Contact lens sales expected to exceed US $ 15.3 billion by 2031
The proliferation of visually impaired consumers and their participation in outdoor activities, coupled with the increase in cases of myopia, presbyopia and astigmatism, will drive the sales of the contact lens market to a staggering growth trajectory furthermore. by 5% between 2019 and 2029.
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Offline distribution to retail stores and hospitals and clinics continues to attract consumer interest. However, online channels are expected to present remunerative growth opportunities through the growth of millennial consumers. different colors and corrective lenses.
Key Trends in Contact Lenses Market Research
- Silicone hydrogel will grow 1.7 times between 2019 and 2029. The improved oxygen permeability along with the soft and flexible nature of silicone hydrogel will improve consumer engagement as buyers tend to prioritize ocular adaptability and increased comfort of contact lenses.
- Spherical lenses will grow 1.6 times over the forecast period due to the even distribution of lens power throughout the optical portion of the spherical lens.
- Corrective lenses continue to dominate the market share, followed by an astonishing growth of over 10% in the therapeutic lens segment.
- Online distribution channels will be doubled due to the increase in disposable income of millennial consumers accustomed to buying from online e-commerce platforms.
- Daily use of single-use contact lenses will increase 1.5 times throughout the forecast period. This can be attributed to the benefits of this type of use, such as improved compatibility for people with dry eyes or allergies.
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- North America will maintain its market share supremacy with the increasing early adoption of lens technology and the growing geriatric population.
- Southeast Asia and Oceania present lucrative growth opportunities with a stellar CAGR of over 7% during the forecast period.
- Combining the gas permeable softness of silicone hydrogel with the visual clarity of an RGP lens, the hybrid lens material will grow at a promising CAGR of over 7%.
Global Contact Lens Market: In-Depth Assessment on Key Segments
The global contact lens market is segmented on the basis of material, design, application, distribution channel, usage, and region.
- Gas permeable
- Silicone hydrogel
- Lifestyle oriented
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High potential applications identified in the therapeutic space
Therapeutic contact lenses help in the healing of a diseased eye, they cover the cornea to retain the necessary moisture and protect the surface of the eye. Growing consumer awareness of the versatile benefits of therapeutic lenses positions this type of application to experience a robust growth rate of over 8% between 2019 and 2029. The market is driven by consumer trends that increase the preference for lenses contact compared to traditional glasses. Multiplication of cases of vision defects associated with innovations in the comfort and effectiveness of contact lenses will drive the growth of the contact lens market throughout the forecast period.
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