Contact Lenses Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Contact Lenses Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The global contact lens market is estimated to be USD 9,216.59 million in 2021 and it is expected to reach USD 11,724.53 million by 2027, registering a CAGR of 4.24% over the forecast period of 2022-2027.

The COVID-19 pandemic is expected to have a significant impact on the studied market due to fewer eye care consultations owing to the decrease in footfall in hospitals and clinics. For instance, as per the Centers for Disease Control and Prevention and the American Academy of Ophthalmology in August 2020, it is estimated that there was a nearly 80% initial decrease in ophthalmology visits, and as of mid-June, there was still a cumulative decrease in ophthalmology visits of 40% in United States. Further, according to an article published by Optometry Times Journal in January 2021, the emergence of COVID-19 in 2020 led to increasing in the contact lens dropout from new as well as established users. A significant factor behind this was avoiding touching the face and eyes owing to the concern of infection from the SARS-CoV-2 virus, which led to the decrease in the demand for contact lenses during COVID-19 times. Therefore, it is anticipated that the COVID-19 pandemic had a significant impact on the contact lenses market.

The growth of the contact lens market is attributed to the rising prevalence of optical disorders, the rising tendency to improve aesthetics, and increasing disposable incomes. For instance, according to the October 2021 update of the World Health Organization, about 2.2 billion people across the globe are suffering from near or distance vision impairment and the major cause of vision impairment are uncorrected refractive errors and cataracts. Similarly, according to the article published in the Lancet Global Health 2020, in 2020, an estimated 43·3 million people were blind, of whom 23·9 million were female. Furthermore, 295 million people have moderate to severe vision impairment, with 258 million having mild vision impairment. Again, according to the same source, 610 million people will be blind by 2050, 474 million will have moderate to severe vision impairment, 360 million will have mild vision impairment, and 866 million will have uncorrected presbyopia. Hence, the high and increasing burden of optical disorders is expected to lay a crucial role in the growth of the contact lenses market over the forecast period.

Also, an important emerging cause of visual impairment in the world's developed regions is uncorrected refractive errors. The rising senior population further aggravates the prevalence of ophthalmic disorders; the leading causes of vision impairment are uncorrected refractive errors and cataracts, and most people with vision impairment are over the age of 50 years. According to the June 2021 report of the BrightFocus Foundation, glaucoma affects more than three million Americans, with the most common kind, open-angle glaucoma, affecting 2.7 million people aged 40 and older. Further, according to the same source, glaucoma will affect over 80 million individuals worldwide in 2020. The number is anticipated to rise to over 111 million by 2040, showing an increasing burden of glaucoma globally. Thus, the contact lenses market is expected to grow as glaucoma is one of the primary causes of vision loss worldwide.

Optometry and optics have observed a significant increase in research and development activities related to the studied market. Some recent advancements in the studied market, such as developing dynamic soft contact lenses with advanced technology, have propelled the growth of contact lenses globally. For instance, in August 2020, Bausch + Lomb launched Bausch + Lomb Infuse silicone hydrogel (SiHy) daily disposable contact lens. The Infuse lenses feature a next-generation material infused with ProBalance Technology to help reduce symptoms of contact lens dryness and help in maintaining ocular surface homeostasis. Additionally, the growing trend in the developments in contact lenses with drug-delivering capabilities is further expected to drive the market demand over the forecast period. Therefore, due to the above-mentioned factors, the contact lenses market is expected to grow over the forecast period. However, factors such as the availability of alternative techniques and complications associated with lenses are likely to hamper the market growth.

Key Market TrendsCorrective Contact Lenses are Expected to Exhibit a Significant Growth Rate over the Forecast Period

Corrective lenses are lenses made specifically to match the wearer's vision defects. The purpose of the corrective lens is to improve or correct the vision of people with farsightedness (hyperopia), nearsightedness (myopia), presbyopia, and astigmatism. For instance, according to the 2021 update of the International Agency for the Prevention of Blindness, in the year 2020, around 157 million people across the globe have had significant visual impairment due to uncorrected refractive errors affecting distance vision, and approximately 3 million people with blindness. Additionally, the same source has indicated that globally, over 500 million people were living without adequate correction for functional presbyopia in 2020. As per the International Myopia Institute, as of 2020, around 30% of the world population was suffering from myopia. By 2050, approximately 50% of the global population will be myopic. The same source has indicated that the most prevalent regions for myopia include East and South-East Asia, where countries such as South Korea, Taiwan, Singapore, China, and Japan where a prevalence of myopia ranges between 80 to 90%.

The demand for contact lenses is increasing with available vision correction solutions and rising awareness about vision impairment conditions. Even in the world's developed regions, the trend seems to be rising owing to growing vision correction due to factors such as the growing geriatric population. For instance, according to a survey conducted by Vision 2020 Australia, National Disability Services (NDS), and the Australian Blindness Forum (ABF) in 2020, there are over 575,000 persons in Australia who are blind or vision impaired, with more than 70% over the age of 65 and over 66,000 people who are blind, the percentage of the population with visual impairment has been rising over the past few years in Australia. This is expected to help the growth of the market.

North America is Expected to Dominate the Market Over the Forecast Period

For contact lenses, specifically during COVID-19, with limited social interaction and travel restrictions, the reduction in typical usage occasions has decreased contact lens wear. United States and Canada have developed well-structured healthcare systems. These systems also encourage research and development. The supportive government policies encourage global market players to enter United States and Canada. As a result, these countries have the presence of many international market players.

Moreover, a rise in visual inaccuracies is expected to drive regional market growth. For instance, according to the May 2021 report of the Prevent Blindness, a non-governmental organization, over 7 million people are living in United States with uncorrectable vision loss, with over 1 million Americans with blindness. Further as per the research study published in May 2022, titled “Census Shows High Prevalence of Pediatric Myopia in United States”, there is a high prevalence of pediatric myopia in United States, and in 2020, about 19.5 million children with myopia were living in United States with the nationwide prevalence of 36.1%. Hence, an increase in eye disorders will lead to a growing demand for contact lenses.

Further, rising product innovation along with product launches are expected to play a significant role in the growth of the contact lenses market in the North American region over the forecast period. For instance, in June 2022, Bausch + Lomb launched its latest custom soft contact lens family called Revive which is designed to meet the vision needs of more patients, including those with high or unique prescriptions. Similarly, in 2020, Alcon Canada strengthened its robust contact lens portfolio in Canada by launching its innovative PRECISION1 daily disposable silicone hydrogel (SiHy) contact lenses. Thus, with several developments by companies and customer demand, the North American region is expected to have healthy growth over the forecast period.

Competitive Landscape

The contact lenses market is highly competitive and consists of several major players. Significant market players, such as Essilor International SA, Bausch Health Companies Inc., Zeiss Group, and The Cooper Companies, are, in turn, increasing the overall competitive rivalry of the market. With moderate, sustainable competitive advantage through innovative products and low competition between online and offline companies, moderate competitive rivalry is observed in this market. The market participants enter long-term partnerships with suppliers and distributors to gain a competitive advantage and expand their product portfolios and geographical presence.

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