Pune, India, April 27, 2022 (GLOBE NEWSWIRE) -- The global contact lenses market size is expected to reach USD 12.56 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period. Increasing cases of myopia and the rising popularity of reusable lenses fuel market growth. Fortune Business Insights™ presents this information in its report titled "Contact Lenses Market, 2021-2028."
Contact lenses are an effective re-usable lens solution that helps to cure vision conditions such as myopia. The rising demand for effective and comfortable eye-wear solutions is expected to boost the market progress drastically. The rising cases of astigmatism and myopia are expected to boost product demand. As per the International Myopia Institute's published report, approximately 30% of the total population suffers from myopia and approximately 50% of the population is likely to suffer from myopia by 2050. Further, increasing popularity regarding the benefits of re-usable and wearable lenses is expected to boost wearable lenses' demand. These factors are likely to boost market growth during the upcoming years.
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Impact of COVID-19
Robust Demand for Advanced Healthcare Solutions to Propel Industry Growth
This market is expected to grow positively because of the rising demand for re-usable eyewear solutions from the population. Increased spending on advanced healthcare solutions is expected to boost the product's demand. The adoption of reduced capacities, part-time shifts, and technologically advanced production techniques may enable manufacturers to boost their annual revenues. In addition, the adoption of online retail is expected to boost the product's demand drastically. These factors are likely to propel market growth.
Segments
By modality, the market is segmented into disposable and reusable. Based on the design, it is divided into spherical, multifocal, and toric. As per the distributional channel, it is classified into online retail, retail stores, and ophthalmologists. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.6% |
| 2028 Value Projection | USD 8.58 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 12.56 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 132 |
| Segments covered | Distribution Channel, By Geography, By Modality, By Design |
| Growth Drivers | The significant growth of this segment is attributed to the increasing prevalence of astigmatism, and new product launches in the toric lenses segment. |
| Side Effects Associated with Usage of Contact Lenses and Availability of Alternative Treatment for Refractive Errors to Curb Market Growth |
Highlights of the Contact Lenses Market Report
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints
Prevalence of Refractive Errors and Introduction of Technologically Advanced Products to Augment Market Growth
Contact lenses' demand is increasing rapidly because of the rising awareness regarding re-usable lenses. The prevalence of refractive errors among the population is expected to boost the product's demand. As per the data published by the International Agency for Prevention of Blindness (IAPB), approximately 157 million people suffer from vision problems because of the presence of refractive errors. Further, manufacturers announce technologically advanced lenses to attract consumers and boost their product's efficiency. The incorporation of technology helps patients to recover faster. These factors are likely to fuel contact lenses market growth.
However, side effects associated with the reusable eye-wear usage and availability of alternative solutions are expected to hinder market progress.
Regional Insights
Rising Cases of Refractive Errors to Boost Contact Lenses Market Growth in North America
North America is projected to dominate the contact lenses market share because of the rising cases of refractive errors among the population. The market at North America stood at USD 2.92 billion in 2020. Further, the rising focus of major players on partnership in the region is likely to boost the market growth. For example, Johnson & Johnson vision collaborated with Menicon in April 2021 to provide consumers with therapeutic contact lenses and reduce myopia in children. These factors are likely to boost the market.
In Asia-Pacific improved eyewear solutions, development of advanced treatment facilities, and prevalence of vision impairment are likely to boost contact lenses' demand. In addition, evolving consumer preferences and increased medical expenditure is expected to boost the market growth.
In Latin America and the Middle East & Africa, increased adoption of these lenses and rising cases of vision impairment are expected to drive the market progress.
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Competitive Landscape
Prominent Companies Incorporate Acquisition Strategies to Boost their Brand Image
Prominent companies operating in the market incorporate acquisition strategies to boost their brand image. For example, Cooper Companies Inc. acquired a manufacturer and designer of specialty lenses named No. 7 Lenses to offer effective solutions to consumers and boost their brand image. Further, the incorporation of research and development enables manufacturers to boost their product quality and satisfy consumers' demands. This strategy may enable manufacturers to boost their market position.
Industry Development
- June 2021: Johnson & Johnson Vision Care, Inc. launched Acuvue Oasys Multifocal contact lens in the U.K. market.
List of Key Players Profiled in this Market Report
- Johnson & Johnson Vision Care, Inc. (Jacksonville, U.S.)
- Carl Zeiss Meditec AG (Oberkochen, Germany)
- Bausch & Lomb Incorporated (Laval, Canada)
- Alcon (Geneva, Switzerland)
- The Cooper Companies Inc. (California, U.S.)
- Hoya Corporation (Tokyo, Japan)
- Essilor Luxottica (Charenton-le-Pont, France)
- Menicon Co., Ltd. (Nagoya, Japan)
Table Of Content: Contact Lenses Market
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Epidemiology of Ocular Disease - For Key Countries/Key Regions
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Key Trends in Contact Lenses Market
- Technological Advancements in Contact Lenses
- COVID-19 Impact on the Market
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