Market Research Report
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 528 Pages
Delivery time: 1-2 business days
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Global Contact Lenses Market to Reach US$15.8 Billion by the Year 2026
Contact lenses are primarily used for correcting refractive errors and are sometimes considered to offer better vision quality than spectacles. Growth in the global market is buoyed by growing awareness of the use of contact lenses to correct vision disorders, growing incidence of ophthalmic or vision related disorders, convenience, favorable demographics, and rapid penetration of high-value products. Awareness programs conducted in various developing countries are particularly expected to continue to boost demand for vision care devices, including contact lenses. Rapid expansion in wearer base with reducing age of contact lens users coupled with strong growth in specialty lens segment and advancements in material science continue to improve industry prospects. Growing demand for cosmetic lenses in emerging countries further aids market growth. Contact lenses reported high uptake amid the COVID-19 pandemic due to the need to avoid bulky glasses with face masks, concerns over lens fogging and focus on new options for virtual meetings. Clinicians witnessed a large number of first-time contact lens fit requests from a diverse spectrum of users, including office workers, medical professionals and company heads. The high uptake among first-time wearers was attributed to the requirement to eliminate reliance on spectacle correction during work-related jobs. At the same time, the market also witnessed a notable jump in contact lens dropout cases due to concerned related to COVID-19 infection risk, the need to avoid touching face with hands, dry eye syndrome and reduced requirement of contact lenses owing to the remote work option.
Amid the COVID-19 crisis, the global market for Contact Lenses estimated at US$11.4 Billion in the year 2020, is projected to reach a revised size of US$15.8 Billion by 2026, growing at a CAGR of 5.5% over the analysis period. Silicone Hydrogel, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$11.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Materials segment is readjusted to a revised 5% CAGR for the next 7-year period. This segment currently accounts for a 31.1% share of the global Contact Lenses market. While hydrogels lenses continue to maintain their stronghold, prescription of silicone hydrogels is surging due to their improved oxygen transmissibility that allows higher amounts of oxygen to the eye, resulting in better ocular health. Eye-care professionals are prescribing these lenses to patients who fail to comply with routine wearing regimen and often forget to remove them before going to sleep.
The U.S. Market is Estimated at $3.4 Billion in 2021, While China is Forecast to Reach $1.8 Billion by 2026
The Contact Lenses market in the U.S. is estimated at US$3.4 Billion in the year 2021. The country currently accounts for a 27.5% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 8.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$2 Billion by the end of the analysis period. Developed regions including the US, Canada, Japan and Europe represent the prime revenues contributors. The robust spending on personal care products including eye care solutions, rise in uptake of daily disposable lenses, and expanding wearer base are the primary factors driving growth in these regions. Shortening replacement cycle in the Asian market due to the rising eye care awareness and the convenience factor, which translates to growing demand for daily, weekly and monthly disposables, is also expected to significantly drive gains in the market.
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