Yahoo Finance Contact Lenses Market Is Expected To Reach around USD 14.80 Billion by 2030, Grow at a CAGR Of 5.9% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, In 2021, North America had the biggest share of the USD 3.27 billion contact lens market.
Farmington, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Global Contact Lenses Market Size Was Valued At USD 9.48 Billion In 2021. The Market Is Projected To Grow From USD 9.94 Billion In 2022 To USD 14.80 Billion By 2030, Exhibiting A CAGR Of 5.9% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. Compared to what it was before the pandemic, demand is lower than expected in all areas. Our research shows that the global market was 9.0% smaller in 2020 than in 2019.
Thin lenses called contact lenses are put on the surface of the eye to help people see better. Depending on how they feel and how often they can be used, the lenses can be hard or soft. During the forecast period, the market is expected to grow because more people in developing countries are using these devices and the number of people with refractive errors is growing everywhere.
A study found that 116.3 million people with uncorrected refractive error have moderate to severe vision loss, according to a BMC Public Health report from 2021. As the number of people with refractive errors around the world goes up and more people learn that contact lenses can help them see better, the market for contact lenses is likely to grow.
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Recent Developments:
April 2021 - Cooper Companies Inc. announced the acquisition of No7 Lenses, which designs and manufactures specialty lenses primarily distributed in the UK.
April 2021 – EssilorLuxottica announced the acquisition of GrandVision, an optical retail chain with over 350 stores across Europe.
October 2020 - Bausch & Lomb Incorporated has obtained an exclusive license for a myopic control design for lenses developed by BHVI, an Australian non-profit organization with an international focus on vision research.
Segment Overview
Modality Insights
Depending on Modality, parts on the market can either be reused or thrown away. Most of the things on the market could be used more than once. There are more people with refractive errors and more people who wear glasses, so more people with refractive errors are buying these products.
Design Insights
Based on how the design, the market is divided into toric, multifocal, and spherical. During the time frame of the forecast, the spherical segment is expected to have the biggest market share. Because technology is getting better and more adults are using lenses, spherical lenses have the biggest market share.
Distribution Channel Insights
In 2020, most of the world's market was made up of stores that sold goods. The most important part is the retail stores segment, because manufacturers are putting out new products in retail stores at reasonable prices, retail stores offer discounts, and retail stores are joining larger store chains. Retail pharmacies are also growing quickly on the global market because there are so many stores in developed countries.
Regional Outlook:
In 2021, North America had the biggest share of the USD 3.27 billion contact lens market. More and more people are getting refractive errors, and patients are learning more about how to fix their vision. Strategic partnerships and collaborations are also getting more attention from market players. So, these are the main reasons why the market in North America is growing.
In April 2021, for example, Johnson & Johnson Vision and Menicon, a top company that makes innovative lenses, announced a global strategic partnership. The goal of this partnership was to make therapeutic lenses that would help stop children from getting myopia or making it worse if they already had it.
Also, the number of people in the U.S. who wear contact lenses is likely to slowly go up. In 2021, 31 million people in the U.S. will be wearing contact lenses, according to a report from the U.S. Environmental Protection Agency. The North American market is likely to grow because more people will want to use it because their tastes in eyewear are changing.
Also, Europe had the second biggest share of the global market. This is because a lot of people have eye problems like nearsightedness and farsightedness, the area is using more and more advanced products, and new lenses have been approved by the government.
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Scope of Report:
Report Attributes | Details |
Growth Rate | CAGR of 5.9% from 2023 to 2030. |
Revenue Forecast by 2022 | USD 9.94 Billion |
By Modality | Reusable, Disposable, Others |
By Design | Toric, Multifocal, Spherical, Others |
By Distribution Channel | Ophthalmologists, Retail Stores, Online Stores, Others |
By Companies | Johnson & Johnson Vision Care, Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Bausch & Lomb Incorporated (Canada), Alcon (Switzerland), The Cooper Companies Inc. (U.S.), Hoya Corporation(Japan), EssilorLuxottica (France), Menicon Co., Ltd. (Japan) |
Regions and Countries Covered |
|
Base Year | 2022 |
Historical Year | 2017 to 2022 |
Forecast Year | 2023 to 2030 |
Trends:
There will be more demand for daily disposables if people worry more about their eyes.
More people should know that disposable lenses are better than reusable ones. For example, cleaning solutions can cause side effects like eye staining and lid effects. Even though the cost of disposable and reusable lenses isn't that different over the course of a year, eye doctors recommend using disposable lenses because they are safer. Also, the biggest players in the market are running programmes to raise awareness and putting out new, innovative products, which are expected to help the growth of daily disposables. For instance, in January 2021, Alcon released PRECISION1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lens for people with astigmatism in the United States.
Driving Factors:
The market will grow because there are a lot of refractive errors and more technologically advanced products are coming out.
Both children and adults are getting more and more presbyopia and myopia. This is one reason why the number of people with vision problems is going up. Another is that most people, especially in developing countries, don't know much about vision correction and are afraid to get it done. According to data released by the WHO in 2021, 2.2 billion people around the world have nearsightedness or farsightedness, and about 1 billion of them have not been diagnosed. Most of the cases were found to be untreated refractive errors or cataracts.
Restraining Factors:
If there are other ways to treat refractive errors, the market will grow less quickly.
Several clinical studies have shown that how people use their contact lenses can cause side effects. Some of these side effects can permanently hurt the eyes or even make it impossible to see. Using contact lenses can cause a lot of problems, like infections, corneal edoema, superficial keratitis, red eyes, mucus buildup, epithelial microcysts, infiltrates, giant papillary conjunctivitis (GPC), and corneal vascularization. Because of these problems, people don't use these lenses as much as they could.
In 2021, Harvard Health Publishing will say that up to 20 out of every 10,000 people who wear contact lenses get keratitis, which can lead to blindness. Also, about 1 million times a year, these devices were used incorrectly, which led to trips to hospitals and emergency rooms.
Key Segments Covered:
Top Market Players:
Johnson & Johnson Vision Care, Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Bausch & Lomb Incorporated (Canada), Alcon (Switzerland), The Cooper Companies Inc. (U.S.), Hoya Corporation(Japan), EssilorLuxottica (France), Menicon Co., Ltd. (Japan), and others.
By Modality
Reusable
Disposable
Others
By Design
Toric
Multifocal
Spherical
Others
By Distribution Channel
Ophthalmologists
Retail Stores
Online Stores
Others
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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