New York, U.S., Nov. 03, 2022 (GLOBE NEWSWIRE) — Overview of the contact lens market
According to a comprehensive research report by Market Research Future (MRFR), “contact lens market Information by use, design, material, type, application, distribution channel and region – Forecast to 2030“, the market is expected to reach approximately USD 11.72 billion by 2030 at a CAGR of 3.50% from 2022 to 2030.
Synopsis of contact lens market
A corrective lens is preferred to correct refractive errors and compensate for visual impairments such as myopia, presbyopia, hyperopia and astigmatism. As a result, the market is expected to grow throughout the forecast due to an increase in chart inconsistencies. The amount of outdoor activities is increasing, which is accelerating the expansion of the market. Optics and optometry have seen a lot of development and research to advance technology. The contact lens market has grown through innovations such as the introduction of dynamic soft contact lenses that incorporate advanced technology.
One of the main drivers for the expansion of the contact lens market is the category of soft lenses or silicone hydrogel, which has a wide range of uses. Soft contact lenses fit easily in the eyes and improve comfort as they are made from soft, flexible plastics like silicone hydrogel. Contact lenses are tiny lenses designed to be applied to the surface of the eye to correct vision. Depending on the type, comfort and reusability of the lenses, they are either hard or soft. The major factors driving the expansion of the market over the forecast period are the growing acceptance of these devices in developing countries and the global increase in the prevalence of refractive defects.
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|Market size in 2030||$11.72 billion|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By use, design, material, type, application and distribution channel|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||A rise in the prevalence of myopia is fueling demand for contact lenses|
|Preference for soft, colored contact lenses due to comfort and modification of multiple eye conditions|
Contact Lenses Market Competitive Landscape:
The well-known companies in the contact lens market are:
- Luxottica Group
- Bausch & Lomb Incorporated
- Express Contact Lenses Inc.
- Ciba Vision SA.
- Essilor International
- Johnson & Johnson Vision Care
- Cooper Vision Corporation
Contact lens market dynamics:
The need for daily contact lens wear is driven by the increasing aging population of various regions and their higher incidence of various vision-related problems. Additionally, the prevalence of eye diseases such as myopia has led to a global increase in the number of contact lens wearers. As a result, the demand for daily contact lenses has increased dramatically. The increased prevalence of eye problems, the growing trend to improve aesthetics, and the increase in disposable income are all contributing to the expansion of the contact lens industry. Uncorrected refractive errors are an important new factor in the development of visual impairment in wealthy countries. The research and development efforts associated with the studied market have increased considerably, according to the fields of optics and optometry.
Aging population and unmet need for lenses in developing countries is driving the global contact lens market. Due to new technologies and growing consumer knowledge about eye health, more and more people are having their eyes tested to identify the type of lenses they need. As a result, there is an increase in the demand for contact lenses globally, which propels the contact lens market to grow. Contact lens manufacturers are continually experimenting with new techniques to provide the ideal set of contact lenses that will meet all of their customers’ requirements at a reasonable price. Additionally, they want to make their new styles more aesthetically pleasing and comfortable for everyday wearers.
The contact lens category in the market is experiencing the fastest expansion. They are still an expensive choice for many people, regardless. However, advances in technology could bring this price down and make contact lenses more affordable for more people. Although consumers would benefit from this trend, high barriers to entry make it difficult for contact lens manufacturers to compete in this market.
Browse the in-depth market research report (129 pages) on contact lenses: https://www.marketresearchfuture.com/reports/contact-lenses-market-6210
COVID 19 analysis
The COVID-19 pandemic is expected to significantly influence the market under study as fewer optometry consultations will result from lower hospital and clinic visits and patient volume. This was largely caused by people refraining from touching their face and eyes for fear of contracting the SARS-CoV-2 virus, which also reduced the demand for contact lenses during the winter. COVID-19 outbreak. The COVID-19 pandemic should therefore have had a considerable effect on the contact lens industry. The outbreak of COVID-19 has significantly hampered the global market for these devices. Due to the effects of the COVID-19 pandemic, major companies in the market have reported a decline in revenue from the sales of contact lenses.
Segmentation of the contact lens market
By design, the market includes spherical, toric and multifocal lenses.
By usage, the market includes disposable lenses, frequent replacement lenses, daily disposable lenses, and conventional lenses.
By material, the market includes soft methacrylate hydrogel contact lenses, soft silicone hydrogel contact lenses, and gas permeable contact lenses.
By type, the market includes opaque contact lenses, enhanced contact lenses, and tinted contact lenses.
By application, the market includes conventional, orthokeratology and decorative
Regional outlook of the contact lens market
Due to the rise in eye disorders across all age groups in countries like India, China, and Japan, Asia-Pacific is expected to witness the highest growth in the contact lens market over the course of the forecast period. Additionally, North America is expected to account for the largest portion of the global contact lens market during the forecast. North America controlled the contact lens market. Patients with refractive errors are on the rise and market players are emphasizing strategic cooperation and collaboration.
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Japanese consumers are massively using cosmetic lenses to improve the appearance of their eyes, which has led to a massive increase in the contact lens market in the region. Soft contact lens markets are well developed in North America and Europe. Thus, through continuous studies and the creation of advanced products, companies and researchers from various fields are studying the varied applications of contact lenses. Consumers in Asia and the Pacific now have more purchasing power. In addition, the United States has increased its regional presence. Cosmetic lenses are growing in popularity due to their heavy use in industries like media and entertainment.
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