Contact Lenses Market Expands to Cross USD 13 Billion by 2029
Contact lenses market is flourishing owing to an increasing focus on effectively manage increasing prevalence of visual impairments among ageing population.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global contact lenses market size at USD 8.5 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global contact lenses market size to grow at a steady CAGR of 6.4% reaching a value of USD 13 billion by 2029. The aging populations across regions and the rising incidence of various vision-related issues are two major factors driving the global market for contact lenses. Myopia and other eye conditions are more common than ever, which has increased the number of people wearing contacts worldwide. The demand for daily contact lenses has consequently skyrocketed. The Asia Pacific region is expected to experience the highest growth in the contact lens market during the forecast period as a result of the rise in eye diseases across all age groups in countries like India, China, and Japan. During the forecast period, North America is expected to hold the highest share of the global contact lens market.
Global Contact Lenses Market – Overview
Contact lenses are tiny lenses that are worn to correct vision or for cosmetic purposes. Compared to glasses, contact lenses have many benefits. Contact lenses provide a natural view because there is no vision to obstruct eye movement. They do not fog up or get smeared with dirt as glasses do. Contact lenses are the best option for outdoor and aquatic activities. To correct refractive errors, contact lenses are thin, transparent, curved disk-shaped medical devices that are applied directly to the cornea of the eye. For the treatment of hyperopia, astigmatism, myopia, and presbyopia, contact lenses are the most effective alternatives to LASIK surgery and eyeglasses.
Opportunity: Growing Elderly Population across Countries
Vision-related disorders are most common in the elderly. Among the elderly people, vision loss is a major health concern. According to the WHO, by 2030, one out of every six people on the planet will be 60 or older. At this point, the population aged 60 and up will increase from 1 billion in 2020 to 1.4 billion by 2030. By 2050, the world's population of people aged 60 and up is expected to double (There are 2.1 billion). Between 2020 and 2050, the number of people aged 80 and up is expected to triple, reaching 426 million. Hence, the demand for contact lens is expected to increase as the elderly population grows.
Challenge: Side Effects of Contact Lenses
Widespread knowledge that wearing contact lenses while the user sleeps or handling or storing them carelessly can have dire consequences, such as eye infections, dry eyes, ulcerations, and other eye diseases, is likely to limit the widespread acceptance of contact lenses among wary consumers. Middle East and Africa is an emerging region where specialists are ill-equipped to make contact lens recommendations. The potential for the entire development of the global contact lens market may be constrained by the rising acceptance of ophthalmology devices and corrective procedures, such as LASIK and Photorefractive Keratectomy (PRK).
Impact of COVID-19 on Global Contact Lenses Market
Due to heightened concern over infections spread by contact lens use during the COVID-19 pandemic, the market for contact lenses collapsed. The COVID-19 pandemic caused a decline in sales for the majority of manufacturers globally. Despite refractive errors, the vast majority of people who had eye disorders chose to wear eyeglasses rather than contact lenses to avoid the spread of infection. During the COVID-19 pandemic, major healthcare organizations promoted the use of eyeglasses rather than contact lenses as a means of preventing the spread of the virus. Due to the strict lockdown and strict social distance policies, fewer people were visiting eye specialists. The end of these practices harmed the market. The supply chain and logistics were significantly impacted, which led to a shortage of raw materials for manufacturers. As a result, there had been a significant drop in contact lens production. The market's demand for contact lenses increased again after the pandemic, but the product's demand was not met as manufacturing had stopped during the pandemic.
Global Contact Lenses Market – By Distribution Channel
The global contact lenses market by distribution channel is segmented into optical shops, independent brand showrooms, online shops, and general retail shops. The market for contact lenses is dominated by general retail stores. Due to manufacturers' initiatives to produce innovative products at extremely low prices in retail stores, which are then combined with additional discounts offered by retail sellers, the general retail store segment is growing. The development of the segment is accelerated by the rapid growth of retail pharmacies in developed nations.
Independent eye-care professionals distribute the vast majority of manufactured lenses. Online retailing consequently has the smallest market share. Market penetration in the ECP channel thus represents a significant business opportunity. The e-commerce distribution channel is expected to grow at the highest CAGR during the forecast period.
Global contact lenses market is fiercely competitive. Prominent players in the 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), and Menicon Co., Ltd. (Japan). These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global contact lenses market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Contact Lenses Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Contact Lenses Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.