LOS ANGELES, Sept. 05, 2022 (GLOBE NEWSWIRE) — LOS ANGELES, September 052022 (GLOBE NEWSWIRE) – The contact lens market is expected to grow at a CAGR of approximately 6.9% from 2022 to 2030 and reach a market value of approximately $17.4 billion by 2030.
Highlights of the Contact Lenses Market Report
• The global contact lens market size was $9.6 billion in 2021 and is expected to grow at a CAGR of 6.9% from 2022 to 2030
• The North American contact lens market is expected to lead with over 38% market share
• According to the CDS, more than 45 million people in the United States wear contact lenses
• Asia-Pacific Contact Lens Market is expected to grow with the fastest CAGR during the forecast period of 2022 to 2030
• Among the distribution channels, the retail store occupied more than 35% of the total market share
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|Market||contact lens market|
|Size 2021||$9.6 billion|
|contact lens market Forecast 2030||$17.4 billion|
|contact lens market CAGR from 2022 to 2030||6.9%|
|contact lens market Analysis period||2018 – 2030|
|contact lens market base year||2021|
|contact lens market Forecast data||2022 – 2030|
|Segments Covered||By wear type, by design, by material, by application, by distribution channel and by geography|
|contact lens market Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Abbott Medical Optics, Inc., Alcon Vision LLC, Bausch & Lomb, Carl Zeiss AG, Contamac, Cooper Vision, Inc., Essilor International SA, Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd . ., STAAR Surgical Company, SynergEyes, Inc. and X-Cel Specialty Contacts.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Contact lenses are thin, curved lenses worn in “contact” with the eye. These are primarily designed to correct refractive errors and maintain eye health, but later find use in cosmetics and prosthetics, among others. Moreover, these are naturally clear but often provided with the slightest tint of color to make them easier to handle for the wearers. These are made with materials such as silicone hydrogel and hydrogel, which can easily be fixed with water in the eyes. The growing adoption of reusable lenses is a popular contact lens market trend that is fueling industry demand.
Impact of COVID-19 on Global Contact Lenses Market Revenue
The introduction of COVID-19 has significantly hampered global demand for these devices. Due to the impact of the COVID-19 outbreak, major market players have reported declining revenue from the sale of glasses. In 2020, Johnson & Johnson Vision Care, Inc. saw an 11.7% decline in sales. However, a survey by J&J revealed that the market is expected to recover from 2021. In 2021, Johnson & Johnson Vision announced the results of its survey on the impact of COVID-19 on contact lenses in Western Europe. According to the report, contact lens use is showing signs of recovery across Western Europe now that lockdown restrictions have been lifted. In fact, 63% of Western European contact lens wearers surveyed wear contact lenses as often as before the pandemic, and 10% wear them more frequently. Additionally, 53% of people who stopped wearing contact lenses during the pandemic said they wanted to start wearing them again. The use of contact lenses recovers in several modalities. In fact, overall contact lens use in Western Europe is expected to increase by 12% by 2021.
Dynamics of the contact lens market
The growing prevalence of eye diseases such as refractive errors and cataracts, where contact lenses help people correct vision, is supporting the growth of the contact lens market. According to our analysis of the contact lens industry, the growing awareness about the benefits of disposable lenses over reusable lenses is driving the growth of the industry. Additionally, there are risks associated with contact such as discomfort, excessive tearing or other discharge, unusual sensitivity to light, itching, burning or gritty sensation, and unusual redness are likely to limit growth to some extent over the forecast period. Also, the launch of technologically advanced products is expected to boost the contact lens market share.
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Segmentation of the contact lens market
The contact lens 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. On the basis of design, the market is divided into spherical, toric, multifocal and other; materials: silicone hydrogel, hydrogel, gas permeable, hybrid and polymethyl methacrylate (PMMA). Additionally, contact lenses have corrective, therapeutic, cosmetic, prosthetic, and lifestyle applications. Additionally, the distribution channel includes retail stores, hospitals & clinics, and e-commerce.
Regional outlook of the contact lens market
North America, Europe, Latin America, Asia-Pacific, Middle East and Africa are the regional industry categorizations of the contact lens market.
In 2021, North America held the major share (%) in terms of global contact lens market revenue. The region’s main economy, the United States, accounted for the maximum share of revenue. According to 2015 estimates from 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 medical visit for a red or sore eye while wearing contact lenses. lenses.
According to our contact lens market forecast, Asia-Pacific is expected to witness the fastest growth from 2022 to 2030. The increasing number of people with eye disorders due to changing lifestyles is one of the key drivers of regional market growth. The growing awareness of advanced devices in the market through the marketing channels of major players is further enhancing the regional market value of Contact Lenses.
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Contact lens market players
Some of the major contact lens companies/competitors are Abbott Medical Optics, Inc., Alcon Vision LLC, Bausch & Lomb, Carl Zeiss AG, Contamac, Cooper Vision, Inc., Essilor International SA, Hoya Corporation, Johnson & Johnson Vision Care , Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, SynergEyes, Inc. and X-Cel Specialty Contacts, among others. Contact lens companies announced mergers and acquisitions, partnerships and collaborations, and new product development to improve their position in the contact lens industry. Major players are also moving to new regions with advanced technologies to gain a competitive edge in the market.
Some of the key observations regarding the contact lens industry include:
• Alcon launched PRECISION1 for astigmatism contact lenses in 2021. It is a silicone hydrogel (SiHy) daily disposable contact lens designed for patients with astigmatism. Alcon estimates that toric lenses, which are correct for astigmatism, account for 23% of the $9 billion global contact lens market. PRECISION1 is engineered with SMART SURFACE technology, which has helped the brand become the fastest growing daily disposable contact lens brand in the United States.
• Engineers from the University of Surrey, in collaboration with their partners from Harvard University (USA), the University of Science and Technology (China), the National Physics Laboratory (UK), from George Washington University and the Ningbo Research Institute of Zhejiang University, have developed a revolutionary sensor system and manufacturing process to produce ultra-thin smart contact lenses. They also said the system can be incorporated directly onto soft contact lenses using an easy assembly method. Moreover, the final design will also offer comfort and biocompatibility, robustness, transparency and detection sensitivity, which surpasses other smart lenses.
Questions this report answers
- What was the market size of Contact Lenses Market in 2021?
- What will be the CAGR of the Contact Lenses Market during the forecast period, 2022 to 2030?
- Who are the key players in the global contact lens market?
- Which region held the largest contact lens market share in 2021?
- What are the key market drivers of Contact Lenses Market?
- What is the largest end-user contact lens market?
- How much will the contact lens market be worth in 2030?
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