Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Contact Lenses Market– Global Industry Analysis, Market Size, Opportunities And Forecast, 2020-2027”
LOS ANGELES, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The Global Contact Lenses Market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and reach the market value of over US$ 14 Bn by 2027.
Contact lenses are thin curved lenses worn in “contact” with the eye. These are primarily designed to correct refractive errors and to maintain ocular health but later they find usage across cosmetics and prosthetics among others. Moreover, these are naturally clear but often given the slightest tinge of color to make them easier for wearers to handle. These are made with the materials like silicone hydrogel and hydrogel, which can easily be fixed with the water in the eye.
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The rising prevalence of eye diseases like refractive errors, cataracts, where contact lens help people to correct vision is supporting the market growth. Moreover, there are risks associated with the contacts like discomfort, excess tearing or other discharge, unusual sensitivity to light, itching, burning, or gritty feel, and unusual redness are likely to limit the growth of an extent over the forecast period.
The contact lenses market is segmented on the basis of wear type, design, material, application, distribution channel, and geography. Based on wear type, the market is divided into daily disposable lenses, disposable lenses, frequent replacement lenses, and conventional lenses. Based on the design, the market is bifurcated into spherical, toric, multifocal, other; material: silicone hydrogel, hydrogel, gas permeable, hybrid, and polymethyl methacrylate (PMMA). Additionally, contact lenses have applications for corrective, therapeutic, cosmetic, prosthetic, and lifestyle-oriented. Moreover, the distribution channel includes retail stores, hospitals & clinics, and e-commerce.
In 2019, North America held the major share (%) in terms of revenue of the global contact lenses market. The major economy of the region US accounted for the maximum revenue share. According to the 2015 estimates of the Centers for Disease Control and Prevention, one in six adults in the United States wear contact lenses, and one-third of them report at least one health care visit for a red or painful eye while wearing lenses.
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Furthermore, Asia Pacific is anticipated to experience the fastest growth over the forecast timeframe from 2020 to 2027. The increasing number of people with eye disorders due to changing lifestyles is one of the major factors supporting the regional market growth. The rising awareness about the advanced devices in the market by the marketing channels of major players is further bolstering the regional market value.
Some of the leading competitors are Abbott Medical Optics, Inc., Alcon Vision LLC, Bausch & Lomb, Carl Zeiss AG, Contamac, CooperVision, Inc., Essilor International S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, SynergEyes, Inc., and X-Cel Specialty Contacts among others. Contact lenses companies have announced mergers and acquisitions, partnerships and collaborations, and new product development in order to uplift their position in the contact lenses industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage in the market.
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Some of the key observations regarding the contact lenses industry include:
- Alcon has launched PRECISION1 for astigmatism contact lenses in 2021. It’s a daily disposable, silicone hydrogel (SiHy) contact lens designed for astigmatic patients. Alcon estimates that toric lenses, which correct for astigmatism, represent 23% of the $9 billion global contact lens market. PRECISION1 is designed with the SMART SURFACE technology, which has supported the brand to become the fastest-growing daily disposable contact lens brand in the U.S.
- The engineers from the University of Surrey, together with their partners from Harvard University (US), University of Science and Technology (China), National Physical Laboratory (UK), George Washington University, and Zhejiang University Ningbo Research Institute, have developed a breakthrough sensor system and manufacturing process to produce ultra-thin smart contact lenses. They have also stated that the system can be directly incorporated onto soft contact lenses using an easy assembly method. Additionally, the final design will also provide comfort and biocompatibility, robustness, transparency, and detection sensitivity, which outperforms other smart lenses.
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