The global contact lenses market size is projected to reach USD 14.80 billion by the end of 2029. The market was worth USD 9.94 billion in 2022 and will exhibit a CAGR of 5.9% during the forecast period, 2022-2029.
The increasing investments in these lenses are consequential to the increasing demand for the product across the world. The presence of several large scale manufacturers in this sector will have a massive impact on the growth of the market.
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Decline in Contact Lens Sales During the Covid-19 Pandemic to Affect Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. The efforts taken to curb the spread of the disease have had an adverse effect on several businesses across the world. The decline in contact lens sales during the pandemic is consequential to the strict measures taken to limit the spread of the disease. Having said that online commerce and business options will provide alternate routes the companies.
Increasing Number of Product Launches will have a Huge Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations has made the highest impact on the growth of the market. Accounting to the massive potential held by contact lenses with respect to variations, colors, and size, companies are looking to introduce innovative products with the view to acquiring to a wider consumer base. In June 2019, Bausch & Lomb Incorporated announced the launch of a new product in the United States.
The company introduced ‘Bausch + Lomb Ultra Multifocal,’ a product that is categorized as a silicone hydrogel lens. The company designed this product to address the vision needs of patients suffering from astigmatism and presbyopia. Increasing number of such product launches will have a massive impact on the growth of the overall market in the coming years.
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Market Segmentation of Contact Lenses Market:
By Modality
- Reusable
- Disposable
By Design
- Toric
- Multifocal
- Spherical
By Distribution Channel
- Ophthalmologists
- Retail Stores
- Online Stores
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Rest of Middle East & Africa
North America to Emerge Dominant; Increasing Number of Presbyopia Patients will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The rising incidence of presbyopia in the United States, coupled with the increasing geriatric population that are more prone to eye disorders will lead to a wider product adoption in this region. The presence of several large scale companies in this sector is consequential to the increasing product adoption and subsequently rising demand for the product, especially in the United States. As of 2019, the market in North America was worth USD 10.83 billion and this value is projected to rise at a considerable pace in the coming years.
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List of companies profiled in the report:
- CooperVision (U.S.)
- Bausch & Lomb Incorporated (U.S.)
- Alcon Vision LLC (Switzerland)
- Essilor (France)
- ZEISS International (Germany)
- Contamac (U.K.)
- Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.) (U.S.)
- HOYA Corporation (Japan)
- Others
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Epidemiology of Ocular Disease – For Key Countries/Key Regions
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Key Trends in Contact Lenses Market
- Technological Advancements in Contact Lenses
- COVID-19 Impact on the Market
- Global Contact Lenses Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Modality
- Reusable
- Disposable
- Market Analysis, Insights and Forecast – Design
- Toric
- Multifocal
- Spherical
- Market Analysis, Insights and Forecast – By Distribution Channel
- Ophthalmologists
- Retail Stores
- Online Stores
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Contact Lenses Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Modality
- Reusable
- Disposable
- Market Analysis, Insights and Forecast – Design
- Toric
- Multifocal
- Spherical
- Market Analysis, Insights and Forecast – By Distribution Channel
- Ophthalmologists
- Retail Stores
- Online Stores
- Market Analysis, Insights and Forecast – By Country
- U.S.
- By Design
- Canada
- By Design
- U.S.
TOC Continued……..
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