Pune India, Dec. 28, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Contact lens market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the contact lens market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the material, design, application, distribution channel, usage and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global contact lens market are Essilor International S.A., Alcon Vision LLC, Abbott Medical Optics, Inc., CooperVision, Inc., Hoya Corporation, SynergEyes, Inc., X-Cel Specialty Contacts, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company among others. To achieve a substantial market share in the worldwide contact lens market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A contact lens is a small, curved lens inserted into the eye's corner. By correcting refractive defects in the cornea and lens of the eye, the focusing power can be adjusted similarly to how glasses work. Although the lens is clear, it is frequently given a very little hint of color to make it easier for wearers to handle. Regardless of why they are worn, contact lenses are regarded as medical devices by the United States Food and Drug Administration (U.S. FDA). Optics and optometry have seen a great amount of research and development to advance the technology. The market for contact lenses has expanded as a result of innovations like the introduction of dynamic soft contact lenses that incorporate cutting-edge technology. For instance, IMEC and SEED Co. Ltd, a global R&D hub, formed a partnership to work together on the development of a smart contact lens in November 2018. This contact lens will have a number of parts, including an ultra-thin silicon microchip, an LED light, and a radio-frequency antenna that would be sufficient for wireless energy transfer. Additionally, the interconnections are created using a thin stretchable sheet.
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Scope of Contact Lens Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Design, Application, Usage and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Essilor International S.A., Alcon Vision LLC, Abbott Medical Optics, Inc., CooperVision, Inc., Hoya Corporation, SynergEyes, Inc., X-Cel Specialty Contacts, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company among others. |
Segmentation Analysis
The Spherical segment is expected to be the fastest-growing segment in 2021.
The design segment is Spherical, Toric, Multifocal, and Others. The spherical segment is expected to witness the highest growth rate during the forecast period. The market for these lenses is expected to witness a moderate demand because multifocal lenses can handle various prescriptions. They are mostly used to treat aging-related eye disorders such as presbyopia. Better visual acuity for users who need to blend multiple prescriptions in a single lens is one of its many benefits. For instance, the FDA recently approved CooperVision Biofinity toric Multifocal Contact Lenses. For those with presbyopia, the tool increases the variety of Biofinity toric lenses available.
Daily Disposable is expected to be the fastest-growing segment in 2021.
The usage segment includes Daily Disposable, Disposable, Frequently Replacement, and Traditional. The daily disposable segment is expected to witness the highest growth rate during the forecast period. Daily disposable lenses are more common since they provide the wearer with greater comfort. Because of this, many manufacturers have started to make daily disposable lenses. The majority of customers believe that these lenses are the healthiest kind of contact lenses. The use of daily disposable lenses is also advised by eye care professionals since they avoid the problems associated with more frequent lens replacements.
Therapeutic is expected to be the fastest-growing segment in 2021.
The application segment includes Corrective, Therapeutic, Cosmetic, Prosthetic, and Lifestyle-Oriented. The therapeutic segment is expected to witness the highest growth rate during the forecast period. The market share of the category is predicted to increase during the forecast period since the lenses may be used to apply drugs to the cornea. The growing consumer desire for eyes with greater visual appeal is predicted to lead to significant growth potential in the cosmetic lens market.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the contact lens include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. The market for contact lenses is dominated by North America due to the region's strong support from a developed healthcare system, high contact lens penetration and adoption rates, and the rising prevalence of disorders that cause visual inaccuracy. The growing elderly population is also projected to fuel market expansion. Additionally, the area market growth is accelerated by important firms' local presence, high disposable income, and changes in lifestyle.
Country Analysis
- Germany
Germany's contact lens market size was valued at USD 0.12 billion in 2021 and is expected to reach USD 0.15 billion by 2029, at a CAGR of 3.2% from 2022 to 2029.
The market for these goods is growing as a result of the increased use of contact lenses to treat various eye-related diseases such as hypermetropia/hyperopia, astigmatism, and presbyopia. In addition, it is anticipated that the market will be stimulated by the increasing prevalence of vision issues among the elderly globally.
- China
China’s contact lens market size was valued at USD 0.19 billion in 2021 and is expected to reach USD 0.26 billion by 2029, at a CAGR of 4% from 2022 to 2029. Due to the involvement of the regional players and the increasing demand for contact lenses. Furthermore, socioeconomic growth in the region is still accelerating, and as consumer purchasing power increases, so does consumer awareness of eye health.
- India
India's contact lens market size was valued at USD 0.18 billion in 2021 and is expected to reach USD 0.24 billion by 2029, at a CAGR of 3.8% from 2022 to 2029. The development of products with anti-refractive and scratch-resistant coatings is a focus for contact lens manufacturers. These products are also growing in popularity due to their ability to provide ultraviolet protection, which offers users a comfortable and high-quality therapeutic experience. These variables have caused a discernible rise in contact lens usage, which is promoting the market's expansion.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by the increasing number of outdoor activities.
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