New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners latest market study, titled "Contact Lenses Market Size, Share, Trends, Growth Strategy and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material, Design, Application, And Distribution Channel, and Geography," the global contact lenses market size was valued at USD 9.22 billion in 2021 and is likely to reach a USD 13.05 Billion in 2028 at an estimated CAGR of 5.1% from 2022 to 2028.
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Global Contact Lenses Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 9.22 Billion in 2021 |
| Market Size Value by | USD 13.05 Billion in 2028 |
| Growth rate | CAGR of 5.1% from 2022 and 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Material Design Application and Distribution Channel |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Contact Lenses Market: Competitive Landscape
EssilorLuxottica; Alcon Inc.; Johnson & Johnson Services, Inc.; Bausch & Lomb Incorporated; The Cooper Companies Inc.; HOYA Corporation; SynergEyes, Inc.; STAAR Surgical Company; X-Cel Specialty Contacts; and Medenniumare are the key market players profiled in the study. Several other major companies were also studied and analyzed in this research study to get a holistic view of the contact lenses market and its ecosystem.
Impact of COVID-19 Pandemic on Global Contact Lenses Market:
The COVID-19 outbreak reflected a decrease in demand for contact lenses globally. The pandemic has considerable social and economic ramifications across various industries and sectors. In the case of contact lenses, the market declined due to the limited eye care consultations.
The major market players, such as Bausch + Lomb, The Cooper Companies Inc, and Johnson and Johnson, have reported declining sales due to decreased sales & operations. This led prominent and emerging companies to change their business strategies to adapt. Thus, the impact of COVID-19 somewhat hindered the global contact lenses market.
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Rising Vision Problem and Aesthetics Need is Catalyzing the Contact Lenses Market:
The growing prevalence of myopia and other visual disorders and increasing vision disorders among the rising geriatric population influence the market growth of contact lenses. In addition, the rising tendency to improve aesthetics among the young population and the increasing disposable income of consumers are further boosting the market. Emerging economies are creating opportunities for the market. However, alternative treatments for visual disorders are hampering the market.
According to the article published in Healio Journal (2022) titled ‘Census shows a high prevalence of pediatric myopia in the US’, a group of researchers reported a total of 19,512,708 children with myopia and a nationwide prevalence of 36.1% among the US population in 2020. Furthermore, according to the statistics published by the National Eye Institute, in 2019, around 34.1 million Americans were nearsighted, and 14.1 million were farsighted. These numbers are expected to increase in the upcoming years as it is estimated that 39 million will be nearsighted and 20 million will be farsighted by 2030.
These statistics also represented that approximately 1.3 million Americans were blind, and 2.9 million people were estimated to have low vision. It is estimated that around 2.2 million Americans will be blind by 2030. Likewise, approximately 5 million Americans will have low vision by 2030. Hence, an increase in eye disorders will lead to a growing demand for contact lenses over the next few years.
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