The contact lenses market was valued at US$ 9.22 Bn in 2021 and is likely to reach US$ 13.05 Bn by 2028 at a CAGR of 5.1% between 2022 and 2028.
Contact lenses are thin and curved lenses placed on the film of tears that covers the surface of the human eye. Generally, the lens is naturally clear, but sometimes it is given a slight color tinge, making it easier to handle by the wearer.
Modern contact lenses are either soft or hard. However, people nowadays prefer wearing soft contact lenses because of their flexible quality.
MARKET DYNAMICS
The contact lenses market is characterized by the presence of various small and big companies. Market players are adopting various strategies to increase their market shares, such as new product launches, regional expansion, and technological advancements. The growing prevalence of myopia & other visual disorders, rising tendency to improve aesthetics, and increasing disposable incomes have encouraged market players to launch new products.
The increasing product launches and developments have fueled the adoption of contact lenses. Market players are investing in R&D to develop advanced technologies and gain more revenue share by acquiring regulatory approvals and marketing access.
MARKET SCOPE
The "Global Contact Lenses Market Analysis to 2028" is a specialized and in-depth study of the market with a special focus on the global market trend analysis. The report aims to provide an overview of the contact lenses market with detailed market segmentation by material, design, application, and distribution channel.
The global contact lenses market is expected to witness high growth during the forecast period. The report provides key statistics on the status of the leading market player and offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global contact lens market is segmented based on material, design, application, and distribution channels. Based on material, the market is differentiated into gas permeable, silicone hydrogel, and others. Based on the design, the market is segmented into monovision, spherical, multifocal, and toric. Based on application, the market is segmented into corrective, therapeutic, cosmetic, and others. Further, the market is segmented based on distribution channels into e-commerce, hospitals, clinics, and retail stores.
REGIONAL FRAMEWORK
The report provides a detailed industry overview, including qualitative and quantitative information. It provides an overview and forecast of the global contact lenses market based on various segments. It also provides market size and forecast estimates from 2022 to 2028 concerning 5 major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South and Central America. Each region's contact lens market is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
From the regional perspective, North America dominates the contact lenses market. The dominance of this region is majorly contributed to the growing number of patients affected by vision disorders and the high focus of market players on strategic collaboration and partnership.
Furthermore, various sectors, such as media and entertainment, are substantially using cosmetic lenses, resulting in increased adoption of cosmetic lenses in North America and boosting the overall regional market.
The below figure showcases the revenue growth trend in the global contact lenses market:
Source: The Insight Partners Analysis
The report analyses factors influencing the contact lenses market from both the demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, during the forecast period. The report also provides a PEST analysis highlighting the factors influencing the contact lenses market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 outbreak reflected a decrease in demand for contact lenses globally. The pandemic has considerable social and economic ramifications across various industries and sectors. In the case of contact lenses, the market declined due to the limited eye care consultations.
Furthermore, major market players, such as Bausch + Lomb, The Cooper Companies Inc, and Johnson and Johnson, have reported declining sales due to decreased sales & operations. This led prominent and emerging companies to change their business strategies to adapt. Thus, the impact of COVID-19 somewhat hindered the global contact lenses market.
MARKET PLAYERS
The reports cover key developments in organic and inorganic growth strategies in the contact lenses market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, and patents and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for business expansion and market players' customer base. Market players are anticipated to have lucrative growth opportunities with the rising demand for contact lenses.
The report also includes the profiles of key contact lenses market companies, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last three years, and key development in the past five years.
EssilorLuxottica; Alcon Inc.; Johnson & Johnson Services, Inc.; Bausch & Lomb Incorporated; The Cooper Companies Inc.; HOYA Corporation; SynergEyes, Inc.; STAAR Surgical Company; X-Cel Specialty Contacts; and Medenniumare are the key market players profiled in the study. Several other major companies were also studied and analyzed in this research study to get a holistic view of the contact lenses market and its ecosystem.
The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.