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According to the latest research by SkyQuest Technology, the Global Contact Lens Market was valued at US$ 9.35 billion in 2021, and it is expected to reach a value of US$ 14.02 billion by 2028, at a CAGR of 5.9% during the forecast period of 2022 – 2028. The research provides up-to-date global contact lens market analysis of the current market landscape, latest trends, drivers, and overall market environment.
Smart contact lenses to boost the global contact lens market growth.
According to Centre for Disease Control and Prevention (CDC), an estimated 45 million people in the US wear contact lenses. Out of which two-thirds are female wearers. The estimated average age of contact lens wearers worldwide is 31 years old. Around 8% of the contact lens wearers are under 18 years old, 17% are between ages 18-24, and 75% of adults aged 25 and older wear contact lenses. As lifestyle of people is changing with increased involvement of technology that highly affects our eyes, the prevalence of opthalmic diseases is also increasing. Contact lenses come to the rescue when customers look for a substitute for spectacles which can be worn without any change to the overall look. As per CDC, 90% of contact lens wearers use soft contact lenses. According to a summary of 145 studies regarding the global prevalence of myopia and high myopia (HM), there are around 1950 million (28.3% of the global population) and 277 million (4.0% of the global population) cases respectively, and they are estimated to increase to 4758 million (49.8% of the global population) for myopia, and 938 million (9.8% of the global population) for HM by 2050.
The increased prevalence and changing demands of people has given tremendous opportunities for technological advancements in contact lenses. This has led to emergence of “smart contact lenses”. Scientists are constantly developing improved contact lens technologies to better the lives of those with low vision and to prevent and treat eye illnesses. In order to correct myopia in children and teenagers, several lenses are required (nearsightedness). The first soft contact lens for myopia progression was given FDA approval. The MiSight contact lens from CooperVision is made for kids between the ages of 8 and 12. Daily use of the disposable contact lens is common. These are distinct from current OrthoK contact lenses in that they modify the cornea instead of the retina by rerouting light. Additionally, it’s not necessary to wear the replacement lens overnight.
There are now available contact lenses that automatically darken under sunshine to reduce glare and improve comfort, namely “transition lens”. The FDA has authorised the light-adaptive contact lenses made by Johnson & Johnson. A photochromic filter is incorporated into the lenses, which continuously modifies the quantity of light reaching the eye. In normal or low-light conditions, they automatically change back to their regular tint.
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Read market research report, “Global Contact Lens Market By Modality (reusable and disposable), By Design (toric, multifocal, and spherical), By Distribution Channel (ophthalmologists, retail stores, and online stores) & By Region (North America, Europe, Asia-Pacific, South America, and MEA) – Forecast and Analysis 2022-2028” by SkyQuest.
North America had the majority of the market share for contact lenses in 2021 and Asia Pacific market is predicted to grow at the fastest rate for the forecasted year.
Patients with refractive errors are becoming more prevalent, patients are becoming more aware of vision correction procedures, and industry participants are emphasising strategic alliances and collaborations more than before. These are, in a sense, the main drivers of the market expansion in North America. For instance, in April 2021, Johnson & Johnson Vision and Menicon, a leading manufacturer of cutting-edge lenses, formed a global strategic alliance. The aim of this collaboration was to develop therapeutic lenses to halt the development and progression of myopia in children, a condition that is growing more and more prevalent.
Also likely is the gradual increase in the number of Americans who wear lenses. According to the Environment Protection Agency report, 31 million Americans used contact lenses in 2021. It is predicted that a change in consumer choice for eyewear would result in a bigger user base, which will encourage market expansion in North America. Europe also accounted for the second-largest market share in the global market. This can be attributed to the region’s growing use of cutting-edge technologies and regulatory approvals for novel lenses, as well as to the region’s sizable patient base with eye diseases like myopia and presbyopia.
According to the Association of Optometrists, Sweden has the highest contact lens penetration, at 14.8%, followed by Denmark (13.19%) and Norway (11.37%). This is expected to quickly accelerate market expansion. However, it is predicted that the Asia Pacific market will expand at the quickest rate throughout the projection period. According to estimates, China has the highest rate—79%—of female contact lens wearers. The market expansion in Asian countries is being driven by the rising prevalence of visual impairment in the region and the development of ocular sickness diagnosis techniques at the on-site laboratories of ophthalmologist clinics and hospitals. Additionally, the expansion of the industry is being favourably influenced by the rising disposable income in the region’s emerging nations.
The prominent market players are constantly adopting various innovation and growth strategies to capture more market share. The key market players are Johnson & Johnson Vision Care, Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Bausch & Lomb Incorporated (Canada), Alcon (Switzerland), etc.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about Contact Lens Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.
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What does this Report Deliver?
SkyQuest has segmented the Global Contact lens Market based on Modality, Design, Distribution Channel and Region:
Key Players in the Global Contact lens Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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