LOS ANGELES, Sept. 05, 2022 (GLOBE NEWSWIRE) — LOS ANGELES, September 05, 2022 (GLOBE NEWSWIRE) – The Contact Lenses Market is expected to grow at a CAGR of around 6.9% from 2022 to 2030 and expected to reach the market value of around USD 17.4 Billion by 2030.
Contact Lenses Market Report Key Highlights
• Global contact lenses market size was USD 9.6 billion in 2021 and is expected to grow at CAGR of 6.9% from 2022 to 2030
• North America contact lenses market is expected to lead with more than 38% market share
• According to the CDS, over 45 million people in the U.S. wear contact lenses
• Asia-Pacific contact lenses market is expected to grow with fastest CAGR during the forecast period from 2022 to 2030
• Among distribution channel, retail store occupied more than 35% of the total market share
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|Market||Contact Lenses Market|
|Size 2021||USD 9.6 Billion|
|Contact Lenses Market Forecast 2030||USD 17.4 Billion|
|Contact Lenses Market CAGR During 2022 – 2030||6.9%|
|Contact Lenses Market Analysis Period||2018 – 2030|
|Contact Lenses Market Base Year||2021|
|Contact Lenses Market Forecast Data||2022 – 2030|
|Segments Covered||By Wear Type, By Design, By Material, By Application, By Distribution channel And By Geography|
|Contact Lenses Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott Medical Optics, Inc., Alcon Vision LLC, Bausch & Lomb, Carl Zeiss AG, Contamac, Cooper Vision, Inc., Essilor International S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, SynergEyes, Inc., and X-Cel Specialty Contacts.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Contact lenses are thin curved lenses worn in “contact” with the eye. These are primarily designed to correct refractive errors and to maintain ocular health but later they find usage across cosmetics and prosthetics among others. Moreover, these are naturally clear but often given the slightest tinge of color to make them easier for wearers to handle. These are made with the materials like silicone hydrogel and hydrogel, which can easily be fixed with the water in the eye. The growing adoption of the reusable lens is a popular contact lenses market trend that is fueling industry demand.
COVID-19 Impact on the Global Contact Lenses Market Revenue
The introduction of COVID-19 greatly hampered global demand for these devices. Due to the impact of the COVID-19 epidemic, the market’s leading players reported a decrease in revenue from lens sales. In 2020 Johnson & Johnson Vision Care, Inc. reported a decline of 11.7% in sales. However, one survey by J&J discovered that the market is expected to recover from 2021. In 2021, Johnson & Johnson Vision announced the findings of their survey on the COVID-19 impact on contact lenses in Western Europe. According to the report, contact lens usage is showing indications of revival across Western Europe now that lockdown limitations have been lifted. In reality, 63% of Western European contact lens wearers polled are wearing contact lenses as frequently as they did before the pandemic, with 10% wearing them more frequently. Furthermore, 53% of individuals who stopped wearing contact lenses during the pandemic said they want to resume wearing them. Contact lens usage is recovering across several modalities. In fact, Western Europe’s overall contact lens usage is expected to increase by 12% by 2021.
Contact Lenses Market Dynamics
The rising prevalence of eye diseases like refractive errors, and cataracts, where contact lenses help people to correct vision is supporting the contact lenses market growth. According to our contact lens industry analysis, growing awareness about the benefits of disposable lenses over reusable lenses is strengthening the industry’s growth. Moreover, there are risks associated with the contacts like discomfort, excess tearing or other discharge, unusual sensitivity to light, itching, burning, or gritty feel, and unusual redness are likely to limit the growth of an extent over the forecast period. Furthermore, the launch of technologically advanced products is expected to drive the contact lens market share.
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Contact Lenses Market Segmentation
The contact lenses market is segmented on the basis of wear type, design, material, application, distribution channel, and geography. Based on wear type, the market is divided into daily disposable lenses, disposable lenses, frequent replacement lenses, and conventional lenses. Based on the design, the market is bifurcated into spherical, toric, multifocal, and other; materials: silicone hydrogel, hydrogel, gas permeable, hybrid, and polymethyl methacrylate (PMMA). Additionally, contact lenses have applications for corrective, therapeutic, cosmetic, prosthetic, and lifestyle-oriented. Moreover, the distribution channel includes retail stores, hospitals & clinics, and e-commerce.
Contact Lenses Market Regional Outlook
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the Contact Lenses market industry.
In 2021, North America held the major share (%) in terms of revenue of the global contact lenses market. The major economy of the region US accounted for the maximum revenue share. According to the 2015 estimates of the Centers for Disease Control and Prevention, one in six adults in the United States wear contact lenses, and one-third of them report at least one health care visit for a red or painful eye while wearing lenses.
According to our contact lens market forecast, Asia-Pacific is anticipated to experience the fastest growth from 2022 to 2030. The increasing number of people with eye disorders due to changing lifestyles is one of the major factors supporting regional market growth. The rising awareness about the advanced devices in the market by the marketing channels of major players is further bolstering the regional contact lens market value.
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Contact Lenses Market Players
Some of the leading contact lenses companies/competitors are Abbott Medical Optics, Inc., Alcon Vision LLC, Bausch & Lomb, Carl Zeiss AG, Contamac, Cooper Vision, Inc., Essilor International S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, SynergEyes, Inc., and X-Cel Specialty Contacts among others. Contact lenses companies have announced mergers and acquisitions, partnerships and collaborations, and new product development in order to uplift their position in the contact lenses industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage in the market.
Some of the key observations regarding the Contact Lenses industry include:
• Alcon launched PRECISION1 for astigmatism contact lenses in 2021. It’s a daily disposable, silicone hydrogel (SiHy) contact lens designed for astigmatic patients. Alcon estimates that toric lenses, which are correct for astigmatism, represent 23% of the $9 billion global contact lens market. PRECISION1 is designed with the SMART SURFACE technology, which has supported the brand to become the fastest-growing daily disposable contact lens brand in the U.S.
• The engineers from the University of Surrey, together with their partners from Harvard University (US), University of Science and Technology (China), National Physical Laboratory (UK), George Washington University, and Zhejiang University Ningbo Research Institute, have developed a breakthrough sensor system and manufacturing process to produce ultra-thin smart contact lenses. They have also stated that the system can be directly incorporated onto soft contact lenses using an easy assembly method. Additionally, the final design will also provide comfort and biocompatibility, robustness, transparency, and detection sensitivity, which outperforms other smart lenses.
Questions Answered By This Report
- What was the market size of Contact Lenses Market in 2021?
- What will be the CAGR of Contact Lenses Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Contact Lenses Market?
- Which region held the largest share in Contact Lenses Market in 2021?
- What are the key market drivers of Contact Lenses Market?
- Who is the largest end user Contact Lenses Market?
- What will be the Contact Lenses Market value in 2030?
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