DUBLIN–(BUSINESS WIRE)–February 10, 2022–
The contact lens market is growing at a CAGR of 5.97% during the forecast period. Contact lenses are an essential component of the global eye care market.
Growing adoption of contact lenses for the restoration of multiple vision dysfunctions such as myopia, hyperopia, astigmatism, and presbyopia will drive the growth of the global contact lens market. The growing attention to aesthetic appearance and the popularity of colored contact lenses in the fashion industry will drive the demand for these eye care products in the global market.
The following factors are likely to contribute to the growth of the contact lens market:
- Introduction of Hi-Tech Contact Lenses
- Increase in the use of silicone hydrogel contact lenses
- Paradigm shift towards premium and cosmetic lenses
- Technological advances in contact lenses
- Increase product launches
- Growing target population
- Technological advancements in the manufacturing process of the product are driving the growth of the market. For example, CooperVision has partnered with the plastic bank to develop a “plastic neutral” contact lens. CooperVision, one of the key players, has taken the step to produce contact lenses made from recycled materials in the market.
- There is an increasing number of visually impaired people, which will further increase during the forecast period. Growth in the target population in the contact lens market due to myopia, growth in the elderly population, and increasing preference for contact lenses over prescription glasses will drive the market in the near future.
CONTACT LENS MARKET SEGMENTS
The contact lens market is segmented on the basis of:
- Distribution channel
SEGMENTATION OF THE CONTACT LENSES MARKET
- Silicone hydrogel contact lenses benefit as they can help minimize risks, including red eyes, swollen corneas and blurred vision. Some of the factors for which silicone hydrogel lenses are preferred are extended wear, continuous wear, increased comfort, and performance.
- Changing lifestyle and environmental conditions such as smoking, high exposure to UV rays, pollutants are also increasing the number of eye disorders such as refractive error, cataracts and glaucoma. The increase in the diabetic population also contributes to the increase in eye disorders such as glaucoma, retinopathy, cataracts, temporary visual disturbance. All these factors are expected to drive the demand for corrective contact lenses in the market over the forecast period.
Market segmentation by material
- Silicone Hydrogel
- Hydro gel
Market segmentation by application
Market segmentation by design
Market segmentation by use
- Disposable Daily
- Frequent replacement
Market segmentation by distribution channel
- Retail stores
- Hospital and eye care
- Online stores
- North America: North America is considered an attractive market for contact lenses due to high healthcare expenditures in the region. In the United States, the use of cosmetic contact lenses is also relatively high. This is due to the increased awareness and importance of aesthetics among the American population.
- APAC: In 2021, APAC accounted for more than 30% of the global contact lens market. It is also the second largest player in the contact lens market. Japan accounts for 27% of APAC’s share of the contact lens market. What is unique is that it is illegal for ophthalmologists to sell or distribute contact lenses. So many doctors own and operate contact lens retail stores. Thus, physicians play an essential role in influencing the price of products.
SUPPLIER LANDSCAPE/ RECENT DEVELOPMENTS
- Major players in the contact lens market are Johnson & Johnson Vision Care, The Cooper Companies, Alcon, and Bausch & Lomb.
- In 2020, Alcon expanded its contact lens portfolio in Canada with the launch of its new PRECISION1 silicone hydrogel daily disposable contact lenses.
- Johnson & Johnson launched a product called Acuvue. In this, the contact lenses will automatically adapt to the availability of light. The brighter the light, the darker the lens will automatically darken to prevent excessive brightness for the user.
- Johnson and Johnson have also won approval to launch an antihistamine-infused contact lens to combat eye allergy symptoms such as itching.
- Johnson & Johnson Vision Care
- The Cooper Companies
- Bausch & Lomb
- BenQ Materials
- CAMAX OPTICAL
- Clerio Vision
- Ginkgo International
- St. Shine Optics
- Shanghai Weicon Optical
- Solotica Industry and Commerce
- CLPL Ultra Vision
- Viewing technologies
- X-Cel Specialist Contacts
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KEY WORD: NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: FASHION COSMETICS RETAIL HEALTH GENERAL HEALTH OPTICS
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 02/10/2022 12:39 PM / DISK: 02/10/2022 12:39 PM
Copyright BusinessWire 2022.