According to Fortune Business Insights, the global contact lenses market size to reach from USD 9.94 billion in 2022 to USD 14.80 billion in 2029, presence of several large scale companies and increasing investments in product R&D will emerge in favor of market growth
Pune, India, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The Contact Lenses Market size was USD 9.48 billion in 2021 and is projected to grow from USD 9.94 billion in 2022 to USD 14.80 billion by 2029 and exhibit a CAGR of 5.9% during the forecast period, 2022-2029. The increasing investments in these lenses are consequential to the increasing demand for the product across the world. The presence of several large scale manufacturers in this sector will have a massive impact on the growth of the market.
Industry Developments:
January 2022 - Alcon announced the launch of Dailies TOTAL1 in the U.S. for patients with astigmatism. The first water gradient lens was launched to provide a comfortable fit for patients.
April 2021 - EssilorLuxottica announced the acquisition of GrandVision, an optical retail chain with more than 350 stores across Europe.
Decline in Contact Lens Sales During the Covid-19 Pandemic to Affect Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. The efforts taken to curb the spread of the disease have had an adverse effect on several businesses across the world. The decline in contact lens sales during the pandemic is consequential to the strict measures taken to limit the spread of the disease. Having said that online commerce and business options will provide alternate routes the companies.
Contact lenses are widely used across the world, driven by increasing number of eye disorders across the world. The advancement and the efforts put in by large scale companies across the world will have a massive impact on the growth of the overall contact lenses market in the coming years. The massive investments in the research and development of efficient products will have a huge impact on market growth. The rising demand for disposable contact lenses will bode well for the growth of the market. The changing lifestyle habits and preferences towards these lenses over glasses will create several growth opportunities for the companies operating in the global market. Additionally, the presence of several large scale companies will bode well for the growth of the market in the coming years.
Spherical Segment to Dominate the Market Backed by High Prescriptions
In terms of design, the market is segregated into spherical, multifocal, and toric. Out of these, the spherical segment had generated 65.8% contact lenses market share in 2018 and was in the leading position. It occurred because these lenses are highly recommended by doctors for correcting ocular disorders. The toric segment, on the other hand, is anticipated to showcase considerable growth owing to its possession of numerous advantages, such as greater lens-to-lens reproducibility, easier fitting protocol, and better stabilization design. Lastly, the multifocal segment would expand at faster pace in the near future due to growing awareness and increasing new product launches.
Increasing Number of Product Launches will have a Huge Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations has made the highest impact on the growth of the market. Accounting to the massive potential held by contact lenses with respect to variations, colors, and size, companies are looking to introduce innovative products with the view to acquiring to a wider consumer base.
North America to Emerge Dominant; Increasing Number of Presbyopia Patients will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, North America dominated the contact lenses market share with a contribution of USD 3.27 billion in the global market in 2021. The rising incidence of presbyopia in the United States, coupled with the increasing geriatric population that are more prone to eye disorders will lead to a wider product adoption in this region.
Asia Pacific, on the other hand, is expected to remain in the second position owing to gradual inclination of the masses to disposable contact lenses from reusable contact lenses. Also, various market players are launching novel products day by day in this region. It is also giving rise to market growth. Moreover, the increasing awareness programs regarding the benefits of using contact lenses, rising disposable income, and availability of lenses on online platforms would also contribute to the demand for contact lenses in this region.
List of companies profiled in the report:
CooperVision (U.S.)
Bausch & Lomb Incorporated (U.S.)
Alcon Vision LLC (Switzerland)
Essilor (France)
ZEISS International (Germany)
Contamac (U.K.)
Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.) (U.S.)
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