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Global Contact Lenses Market to witness a surge in its valuation with a 5 % CAGR by 2026

According to BlueWeave Consulting, Global Contact Lenses Market is estimated to be USD 18 billion in 2026 from USD 12.79 billion in 2019, at a CAGR of 5 % from 2020 to 2026. A contact lens is used to correct refractive inaccuracy and compensate for visual deficits, such as myopia, hypermetropia/hyperopia, presbyopia, and astigmatism. An increase in the number of visual imprecisions is predictable to drive market growth. Growing participation in outdoor activities is expected to boost product demand in the upcoming years.

Some of the significant reasons characterizing market development are the growing occurrence of visual damages and eye disorders, and technological advancements in ophthalmology. Consumers’ fondness for high-quality products is also validating companies to invest in the research & development of innovative smart lenses. Growing disposable income and surge in the standard of living encourage the young population to wear cosmetic lenses. Growing savings in logistics & warehouses facilities coupled with the expansion in the overall e-commerce business also helps increase product demand over the forecast timeframe. However, the side effects of contact lenses are expected to limit market development over the forecast period.

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Growth Drivers

Growing number of visual inaccuracies

The occurrence of eyesight disorders, such as hyperopia, myopia, astigmatism, and presbyopia, is continuously growing. Besides, vitamin A deficit and accident cases are rising profusely over the past few years. The rising occurrence of myopia and increasing spending on ophthalmic products, such as contact lenses, as a remedial measure for refractive errors, are probable to drive the contact lenses market’s progress in the future.

Getting popular among youngsters as a fashion accessory

Rising approval as a fashion accessory is a major feature boosting global sales of contact lenses. They are predicted to drive the development of the global contact lenses market over the prediction period. Youngsters favor contact lenses for convenience, aesthetics, comfort, and easy obtainability of contact lenses with a variety of colors and have also caused their use as a fashion accessory among the young and middle-aged population.

Rise in R&D Activities

A noteworthy rise in R&D activities in optics and optometry has been perceived in the market. Progressions such as the launch of dynamic soft contact lenses integrated with advanced technology have pushed contact lenses’ request. Like, In November 2018, IMEC and SEED Co. Ltd, an international R&D hub, entered a collective partnership to develop a smart contact lens. This contact lens will have constituents, such as a radio-frequency antenna for wireless energy transfer, an ultra-thin silicon microchip, and LED light.

Restraint

It is a broadly known fact that napping with the lenses on, or careless handling or storage of contact lenses, can have severe implications such as poor-fitting, eye infections, dryness of eyes, ulcerations, and other eye diseases which is anticipated to limit mass acceptance of contact lenses among doubtful consumers. In certain emerging regions such as the Middle East & Africa, specialists are not well equipped to recommend contact lenses. Increasing acceptance of ophthalmology devices and remedial procedures like LASIK and Photorefractive Keratectomy (PRK) also threatens to limit complete development prospects of the global contact lens market to a definite extent.

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Competitive landscape

The leading players in the Contact Lenses Market include Bausch + Lomb (US), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), HOYA Corporation (Japan), The Cooper Companies (US), Seed Co., Ltd. (Japan), EssilorLuxottica (France), BenQ Materials Corporation (Taiwan), Menicon Co., Ltd. (Japan) and other prominent players.

Recent Developments

  • September 2020, Alcon Focuses on Presbyopia-Correcting IOL Innovation and the New Normal at the Virtual ESCRS Congress 2020
  • September 2020, ZEISS Medical Technology Nominated for Deutscher Zukunftspreis 2020

Scope of the Report

Attribute Details
Years Considered Historical data – 2016-2018 

Base Year – 2019

Forecast – 2020 – 2026

Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia .
Product/Service Segmentation By Product, By Design Type, By Usage, By Material, By Distribution Channel and by Regional
Key Players The leading players considered for market analysis are Bausch + Lomb (US), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), HOYA Corporation (Japan), The Cooper Companies (US), Seed Co., Ltd. (Japan), EssilorLuxottica (France), BenQ Materials Corporation (Taiwan), Menicon Co., Ltd. (Japan) and many others. 

 

By Product

  • Soft Lenses
  • Hard Lenses
  • By Design Type
  • Spherical
  • Toric
  • Cylindrical
  • By Usage
  • Corrective
  • Therapeutic
  • Cosmetic
  • Prosthetic
  • By Material
  • Hydrogel
  • Silicone Hydrogel
  • Polymers
  • By Distribution Channel
  • Optical Stores
  • Independent Brand Showrooms
  • Online Stores
  • General Retail Stores
  • By Region
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

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