With a CAGR of 5.6%, the contact lens market size is worth USD 12.56 billion in 2029
Pune, India, April 27, 2022 (GLOBE NEWSWIRE) — The world Contact lens market size is expected to reach USD 12.56 billion by 2028, growing at a CAGR of 5.6% during the forecast period. Rising cases of myopia and rising popularity of reusable lenses are fueling the growth of the market. Fortune Business Insights™ presents this information in its report entitled “Contact lens market, 2021-2028.“
Contact lenses are an effective reusable lens solution that helps cure vision conditions such as myopia. Growing demand for effective and comfortable eyewear solutions is expected to significantly boost the market progression. Rising cases of astigmatism and myopia are expected to drive demand for the products. According to the report published by the International Institute of Myopia, about 30% of the total population suffers from myopia and about 50% of the population is likely to suffer from myopia by 2050. In addition, the increasing popularity of the benefits of reusable and wearable lenses is expected to drive the demand for wearable lenses. These factors are likely to drive the growth of the market over the next few years.
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Impact of COVID-19
Strong demand for advanced healthcare solutions to propel industry growth
This market is expected to witness positive growth owing to the growing demand for reusable eyewear solutions from the population. Rising spending on advanced healthcare solutions is expected to drive demand for the product. Adopting smaller capacities, part-time teams and technologically advanced production techniques can allow manufacturers to increase their annual revenues. Also, the adoption of online retailing is expected to significantly boost the demand for the product. These factors are likely to propel the growth of the market.
By modality, the market is segmented into disposable and reusable. Based on the design, it is divided into spherical, multifocal and toric. According to 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.
|Forecast Period 2021 to 2028 CAGR||5.6%|
|2028 value projection||$8.58 billion|
|Market size in 2021||$12.56 billion|
|Historical data for||2017-2019|
|Number of pages||132|
|Segments Covered||Distribution channel, by geography, by modality, by design|
|Growth engines||The significant growth of this segment is attributed to the increasing prevalence of astigmatism and new product launches in the toric lens segment.|
|Side effects associated with contact lens usage and availability of alternative treatment for refractive errors to restrain market growth|
Highlights of the Contact Lenses Market Report
The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.
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Drivers and Restrictions
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 among the population is expected to drive demand for the product. According to data published 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 advertise technologically advanced lenses to attract consumers and increase the effectiveness of their product. The incorporation of technology helps patients recover faster. These factors are likely 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.
Rising Instances of Refractive Errors to Drive North America Contact Lens Market Growth
North America is expected to dominate the contact lens market share owing to the increasing instances of refractive errors among the population. The market in North America stood at USD 2.92 billion in 2020. Additionally, growing interest among major players for partnership in the region is expected to drive the growth of the market. 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 boost the market.
In Asia-Pacific, improved eyewear solutions, development of advanced treatment facilities, and prevalence of visual impairments are expected to drive the demand for contact lenses. Additionally, changing consumer preferences and rising medical expenses are expected to drive the market growth.
In Latin America, Middle East and Africa, increased adoption of these lenses and rising cases of visual impairment are expected to drive the market advancement.
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Important companies are adopting acquisition strategies to strengthen their brand image
Prominent companies operating in the market are incorporating acquisition strategies to boost 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.
- June 2021: Johnson & Johnson Vision Care, Inc. has launched the Acuvue Oasys Multifocal contact lens to the UK market.
List of key players profiled 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, USA)
- Hoya Corporation (Tokyo, Japan)
- Essilor Luxottica (Charenton-le-Pont, France)
- Menicon Co., Ltd. (Nagoya, Japan)
Table of Contents: Contact Lens Market
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Eye Disease Epidemiology – For Key Countries/Regions
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Main trends in the contact lens market
- Technological advancements in contact lenses
- Impact of COVID-19 on the market
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