses Market, By Type, 2020 to 2027
10.3.2. South America Contact Lenses Market, By Design, 2020 to 2027
10.3.3. South America Contact Lenses Market, By Application, 2020 to 2027
10.3.4. South America Contact Lenses Market, By Distribution Channel, 2020 to 2027
10.3.5. By Country
10.3.5.1. Brazil
10.3.5.2. Argentina
10.3.5.3. Others
10.4. Europe
10.4.1. Europe Contact Lenses Market, By Type, 2020 to 2027
10.4.2. Europe Contact Lenses Market, By Design, 2020 to 2027
10.4.3. Europe Contact Lenses Market, By Application, 2020 to 2027
10.4.4. Europe Contact Lenses Market, By Distribution Channel, 2020 to 2027
10.4.5. By Country
10.4.5.1. Germany
10.4.5.2. France
10.4.5.3. UK
10.4.5.4. Others
10.5. Middle East and Africa
10.5.1. Middle East and Africa Contact Lenses Market, By Type, 2020 to 2027
10.5.2. Middle East and Africa Contact Lenses Market, By Design, 2020 to 2027
10.5.3. Middle East and Africa Contact Lenses Market, By Application, 2020 to 2027
10.5.4. Middle East and Africa Contact Lenses Market, By Distribution Channel, 2020 to 2027
10.5.5. By Country
10.5.5.1. Saudi Arabia
10.5.5.2. UAE
10.5.5.3. Others
10.6. Asia Pacific
10.6.1. Asia Pacific Contact Lenses Market, By Type, 2020 to 2027
10.6.2. Asia Pacific Contact Lenses Market, By Design, 2020 to 2027
10.6.3. Asia Pacific Contact Lenses Market, By Application, 2020 to 2027
10.6.4. Asia Pacific Contact Lenses Market, By Distribution Channel, 2020 to 2027
10.6.5. By Country
10.6.5.1. China
10.6.5.2. India
10.6.5.3. Japan
10.6.5.4. South Korea
10.6.5.5. Thailand
10.6.5.6. Indonesia
10.6.5.7. Taiwan
10.6.5.8. Others
11. Competitive Environment and Analysis
11.1. Major Players and Strategy Analysis
11.2. Emerging Players and Market Lucrativeness
11.3. Mergers, Acquisitions, Agreements, and Collaborations
11.4. Vendor Competitiveness Matrix
12. Company Profiles
12.1. Bausch & Lamb Pvt. Ltd
12.2. Zeiss International
12.3. CooperVision
12.4. Essilor International S.A.
12.5. Hoya Corporation
12.6. Johnson & Johnson
12.7. SynergEyes, Inc.
12.8. Alcon
12.9. EyeMeditech Sdn Bhd
12.10. Contamac
For more information about this report visit https://www.researchandmarkets.com/r/mc3ook
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