Rising prevalence of vision-related conditions and disorders and increasing preference for contact lenses are some of the key factors expected to drive market revenue growth
According to Emergen Research, the global contact lenses market size was USD 7.36 billion in 2020 and is expected to reach USD 11.91 billion in 2028 and register a revenue CAGR of 6.2% during the forecast period, 2021-2028.
Market Dynamics:
Revenue growth of the global contact lenses market is majorly driven by factors such as rise in global geriatric population, changing lifestyles, growing incidence of vision-related disorders such as astigmatism, nearsightedness (myopia), and farsightedness (hyperopia), and increasing prevalence of chronic diseases such as diabetes. Contact lenses, also commonly known as contacts, are thin lenses that are placed on the eyes to provide more clarity to the vision. These are ocular prosthetic devices worn to correct vision, and these lenses offer more convenience and comfort to the user. Increasing preference of consumers for contact lenses over traditional lenses or spectacles, growing demand for high-quality and high-end eyewear products – often for therapeutic or cosmetic reasons – technological advances in contact lenses, and rising demand for smart contact lenses are other important factors expected to further fuel revenue growth of the contact lenses market over the forecast period.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Daily Wear Usage Segment Accounted for Largest Revenue Share in 2020:
Based on usage, the daily wear segment accounted for the largest revenue share in the global contact lenses market in 2020. Growing incidence of eye disorders, rising demand for disposable daily wear contact lenses among working professionals, and increasing disposable income of individuals are major factors expected to further contribute to revenue growth of the segment going ahead.
Corrective Application Segment to Register Significant Revenue Growth:
Among application segments, the corrective lenses segment is expected to register significant revenue growth over the forecast period. Growth of the corrective lenses segment is majorly supported by rapidly growing geriatric population worldwide, rising prevalence of eye disorders and vision-related issues, and increasing use of corrective lenses for therapeutic purposes.
Asia Pacific to Account for Fastest Revenue Growth Rate:
Among regional markets, the Asia Pacific contact lenses market is expected to register fastest revenue CAGR in the global market over the forecast period. Rising concerns about eye health, growing demand for contact lenses – especially among working professionals, technological innovations in contact lenses such as the advent of smart contact lenses, and rising disposable income among individuals – mainly in developing countries like India – are major factors expected to contribute to revenue growth of the Asia Pacific market.
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Major Companies in the Market Include:
- Johnson & Johnson
- Bausch + Lomb
- Alcon
- Carl Zeiss Meditec AG
- HOYA Corporation
- The Cooper Companies
- Seed Co., Ltd.
- EssilorLuxottica
- BenQ Materials Corporation
- Menicon Co., Ltd.
For the purpose of this report, Emergen Research has segmented the global contact lenses market on the basis of usage, design, material, application, distribution channel, and region:
Usage Outlook (Revenue, USD Billion; 2018–2028)
- Daily Wear
- Disposable
- Reusable
- Extended Wear
- Traditional lenses
Design Outlook (Revenue, USD Billion; 2018–2028)
- Monovision
- Spherical
- Toric
- Multifocal
Material Outlook (Revenue, USD Billion; 2018–2028)
- Hybrid
- Silicone Hydrogel
- Rigid Gas Permeable
- PMMA
Application Outlook (Revenue, USD Billion; 2018–2028)
- Therapeutic
- Lifestyle-oriented
- Prosthetic
- Cosmetic
- Corrective
Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
- Online
- Offline
- Retail Stores
- Brand Showrooms
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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