Contact lens market expected to grow at a CAGR of 5.14% by 2027, estimates DelveInsight

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The global contact lens market has been valued at $9,974.25 million in 2021 and growing at a CAGR of 5.14% during the forecast period (2022 to 2027), it is expected to reach $13,436.70 million by 2027.

Some of the key factors expected to drive the contact lens market include increasing prevalence of ophthalmic diseases such as myopia, presbyopia, and astigmatism, among others, increasing sedentary lifestyle, growing aging population that is susceptible to development of presbyopia, and the growing awareness of contact lenses among end users. Some of the key companies in the contact lens market include Alcon Inc, Cooper Vision Inc, Johnson & Johnson Vision, Bausch Health Companies Inc., HOYA Vision Care Company, Contamac, ZEISS Group, SynergEyes, Menicon Co., Ltd., Gelflex, Orion Vision Group, Solotica, Medios, SEED CO. LTD, and others.

by DelveInsight”contact lens marketThe research report provides current and forecasted contact lens market trends for the next five years, upcoming innovations in the segment, along with individual market shares, challenges, drivers and barriers and key competitors on the market.

Overview of contact lenses

Contact lenses are thin, transparent plastic discs worn directly on the cornea to improve vision. These lenses play a crucial role in solving different types of refractive errors. Spherical contact lenses are used in the treatment myopia, hypermetropia and bifocal, and Monofocal spherical contact lenses are used in the treatment of presbyopia.

DelveInsights'”contact lens market“The report provides detailed information about Contact Lenses based on segmentation such as type of product (soft contact lenses, rigid gas permeable contact lenses, hybrid contact lenses and others), by lens product type (spherical, toric, multifocal, and others), by friendliness (daily disposable, frequently disposable and reusable), per use (daily wear and extended wear), by applicability (correctives, prosthetics and cosmetics), and by geography (North America, Europe, Asia-Pacific and Rest of the World)

According to DelveInsight’s assessment, depending on the type of usability, the daily disposable lenses market is expected to experience significant revenue growth due to several benefits associated with wearing daily disposable contact lenses. The daily disposable lenses market continues to grow at a tremendous rate by 2027, driven by the growing demand as these lenses require low maintenance from the user.

According to DelveInsight, the contact lens market is expected to witness remarkable growth during the forecast period owing to the rising prevalence of ophthalmic diseases such as myopia, hypermetropia and astigmatism, among others. According to the WHO, presbyopia accounts for approximately 1.8 billion cases around the world, and the number of cases is expected to increase in the coming years.

According International Institute of Myopia (2022)almost 30% of the world is currently myopic, and by 2050 the number of myopic people is expected to reach 50%accounting five billion. In addition, the increase in population in the age group 40 to 65 is another factor driving the increasing prevalence of presbyopia.

Apart from the growing prevalence of ophthalmic diseases, continuous research and development activities, increasing corporate interest in lens manufacturing and positive approach by regulatory authorities will also contribute to the growth of the contact lens market. However, the availability of alternative products and the complications associated with contact lenses may hamper the growth of the contact lens market.

Want to know more about current developments in global contact lenses? Visit for an in-depth look at Types of Contact Lenses and Emerging Products

According to DelveInsight, North America is expected to lead the global contact lens market in terms of revenue generation. The heavy use of contact lenses by end-users is one of the major factors expected to drive the North America contact lens market. The other major factors, such as a large patient base associated with refractive errors, strong consumer awareness, new product launches, growing interest from pharmaceutical companies in product development and the local presence of Key market players among others will also drive the market. growth.

According to CDC (2021), in the United States, almost 45 million people wore contact lenses. Moreover, we observe that two-thirds of contact lens wearers were women. Contact lenses are flexible for use in sports, lifestyle and occupation. In the coming years, several key companies are expected to enter the market and many products are also expected to receive regulatory approvals.

Similarly, in Canada, the contact lens market will see positive growth. According to the Canadian Association of Optometrists, nearly 30 percent of the Canadian population is myopic. In addition to its increased prevalence in Canada, myopia occurs at an earlier age and progresses at a faster rate than in previous generations. Overall, product development activities, along with the presence of a large patient pool, will propel the contact lens market in Canada.

Want to know how the global contact lens market will grow by 2027? Click for a snapshot of Contact lens market trends and developments.

Over the years, the contact lens market has evolved significantly due to the active participation of global pharmaceutical companies and technological advancements in the field.

Here are some of the key developments in the contact lens market over the past few years –

  • In April 2022, Alconthe world leader in eye care, announced the launch of the PRECISION1® for Astigmatism in Canada. The daily disposable, Silicone hydrogel (SiHy) contact lenses are designed for patients with astigmatism, continuing Alcon’s mission to help people see brightly.
  • In December 2021, Johnson & Johnson Vision received USFDA the approval of his ACUVUE® Abiliti™ Therapeutic night lenses, the first and only orthokeratological (ortho-k) contact lens approved by the FDA for the management of myopia.
  • In February 2021, Johnson & Johnson Vision received CE marking for its latest multifocal contact lens, ACUVUE OASYS MULTIFOCAL with OPTIMIZED DESIGN FOR STUDENTS for Europe.

According to DelveInsight, the ongoing clinical and commercial development activities and ongoing research in the field will contribute immensely to the contact lens market in the coming years.

Some of the key companies in the contact lens market include Alcon Inc, Cooper Vision Inc, Johnson & Johnson Vision, Bausch Health Companies Inc., HOYA Vision Care Company, Contamac, ZEISS Group, SynergEyes, Menicon Co., Ltd., Gelflex, Orion Vision Group, Solotica, medios, SEED CO. LTD, and others.

According to DelveInsight, due to the very high growth rate and positive return, several new players are expected to enter the contact lens market in the coming years. The entry of new players and the launch of emerging players will boost the growth of the contact lens market immensely.

Find out how the entry of new players will transform the contact lens market in the coming years on, Competitive landscape of contact lenses.

Scope of Contact Lenses Market Report:

  • Geography Covered – Global
  • Study period – 2019-2027
  • By product type – Soft contact lenses, rigid gas permeable contact lenses, hybrid contact lenses and others
  • By Lens Product Type – Spherical, toric, multifocal and others
  • For usability – Daily disposable, frequently disposable and reusable
  • By use – Daily Wear and Extended Wear
  • By applicability – Corrective, Prosthetic and Cosmetic
  • By geography – North America, Europe, Asia-Pacific and Rest of the World
  • Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL Viewpoints, Analyst Point of View.

Contents

1 Presentation of the report
2 Summary
3 Regulatory analysis and patents
4 Analysis of the key factors of the contact lens market
5 Porter’s Five Forces Analysis for Contact Lenses
6 Impact analysis of COVID-19 on the contact lens market
seven Contact lens market layout
8 Global Contact Lenses Company Share Analysis – 3 to 5 Key Companies
9 Contact Lens Product Profiles and Key Companies
ten Project approach
11 KOL Views
12 Features of DelveInsight
13 Disclaimer
14 About DelveInsight

Contact us for a more detailed overview of the Analysis of contact lens regulations and patents

Key takeaways from the Contact Lenses market report study

  • In-depth analysis of contact lens market size, share and key trends.
  • Comprehensive Analysis of Current Contact Lens Market Size (2020) & 5 Year Market Forecast (2022-2027)
  • The effect of the COVID-19 pandemic on the contact lens market is significant. To capture and analyze the appropriate indicators, our experts closely monitor the contact lens market.
  • Major product/service/technology developments, mergers, acquisitions, partnerships and joint ventures that have occurred in the past three years
  • Key companies dominating the global contact lens market.
  • Various opportunities are available for the other competitors in the contact lens market.
  • What are the best performing segments in 2020? How these segments will behave in 2027.
  • Which are the top performing regions and countries in the current Contact Lenses market scenario?
  • Which are the regions and countries where the companies should have been focusing on the Contact Lenses market growth opportunities in the near future?

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About DelveInsight
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