New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The Night Contact Lenses Market is at US$ 880.3 Million in 2022 and is expected to increase at a CAGR of 7.5% over the forecast period (2023-2032). Key manufacturers of Night Contact Lenses Market are focused on developing innovative products. Sales of night contact lenses are set to increase a high CAGR of 7.5% and be valued at over US$ 1.8 Billion by 2032.
Market players are developing products targeted at particular vision disorders rather than overall issues, and this trend is anticipated to continue over the coming years as well. Myopia is a widespread problem and a serious cause of concern, and is gaining attention among ophthalmologists. It is not only one of the most common ocular abnormalities in the world but its prevalence is rising at an alarming rate. Furthermore, general public awareness also appears to be growing. Additionally, the younger generation prefers a trendy appearance and changes their eyewear according to the occasion. Demand for more modern styles and technology compels businesses to continually prioritize R&D to create cutting-edge products.
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During the projected period, an increase in the number of awareness initiatives in developing economies for the diagnosis of eye diseases is expected. Better academic achievement as a result of vision correction in children has driven the demand for night contact lenses or ortho-k-lenses.
Key Takeaways from Market Study
- The myopia segment held 53.6% share of the global market in 2021, by indication.
- Ophthalmology clinics held a dominant share of 45.8% in 2021.
- East Asia accounted for the highest market value share of 49.2% in 2021.
- South Asia accounted for 11.8% market share in 2021.
“Growing emphasis on innovative night contact lens products, as well as rising demand for more effective therapeutic approaches for the rapidly increasing prevalence of different vision disorders, will drive market growth over the coming years,” says an analyst of Persistence Market Research.
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Market Competition
- Cooper Vision
- Euclid Systems
- Johnson & Johnnson
- Bausch & Lomb
- Truform Optics
- Art Optical Contact Lens, Inc.
- Menicon Co., Ltd./ Alpha
- Brighten Optix
- Eyebright Medical Technology Beijing Co Ltd
- Lucid and more
To meet the demands of customers and expand their product portfolios, leading players are focusing on innovative product launches and partnerships.
Some key strategies adopted by industry players are:
- June 2022: MiSight 1-day disposable contact lenses are the first and only soft contact lenses with FDA approval that slow the progression of myopia in children aged 8-12 years (start of care). CooperVision, a world leader in soft contact lens manufacturing, has announced the expansion of the MiSight 1-day contact lens parameters from -0.25 to -10.00 dioptres (0.50 dpt increments from -6.00 dpt). As a result, 99.97% of all Asian and European children with short-sightedness and astigmatism of less than 1.00 diopter can now be fitted. Because of the expanded range of strengths, much more short-sighted young people and children can gain from the inventive contact lens designed specifically for myopia management.
- Allegro Ophthalmics, LLC, Bausch Health Companies Inc., and Bausch + Lomb announced in September 2020 that Bausch Health has agreed to purchase the entirety of Allegro's ophthalmic assets.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the night contact lens market in its latest study, presenting a historical demand assessment of 2012-2021 and projections for 2023-2032. The global night contact lens market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
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The research study is based on
- the indication (myopia, astigmatism, hyperopia, and presbyopia)
- end user (hospital, ophthalmology clinics, and vision care centers),
- across seven key regions of the world.
For additional insights on how the growth of the night contact lens market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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