New York, United States , March 09, 2023 (GLOBE NEWSWIRE) -- The Global Contact Lenses Market Size to grow from USD 14.9 billion in 2021 to USD 20.7 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.1% during the forecast period. The untapped emerging economies are expected to provide growth opportunities for players in the global market. On the other hand, the shortage of ophthalmologists and regulatory barriers are expected to challenge market growth to a certain extent in the coming years. In this report, the global market is segmented based on products and distribution channels. A significant number of research and development activities have been used in optics and optometry to advance the technology. Advances such as the launch of dynamic soft contact lenses integrated with advanced technology have propelled the growth of the market for contact lenses.
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A contact lens is a thin, aesthetic, corrective, and therapeutic device applied to the cornea with the aim of enhancing human eyesight. Contact lenses make wearing heavy eyeglasses unnecessary and have the added benefit of improving facial aesthetics. Moreover, contact lenses are frequently used to treat glaucoma, presbyopia, hyperopia, astigmatism, and other eye conditions. The industry is being driven by the rise of adult and paediatric incidences of myopia and presbyopia. The increase in these eye conditions is brought on by a lack of awareness and reluctance to rectify vision in developing nations. Yet, there are more and more steps being taken by national and regional governments to raise public knowledge of vision correction. Further encouraging the adoption of contact lenses in developing nations like South Korea, India, and China is the launch of premium lenses by major market players. According to a number of survey findings, persons who wear contact lenses frequently have adverse effects because the lenses are positioned incorrectly in their eyes. The negative effects include vision impairment, which causes harm to or loss of vision. In addition to this, erroneous usage can cause a number of additional eye conditions, including large papillary conjunctivitis, corneal adema, infection, red eyes, superficial keratitis, epithelial microcysts, excessive mucus production, infiltrates, and epithelial microcysts (GPC). Furthermore, the market's long-term growth is constrained by the abundance of replacements, such as LASIK surgery and spectacles.
Browse key industry insights spread across 199 pages with 121 market data tables and figures & charts from the report “Global Contact Lenses Market Size, Share, and COVID-19 Impact Analysis, By Modality (Reusable, Disposable), By Design (Toric, Multifocal, Spherical), By Distribution Channel (Ophthalmologists, Online Stores, Retail Stores), By Material (Gas Permeable, Silicone Hydrogel), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030“ in detail along with the table of contents
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The Reusable segment is dominating the market over the forecast period.
Based on modality, the global contact lenses market is segmented into reusable and disposable. Among these, the reusable segment is anticipated to dominate the market over the upcoming years with the largest market share. Patients with refractive errors are more likely to be interested in these products as a result of the rising numbers of wearers and patients with refractive problems.
The Spherical segment holds the highest market share over the forecast period.
On the basis of design, the global contact lenses market is segmented into spherical, multifocal, and toric. Due to growing technical improvements and an increase in elderly population use of lenses, the spherical segment, which currently has the greatest market share, is forecasted to rule the market over the anticipated period.
The Retail Stores segment to dominate the market with the largest market share over the forecast period.
Based on distribution channel, the global contact lenses market is segmented into online stores, retail stores, and ophthalmologists. Due to the actions taken by the major market players to introduce cutting edge products at cost-effective prices at various retail stores, along with the discounts they offer and the expansion of larger store chains, the retail stores segment is anticipated to dominate the market with the largest market share.
The Silicone Hydrogel segment accounted the largest market share over the forecast period.
On the basis of material, the global contact lenses market is segmented into gas permeable, silicone hydrogel. Among these, the silicone hydrogel segment accounted the largest market share over the forecast period. Compared to gas permeable lenses, it has many advantages like flexibility and improved comfort. Because of this, buyers choose it over other lenses in large numbers.
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North America dominates the market with the largest market share over the forecast period.
Out of all the other regions, North America will have the greatest market share over the forecast period. The growth is attributable to an increase in the number of patients with refractive problems, significant patient awareness of vision correction treatments, and a growing emphasis on partnerships and collaborations by market players.
Asia Pacific contact lenses market is anticipated to grow at a considerable pace throughout the forecast period due to the increasing geriatric population in countries like China and Japan coupled with increasing technology innovation. Furthermore, rising cases of visually related diseases are also expected to contribute the regional growth. Asia Pacific contact lenses market is anticipated to grow at a considerable pace throughout the forecast period due to the increasing geriatric population in countries like China and Japan coupled with increasing technology innovation. Furthermore, rising cases of visually related diseases are also expected to contribute the regional growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The major key vendors we have covered that are Essilor International S.A.; Alcon Vision LLC; Abbott Medical Optics, Inc.; CooperVision, Inc.; Hoya Corporation; SynergEyes, Inc.; X-Cel Specialty Contacts; Johnson & Johnson Vision Care, Inc.; Medennium; Seed Co., Ltd.; STAAR Surgical Company.
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