Contact Lenses Market

Market Synopsis:

The Global Contact Lenses Market was valued at USD 7.6 Billion in 2021 and is expected to reach a value of USD 10.9 Billion by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.20% over the forecast period.

Contact Lenses are small, delicate lenses intended to be applied to the eyes' surface to correct eyesight. Depending on the lenses' comfort, nature, and reusability, these can be either hard or soft. To correct myopia, hyperopia, astigmatism, and presbyopia, Contact Lenses are utilized. Despite the increasing prevalence, myopia continues to be the most prevalent type of vision impairment worldwide. Myopia is more common in East Asian nations, including China, Japan, South Korea, and Singapore, according to the World Health Organization (WHO). Future expansion of the Contact Lenses Market is anticipated to be fueled by the rising prevalence of myopia and rising spending on ophthalmic products, such as contact lenses, as a remedy for refractive problems. Additionally, people prefer to use insurance coverage and are more likely to spend more on products for eye care in industrialized nations. Due to the items' low cost and comfort, consumers also show brand loyalty and do not want to move to the competitors' products.

Contact lens use is lower in developing nations than in industrialized countries, even though it is necessary for vision correction and offers a higher quality of life than glasses. Since many people who wear glasses are unaware of contact lenses, to overcome barriers to contact lens wear, contact lens education and visual performance tests using trial fittings on prospective candidates may be helpful.

Market Segmentation:

The Global Contact Lenses Market is segmented based on Products, Distribution Channel, Material Type, Design Type, Wear Type, Distribution Channel, Application, and Region. Based on the Products, the market is further bifurcated into Usage, Design, Material, Color Variation, and Application. In addition, based on Distribution Channel, the market is further split into Retail Stores, Hospitals & Clinics, and E-Commerce. Furthermore, based on Material Type, the market can be divided into Silicone Hydrogel, Hydrogel, and Other Materials. Furthermore, based on Design Type, the market can be further divided into Spherical, Toric, Multifocal, and Other Design Types. In addition, based on Wear Type, the market is further bifurcated into Monthly Disposable, Daily Disposable, and Yearly Disposable. Likewise, based on Application, the market can be further categorized into Corrective, Cosmetic, and Other Applications.

Based on Design Type:

Due to its ability to include many treatments, the Multifocal Design segment is predicted to expand rapidly over the forecasted period. These lenses are generally used to treat eye issues brought on by aging. Additionally, it is anticipated that more remarkable government initiatives and licenses will accelerate the growing trend. For instance, the Food and Drug Administration (FDA) recently approved CooperVision Biofinity toric Multifocal Contact Lenses. The device increases the range of Biofinity Toric lenses for people with presbyopia.

Based on Distribution Channel:

Due to the greater availability of items compared to other segments, the Retail Store Distribution segment is anticipated to hold the bulk of market shares globally. Additionally, it is expected that the enticing discounts and low prices offered by retail merchants will boost customer demand. Furthermore, the E-Commerce sector is anticipated to expand rapidly over the projection period as a result of growing trends toward online shopping in developed and developing countries, as well as the increased market penetration of top e-pharma businesses.

North America had a Major Share and is Expected to Continue its Dominance over the Projected Period

Due to the growing number of people suffering from vision disorders, North America dominated the worldwide Contact Lenses Market in 2021 and is predicted to continue doing so throughout the forecast period. In addition, growing consumer knowledge of vision correction options is anticipated to drive up market demand over the next few years. The Centers for Disease Control and Prevention (CDC) also estimates that about 45 million Americans wear contact lenses. Therefore, it is anticipated that the market demand will rise throughout the projected period due to the large number of people who wear Contact Lenses and the rising prevalence of disorders connected to vision.

A significant growth rate in the Asia Pacific contact lens market is projected throughout the forecast period due to rising geriatric populations in nations like China and Japan, as well as increased technological innovation. In addition, rising instances of disorders associated with the eyes are also anticipated to contribute to regional growth.

Competitive Landscape:

The key players in the Global Contact Lenses Market include- Bausch & Lomb (US) and others.

Segmentation of the Global Contact Lenses Market: