Westford, USA, Nov. 14, 2022 (GLOBE NEWSWIRE) -- A recent SkyQuest study of the global contact lens market has found that the demand for contact lenses is on the rise, especially among young adults. The number of people wearing contact lenses has increased by 3% in the past year. The biggest increases were seen among adults aged 18-24 (5%) and 25-34 (4%). The average person uses between 24 and 34 contact lenses per year, according to the American Optometric Association.
We attributed this growth of the global contact lens market to a number of reasons why contact lenses are becoming more popular. For one, they offer a great deal of freedom and flexibility when it comes to vision correction. They can also be much less expensive than glasses, which is especially helpful for budget-conscious consumers. Additionally, contact lenses are often seen as being more aesthetically pleasing than glasses. This is particularly true for younger adults who may feel self-conscious about wearing glasses.
Younger population sees contact lens as a more convenient and comfortable option than glasses, and they allow people to express their personal style more freely. There are a few factors driving this growth in demand for contact lens market. Firstly, there has been an increase in the number of people who need vision correction. This is due both to the ageing population and to the fact that more of us are spending time looking at screens, which can cause eye strain. As per our findings, 14% of the global population, which translates to over 1 billion people need vision correction.
Secondly, there have been major advancements in contact lens technology in recent years. Lens manufacturers have been able to create lenses that are much thinner and more comfortable to wear. They have also developed new materials that allow more oxygen to reach the eye, which is important for eye health. Finally, the price of contact lenses has come down significantly in recent years, making them more affordable for a wider range of people.
With the demand for contact lens market increasing, manufacturers are expected to ramp up production in order to meet this growing demand. This means that there should be plenty of options available for consumers in the near future.
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SkyQuest’s Findings: North America to Hold Over 35% Market Share
- Global contact lens market was valued at USD 9.35 billion in 2021, and it is expected to reach a value of USD 14.02 billion by 2028, at a CAGR of 5.9% over the forecast period (2022-2028).
- SkyQuest’s analysis of the global contact lens market shows that the North American market is the largest and most mature, with a 35% share of the global market. Europe is the second largest market and Asia-Pacific is the fastest-growing region, with a CAGR of 8.5%. This can be attributed to the increasing number of people in Asia-Pacific who are aware of contact lenses and their benefits.
- Meanwhile, traditional spectacle lenses continue to lose market share, as more consumers opt for contact lenses instead. SkyQuest estimates that the share of female consumers wearing contacts increased significantly. In fact, they are the major consumers and accounts for around over 66% market share.
- The daily disposable segment is expected to be the fastest-growing product type, with a CAGR of 6.7% in the global contact lens market.
- The report also found that the use of contact lenses is becoming more widespread, with more people using them for both daily wear and for special occasions. This trend is being driven by advances in lens technology, which have made lenses more comfortable to wear and easier to care for.
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Top 5 Players Hold Less than 25% Share of Global Contact Lens Market
The SkyQuest is a global management consulting firm that advises clients in the private, public, and not-for-profit sectors. Our analysis of the contact lens market is based on a comprehensive study of the industry. The study includes an assessment of the competitive landscape, demand trends, product innovations, and pricing dynamics.
In terms of product innovation, there is room for growth in this market. Newer products such as daily disposable lenses and multifocal lenses offer opportunities for manufacturers to differentiate their products and gain market share. In terms of pricing, the study shows that prices have been declining over the past few years due to intense competition. However, manufacturers have been able to offset some of these declines through cost cutting measures.
Our analysis shows that the contact lens market is highly competitive with a large number of players. The top five players namely Johnson & Johnson Vision Care, Inc., CooperVision, Inc., Bausch + Lomb Incorporated, Alcon Laboratories, Inc., and CIBA Vision Corporation account for only around 25% of the market. There are a number of regional players who are also trying to gain share in this market. In terms of demand, our analyst believes that growth in the contact lens market will be driven by emerging markets such as China and India. This demand will be fueled by population growth and rising disposable incomes.
Johnson & Johnson Vision Care is one of the leading players in the contact lens market. It offers a wide range of products, from daily disposable lenses to monthly replacement lenses. The company also manufactures contact lenses for people with special needs, such as those with astigmatism or presbyopia.
In addition to its manufacturing capability, Johnson & Johnson Vision Care also has a strong research and development arm. The company invests heavily in new lens technology, and is always looking for ways to improve the quality and performance of its products. This commitment to innovation has made Johnson & Johnson Vision Care a trusted name in the contact lens industry.
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Top Player's in Global Contact Lens Market are:
- Johnson & Johnson Vision Care, Inc. (U.S.)
- Carl Zeiss Meditec AG (Germany)
- Bausch & Lomb Incorporated (Canada)
- Alcon (Switzerland)
- The Cooper Companies Inc. (U.S.)
- Hoya Corporation (Japan)
- EssilorLuxottica (France)
- Menicon Co., Ltd. (Japan)
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