Wilmington, Delaware, United States, July 13, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market analysis of contact lens has found that rise in incidence of eye disorders and vision impairment has steered substantial revenue growth. The contact lenses market size was estimated at US$ 8.6 Bn in 2021, where the demand for various contact lens designs pivoted on the global prevalence of myopia. In 2031, the size is projected to reach US$ 14.5 Bn, with substantial opportunities to emanate from the Asia Pacific and North America markets.
Contact lens users worldwide, observed the analysts of the study on contact lenses market, increasingly seek user comfort, convenience, and effectiveness in meeting their needs. Best contact lenses are aimed at meeting all these user expectations. Of note, users engaging in sports and aquatic activities value these product attributes. The factor has driven need for contact design advancements, notably in toric lenses. These lenses have been primarily used in the treatment of mild and moderate corneal astigmatism.
Soft contact lenses are the most popular types of contact lenses, and leading manufactures are leaning on expanding their product portfolio of these lens types. They are expected to gained revenues from focus on customization tailored to meet individual patient needs, found the study on the contact lenses market.
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Key Findings of Contact Lenses Market Study
- Widespread Adoption of Contact Lenses in Correcting Eye Diseases to Generate Revenue Streams: Rise in number of people, globally, with eye impairment and eye diseases has pivoted vast lucrative avenue for companies in the contact lenses market. Prevalence of vision impairment in adults has steered substantial revenue streams, and contact lenses have been found to be effective in correcting the conditions in the vulnerable population.
- High Prevalence of Age-related Diseases Presents Incredible Avenues: The burden of age-related eye diseases is expected to rise remarkably over the next few decades. This rides on the back of the various statistics by the WHO and other global organizations on the massive increase in share of the population aged 50 years & above by 2050. The rapidly aging population worldwide presents a vast latent demand, as the use of contact lenses has significantly improved their quality of life. The prevalence of myopia in particular will generate considerable profitable opportunities for industry players in the contact lenses market.
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Contact Lenses Market: Key Drivers
- Rise in incidence of vision impairment and eye diseases is a key driver for evolution of the contact lenses market. Various designs of contact lenses have proved effective in correcting the disease.
- Over the years, the burden of astigmatism has increased significantly, which is expected to unlock new revenue streams in contact lenses market. Growing application of contact lens technology in therapeutics has also boosted the prospects.
Contact Lenses Market: Regional Growth Dynamics
- The size of the Asia Pacific contact lenses market is forecast to expand at high rate during 2022–2031. Rising prevalence of visual impairment and eye disease in the region across all age-groups is expected to propel the revenue streams. Rapid technological advancements in contact lenses in recent years has cemented the prospects of the regional market, especially in China, Japan, and India.
- North America is expected to hold a major share of the global contact lenses market during the forecast period. The regional market has witnessed abundant opportunities due to massive demand.
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Contact Lenses Market: Competition Dynamics
The TMR study on the contact lenses market presents a meticulous assessment of the competitive strategies adopted by various players. The insights include analysis of contact lenses market share by company. Some of the key players profiled in the report are:
- BenQ Materials Corp
- Seed Co. Ltd
- ZEISS International
- Cooper Vision, Inc.
- Hoya Vision Care
- Alcon (Division of Novartis AG)
- Essilor
- Bausch + Lomb
- Johnson & Johnson Vision Care
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Contact Lenses Market Segmentation
- Product Type
- Soft Lenses
- Daily Wear
- Extended Wear
- Gas Permeable Lenses
- Soft Lenses
- Design Type
- Spherical
- Toric
- Multifocal
- Others (Monovision, Cosmetic, etc.)
- Wear Type
- Disposable
- Reusable
- Distribution Channel
- Online
- E-commerce Websites
- Company-owned Website
- Offline
- Exclusive stores
- Multi brand stores
- Online
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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