Contact Lenses Market - Global Outlook & Forecast 2022-2027

Contact Lenses Market - Global Outlook & Forecast 2022-2027

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Contact Lenses Market Report

The contact lenses market is growing at a CAGR of 5.97% during the forecast period.

Contact lenses constitute an essential component of the global vision care market. The growing adoption of contact lenses for restoring multiple vision dysfunctions, such as myopia, hyperopia, astigmatism, and presbyopia, will promote the growth of the global contact lenses market. The growing focus on the aesthetic look and the popularity of colored contact lenses in the fashion industry will boost the demand for these vision care products in the global market.

The following factors are likely to contribute to the growth of the contact lenses market-

• Introduction of Hi-Tech Contact Lenses
• Increasing Usage of Silicone Hydrogel Contact Lenses
• Paradigm Shift Towards Premium Priced and Cosmetic Lenses
• Technological Advancements in the Contact Lenses
• Increasing Product Launches
• Growing Target Population

KEY HIGHLIGHTS

• Technological advances in the manufacturing process of making the product drive growth in the market. For instance, CooperVision has partnered with the plastic bank to develop a “plastic neutral” contact lens. CooperVision, one of the key players, has taken the step to produce recycled material-based contact lenses in the market.
• There is a growing number of people with visual impairments, which will increase further in the forecast period. The growing target population in the contact lenses market due to myopia, the growing elderly population, and the increasing preference for contact lenses over prescription spectacles will drive the market in the near future.

RECENT DEVELOPMENTS

• In 2020, Alcon boosted its contact lens portfolio in Canada by introducing its new innovative PRECISION1 daily disposable, silicone hydrogel contact lenses.
• In April 2019, Johnson & Johnson Vision Care business segment has launched Acuvue Oasys with transitions. Its unique feature is that it contains transitions light intelligent technology. It is designed to respond quickly and seamlessly to changing light conditions while reducing exposure to bright light inside and out.

CONTACT LENSES MARKET SEGMENTS

Contact lenses market is segmented on the basis of-

• Material
• Application
• Design
• Usage
• Distribution Channel
• Geography

CONTACT LENSES MARKET SEGMENTATION

• Silicone hydrogel contact lenses benefit like they can help minimize risk, including red eyes, swollen corneas, and blurred vision. Some of the factors why silicon hydrogel lenses are preferred are extended wear, continuous wear, increased comfort, and performance.
• The changing lifestyle and environmental conditions such as smoking, high exposure to UV rays, pollutants also enhance the number of eye disorders such as refractive error, cataracts, and glaucoma. The increase in the diabetic population also contributes to the rise of eye disorders such as glaucoma, retinopathy, cataracts, temporary blurring of vision. All these factors are expected to boost the demand for corrective contact lenses in the market during the forecast period.

Market Segmentation by Material

• Silicone Hydrogel
• Hydrogel
• Gp/Rgp
• Others

Market Segmentation by Application

• Corrective
• Therapeutic
• Cosmetic

Market Segmentation by Design

• Spherical
• Toric
• Multifocal

Market Segmentation by Usage

• Daily Disposable
• Frequent Replacement

Market Segmentation by Distribution Channel

• Retail Stores
• Hospital And Eye Care
• Online Stores

GEOGRAPHICAL OUTLOOK

• North America: North America is considered an attractive market for contact lenses due to high healthcare spending in the region. In the US, cosmetic contact lenses usage is also comparatively high. This is due to the increased awareness and importance of aesthetic looks among the US population.
• APAC: In 2021, APAC accounted for more than 30% of the global contact lenses market. It is also the second-largest player in the contact lenses market. Japan accounts for 27% of the share in APAC in the contact lenses market. What’s unique is that it is illegal for eye doctors to sell or distribute contact lenses. So many doctors own and operate contact lens retail stores. Thus doctors play an essential role in influencing the pricing of the products.

Market Segmentation by Geography

• North America
• US
• Canada
• APAC
• Japan
• China
• India
• South Korea
• Australia
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• Turkey
• South Africa
• Saudi Arabia
• UAE

VENDOR LANDSCAPE/ RECENT DEVELOPMENTS

• The key players in the contact lenses market are Johnson & Johnson Vision Care, The Cooper Companies, Alcon, and Bausch & Lomb.
• In 2020, Alcon boosted its contact lens portfolio in Canada by introducing its new innovative PRECISION1 daily disposable, silicone hydrogel contact lenses.
• Johnson & Johnson launched a product called Acuvue. In this, contact lenses will automatically adapt to the availability of light. Brighter the light, the lens will automatically darken to prevent excessive brightness for the user.
• Johnson and Johnson also got approval to release a contact lens infused with an antihistamine to combat eye allergy symptoms such as itchiness.

Key Vendors

• Johnson & Johnson Vision Care
• The Cooper Companies
• Alcon
• Bausch & Lomb

Other Prominent Vendors

• Bescon
• BenQ Materials
• ClearLab
• CAMAX OPTICAL
• Clerio Vision
• Contamac
• Essilor
• Ginko International
• Hoya
• INTEROJO
• Menicon
• Medios
• NeoVision
• Oculus
• Polytouch
• Sensimed
• St. Shine Optical
• Shanghai Weicon Optical
• SEED
• Solótica Indústria e Comércio
• SynergEyes
• UltraVision CLPL
• Visioneering Technologies
• X-Cel Specialty Contacts
• ZEISS

KEY QUESTIONS ANSWERED:

1. What is the growth rate of global contact lenses market?

2. How much is the global contact lenses market worth?

3. What are the key factors driving the global contact lenses market?

4. What are the major segments in the contact lenses industry?

5. Which type of contact lens is leading the usage segment?