DUBLIN–(BUSINESS WIRE)–The “Contact Lenses Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The Contact Lenses Market is evaluated at US$9.522 billion for the year 2020, growing at a CAGR of 6.67%, reaching a market size of US$14.963 billion by the year 2027.
Contact lenses are thin, curved lenses placed directly on the eyes’ surface for numerous reasons, such as to offer corrective vision or due to cosmetic and therapeutic reasons, among others. The global contact lenses market is projected to show significant growth over the next five years, which may be attributed to the fact that there has been a growing demand for these lenses over glasses due to several benefits.
Moreover, the growing prevalence of common eye diseases also propels the demand for contact lenses, thus, playing a significant role in shaping the market growth during the next five years. Additionally, decent growth is expected because of the growing aging population in many parts of the world since old aged people are more susceptible to vision-related issues.
However, there has also been a significant demand for lenses among the millennials for cosmetic contact lenses since these lenses are specially designed to change the appearance of the eyes with vibrant colors. Moreover, the surging investments by the market players in the form of increased investments in R&D for the launch of new products to gain a competitive edge in the market further show the high growth potential of the market.
COVID-19 Impact
During the Covid-19 Pandemic, the market for contact lenses fell due to the high risk of infectious disease. The introduction of Covid-19 significantly hampered the global demand for contact lenses. Because of the disease outbreak, the key market players observed a decline in revenue generation. During the lockdown, consumers shifted to wearing spectacles rather than contact lenses, which contributed to the drop. Because of the risk of Covid-19, medical establishments were also advising people to wear glasses instead of contact lenses.
Furthermore, the government enforced a lockdown and business closures, people avoided going to eye clinics, and the number of patients at vision correction centers decreased. Furthermore, raw material supply impacted the market for the contact lenses globally over the forecasted period.
High prevalence of common eye disorders and diseases
The key factor propelling the demand for contact lenses is the globally growing prevalence of common eye diseases and disorders. According to the statistics from the U.S Department of Health and Human Services, approximately 12 million adults of ages 40 and above have vision impairment in the United States, out of which 1 million are blind, 3 million have vision impairment after correction, and 8 million have vision impairment due to uncorrected refractive error.
Also, the predicted number of people with uncorrectable vision impairment is projected to reach 8.96 million by 2050, owing to the spreading epidemics of diabetes and other chronic diseases. Similarly, the World Health Organization reports that around 1 billion people globally have a near or distance vision impairment that could have been prevented or has yet to be addressed. Thus, all the factors mentioned above play an integral role in bolstering the demand for contact lenses globally during the next five years.
Companies Mentioned
- Bausch & Lamb Pvt. Ltd
- Zeiss International
- CooperVision
- Essilor International S.A.
- Hoya Corporation
- Johnson & Johnson
- SynergEyes, Inc.
- Alcon
- EyeMeditech Sdn Bhd
- Contamac
Market Segmentation
By Type
- Soft
- Rigid Gas Permeable
- Hybrid
By Design
- Spherical
- Toric
- Multifocal
By Life
- Daily disposable
- Monthly
- 6-months
- Yearly
By Application
- Corrective
- Therapeutic
- Cosmetic
By Distribution Channel
- Online
- Offline
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- Germany
- France
- UK
- Middle East and Africa
- Saudi Arabia
- UAE
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Indonesia
- Taiwan
For more information about this report visit https://www.researchandmarkets.com/r/26t3ci
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