Global Contact Lens Market Size Expected To Reach USD 12.56

Pune, India, September 27, 2021 (GLOBE NEWSWIRE) – The global contact lens market size is expected to reach USD 12.56 billion by 2028, with a CAGR of 5.6% during the forecast period. The increase in cases of myopia and the growing popularity of reusable lenses are fueling the growth of the market. Fortune Business Insights ™ presents this information in its report titled “Contact lens market, 2021-2028.

Contact lenses are an effective reusable lens solution that helps cure vision disorders such as nearsightedness. The growing demand for efficient and comfortable eyewear solutions is expected to significantly drive the advancement of the market. The increase in cases of astigmatism and myopia is expected to drive demand for the products. According to the report published by the International Myopia Institute, around 30% of the total population suffers from myopia and around 50% of the population is likely to suffer from myopia by 2050. In addition, the growing popularity of the benefits of reusable lenses and wearable is expected to drive demand for wearable lenses. These factors are expected to drive the market growth over the next few years.

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Industry development

  • June 2021: Johnson & Johnson Vision Care, Inc. has launched the AcuvueOasys Multifocal Contact Lens in the UK market.

Impact of COVID-19

Strong demand for advanced healthcare solutions to propel industry growth

This market is expected to experience positive growth due to the increasing demand for reusable eyewear solutions from the population. Rising spending on advanced healthcare solutions is expected to drive demand for the product. The adoption of reduced capacities, part-time positions and technologically advanced production techniques can allow manufacturers to increase their annual revenues. In addition, the adoption of online retail is expected to significantly boost the demand for the product. These factors are likely to propel the growth of the market.

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Segments

By modality, the market is segmented into disposable and reusable. Based on the design, it is divided into spherical, multifocal and toric. According to the distribution channel, it is categorized into online retail, retail stores, and ophthalmologists. Geographically, it is grouped into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

Highlights of the report

The report provides a detailed analysis of the main segments and the latest trends in the market. It discusses in depth the driving and restraining factors and the impact of COVID-19 on the market. In addition, it examines regional developments and strategies undertaken by major market players.

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Conductors and constraints

Prevalence of refractive errors and introduction of technologically advanced products to increase market growth

The demand for contact lenses is increasing rapidly due to the growing awareness of reusable lenses. The prevalence of refractive errors in the population is expected to stimulate demand for the product. According to data released by the International Agency for the Prevention of Blindness (IAPB), approximately 157 million people suffer from vision problems due to the presence of refractive errors. Additionally, manufacturers are announcing technologically advanced lenses to attract consumers and increase the effectiveness of their product. The integration of technology helps patients recover faster. These factors are expected to fuel the growth of the contact lens market.

However, the side effects associated with the use of reusable glasses and the availability of alternative solutions are expected to hamper the progress of the market.

Regional perspectives

Increasing cases of refractive errors to drive market growth in North America

North America is expected to dominate the contact lens market share due to the increase in refractive error cases among the population. The market in North America was worth USD 2.92 billion in 2020. In addition, the growing focus of major players on partnership in the region is expected to drive 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 stimulate the market.

In Asia Pacific, improved eyewear solutions, the development of advanced treatment facilities and the prevalence of visual impairment are expected to drive demand for contact lenses. In addition, changing consumer preferences and increasing medical spending are expected to drive the market growth.

In Latin America, the Middle East and Africa, the increased adoption of these glasses and the increase in cases of visual impairment are expected to drive the market advance.

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Competitive landscape

Leading companies integrate acquisition strategies to strengthen their brand image

Leading companies operating in the market incorporate acquisition strategies to strengthen their brand image. For example, Cooper Companies Inc. acquired a specialty lens manufacturer and designer named No. 7 Lenses to provide effective solutions to consumers and enhance their brand image. In addition, the integration of research and development allows manufacturers to improve the quality of their products and meet consumer demands. This strategy can allow manufacturers to strengthen their position in the market.

List of major players presented in this market report

  • Johnson & Johnson Vision Care, Inc. (Jacksonville, USA)
  • Carl Zeiss Meditec AG (Oberkochen, Germany)
  • Bausch & Lomb Incorporated (Laval, Canada)
  • Alcon (Geneva, Switzerland)
  • The Cooper Companies Inc. (California, United States)
  • Hoya Corporation (Tokyo, Japan)
  • EssilorLuxottica (Charenton-le-Pont, France)
  • Menicon Co., Ltd. (Nagoya, Japan)

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TABLE OF CONTENTS:

  • Abstract
  • Market dynamics
  • Market factors
  • Market constraints
  • Market opportunities
  • Eye Disease Epidemiology – For Key Countries / Regions
  • Key Industry Developments – Mergers, Acquisitions and Partnerships
  • Key trends in the contact lens market
  • Technological advances in contact lenses
  • Impact of COVID-19 on the market
  • Global Contact Lenses Market Analysis, Outlook and Forecast, 2017-2028
  • Market analysis, information and forecasts – by modality
  • Market Analysis, Information & Forecast – By Design
  • Market analysis, information and forecasts – by distribution channel
    • Ophthalmologists
    • Retail stores
    • Online stores
  • Market analysis, information and forecasts – by region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa

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