The contact lens market will be valued at USD 19.35 billion in the next
Global Contact Lens Market – TechSci Research
The increasing prevalence of eye diseases is expected to drive the global contact lens market up to 2026.
According to TechSci Research report, “Global Contact Lens Market By Modality (Reusable, Disposable v / s), By Design (Spherical, Toric, Multifocal, Others), By Material Type (Silicon Hydrogel, Hydrogel, Permeable To Gases, Others), by Application (Corrective, Therapeutic, Cosmetic, Others), By Distribution (Retail Stores, Hospitals & Clinics, Online), By Region, Competition, Forecast and Opportunity, 2026 “, the Global Lenses Market contact amounted to USD 13.73 billion in 2020 and is further expected to grow at a CAGR of 6.25% during the forecast period. This can be attributed to changing lifestyles, especially among young people, which has increased the use of colored contact lenses as a fashion accessory.In addition, the growing influence of social media has led the Gen Z population to adopt and increasingly use colored contact lenses. because of their values ââand because aesthetic characteristics. Colored contact lenses make the eyes clearer and completely improve or change their color.
In addition, there is an increasing demand from the entertainment industry for stylish contact lenses that are available in a wide range of colors, shades and textures and make the eyes more attractive. This in turn is expected to positively influence the growth of the market over the next few years. In addition, an increase in research and development activities is observed in terms of contact lenses, the materials used to manufacture contact lenses, their characteristics and functionality, among others. Companies operating in the contact lens industry are increasing their spending and R&D activities to improve their existing product portfolio and to develop new products. For example, Menicon Co., Ltd., in August 2020, announced the opening of the Menicon Future Device Research Laboratory in Japan in collaboration with the Institute of Technology in Nagoya, Japan. The laboratory aims to design and develop new materials for the manufacture of contact lenses using structural controls and advanced manufacturing methods.
However, the lack of trained healthcare professionals (including ophthalmologists, opticians, among others) in some countries, especially in developing countries, may restrain the growth of the market in the coming years. In addition, there is a lot of price variation in contact lenses offered by branded players and unbranded companies. Every region and every country in the world has the presence of established contact lens brands and their national players. Contact lenses offered by domestic players are available at lower prices or continue to change prices depending on the market scenario. This in turn creates a lot of price disparities in terms of contact lenses offered by branded and unbranded players, which has a negative impact on the growth of the market.
Browse 180 figures spread over 233 pages and an in-depth table of contents on the “Global Contact Lens Market”
The global contact lens market can be segmented by modality, design, material type, application, distribution channel, and region. The applications of contact lenses can be fragmented as corrective, therapeutic, cosmetic and others. The corrective segment is expected to dominate the market with a share of around 46.14% in 2020 due to its widespread use in the correction and treatment of various visual impairment problems. While the therapeutic segment is expected to grow significantly over the forecast period due to their use in corneal healing, eye pain relief, among others. The cosmetic segment will also experience growth due to the heavy use of contact lenses to improve eye aesthetics.
In addition, colored contact lenses are mainly used by the younger generation and the entertainment industry, thus supporting the segmental growth. In terms of distribution channel, the market can be categorized into retail stores, online, and hospitals and clinics. The retail store segment dominated the market in 2020 due to the over-the-counter availability of contact lenses in these stores of different brands. Additionally, most consumers prefer to purchase the contact lenses from a retail store, as they can try on the contact lenses before purchasing and also understand their features and usage. The online segment is expected to experience significant growth due to the widespread penetration of several e-commerce platforms that can offer contact lenses online.
The major players operating in the global contact lens market are Johnson & Johnson, CopperVision Inc., Alcon Inc., Bausch Health Companies, Inc., Menicon Co., Ltd., EssilorLuxottica SA, Carl Zeiss Meditech AG, Hoya Corporation, Seed Co., Ltd., Contamac Holdings Limited, X-Cel Specialty Contacts, SynergEyes Inc., STAAR Surgical Company, Cleriovision, Inc., BenQ Materials Corp, among others.
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âAsia-Pacific is expected to experience the strongest growth in the global contact lens market due to a significant increase in the demand for colored contact lenses that has been observed in the region, especially in countries like China. South Korea, Japan, China and India. In addition, the Asia-Pacific region with countries such as Japan and India is witnessing the highest number of cataract surgeries performed in the world. This in turn is boosting the intraocular lens market in the region. said Mr. Karan Chechi, Research Director at TechSci Research, a global research-based management consultancy.
Global Contact Lens Market By Modality (Reusable, V / s Disposable), By Design (Spherical, Toric, Multifocal, Others), By Material Type (Silicon Hydrogel, Hydrogel, Gas Permeable, Others), By Application ( corrective, therapeutic, cosmetic, others), by distribution (retail stores, hospitals and clinics, online), by region, competition, forecast and opportunities, 2026, assessed the future growth potential of the global contact lenses market and provides statistics and information on the size, structure and future growth of the market. The report aims to provide cutting edge market insights and help policymakers make sound investment decisions. Further, the report also identifies and analyzes emerging trends as well as critical drivers, challenges and opportunities in the global Contact Lenses market.
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