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PUBLISHER: SkyQuest | PRODUCT CODE: 1270803

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PUBLISHER: SkyQuest | PRODUCT CODE: 1270803

Global Contact Lens Market Size, Share, Growth Analysis, By Modality(Reusable, Disposable), By Design(Toric, Multifocal), By Distribution Channel(Ophthalmologists, Retail Stores), By Usage(Daily Disposable, Disposable) - Industry Forecast 2022-2028

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Global Contact Lens Market size was valued at USD 14.6 billion in 2021 and is poised to grow from USD 15.4 billion in 2022 to USD 21.6 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

To correct vision, contact lenses are microscopic lenses that are placed on the surface of the eye. They can be either hard or soft, depending on the style, comfort, and reusability of the lenses. The increased popularity of these devices in emerging countries and the global rise in the prevalence of refractive errors are the main factors propelling the market expansion over the forecast period. A BMC Public Health article published in 2021 based on previous research estimated that 116.3 million people globally have moderate to severe visual impairment brought on by uncorrected refractive error. The prevalence of refractive errors is expected to increase, and more individuals are becoming aware of the benefits of using contact lenses to address these eye conditions. A corrective lens is preferred to correct refractive errors and compensate for visual impairments such myopia, hyperopia, presbyopia, and astigmatism. As a result of a growth in graphic inconsistencies, it is projected that the market would expand throughout the course of the forecast.

The number of outdoor activities is increasing, which is speeding up market growth. To advance technology, there has been a lot of study and development in the fields of optics and optometry. Due to developments like the release of dynamic soft contact lenses that use cutting-edge technology, the market for contact lenses has grown. For instance, in November 2018, IMEC and SEED Co. Ltd, a global R&D centre, partnered to collaborate on the creation of a smart contact lens. An ultra-thin silicon microprocessor, an LED light, and a radio-frequency antenna will all be included in this contact lens, along with other components needed for wireless energy transfer. A thin stretchy sheet is also used to construct the connections. Increase awareness of the benefits of detachable lenses over reusable ones, including avoiding negative cleaning solution side effects such eye discoloration.

The leading companies in the market are working on innovative products and awareness efforts that would hopefully spur a rise in disposable goods. Alcon Vision LLC, a manufacturer of eye care products, announced the availability of Precision1 for Astigmatism in January 2021. This daily disposable silicone hydrogel (SiHy) lens was developed for astigmatic patients in the United States.

Top-down and bottom-up approaches were used to estimate and validate the size of global Contact Lens Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

The Global Contact Lens Market is segmented based on Modality, Design, Distribution Channel, usage, and Region. Based on the Modality, the Global Market is segmented into reusable and disposable. Based on the Design, the Global Market is segmented as toric, multifocal, and spherical. Based on the Distribution Channel, the market is divided into ophthalmologists, retail stores, and online stores. Based on usage, the market is segmented into Daily Disposable, Disposable, Frequently Replacement, and Traditional. Based on Region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

Government agencies at the regional and national levels are working to raise awareness and reduce the frequency of refractive defects in order to spur market expansion.

Myopia and presbyopia are becoming more and more prevalent among adults and children, leading to an increase in cases of vision impairment. A general lack of understanding and aversion to vision correction are evident in emerging economies. According to data from the WHO published in 2021, some 2.2 billion individuals worldwide suffer from farsightedness and nearsightedness, although about 1 billion of them go untreated. Cataracts and uncorrected refractive error accounted for the majority of patients.

Nevertheless, ongoing initiatives by regional and national government agencies as well as key market players to enhance public awareness of vision correction have contributed to an increase in the number of vision correction users worldwide, including those who wear lenses. The creation of technologically advanced lenses by market players is one of the primary elements affecting the acceptability of these things in developing countries like China, India, and South Korea. Due to the increasing adoption of these cutting-edge technologies, major market players can strengthen their market positions in established markets. Over the course of the projected period, a rise in graphic inaccuracies is anticipated to further fuel market growth. The quantity of outdoor activities is growing, which is accelerating market expansion.

The global market for contact lenses will grow as a result of increased research and development and cutting-edge technologies.

To advance technology, there has been a lot of study and development in the fields of optics and optometry. Due to developments like the release of dynamic soft contact lenses that use cutting-edge technology, the market for contact lenses has grown. Children and teenagers need numerous lenses (nearsightedness) to correct their myopia. For instance, the FDA approved the first soft contact lens for myopia progression. For children between the ages of 8 and 12, CooperVision has created the MiSight contact lens. The disposable contact lens is frequently worn every day. The difference between these and the current OrthoK contact lenses is that they alter the cornea rather than the retina by rerouting light. Furthermore, you don't have to leave the replacement lens in all night. There are now contact lenses on the market that automatically darken in the presence of sunlight to lessen glare and increase comfort. Johnson & Johnson's light-adaptive contact lenses have FDA approval. The lenses have a photochromic filter that alters the amount of light that reaches the eye over time. They immediately return to their regular colour in bright or normal lighting.

Geriatric Population Growing -

Another important factor influencing the industry is the rise in the elderly population. In the older population, roughly 67% of people had refractive errors, which was more common in men than in women.

Restraint

Treatment options for refractive errors could stifle the expansion of the global contact lens market.

Numerous clinical studies suggested that lens wearers may have unfavourable consequences based on their usage patterns. These detrimental outcomes may include vision impairment that results in blindness or long-term eye injury. Infection, corneal edoema, superficial keratitis, red eyes, excessive mucus production, epithelial microcysts, infiltrates, giant papillary conjunctivitis (GPC), and corneal vascularization are just a few of the adverse effects linked to the usage of lenses. These unfavourable effects are the main reason that the use of such lenses has been banned.

Data from Harvard Health Publishing from 2021 show that up to 20 out of every 10,000 contact lens wearers develop keratitis, which can lead to blindness. Incorrect usage of these devices has also been connected to over 1 million annual visits to hospitals and ERs. The availability of alternatives, like eye glasses and LASIK surgery for the treatment of refractive errors, is a substantial obstacle to the market's growth. Additionally, during the anticipated timeframe, industrialised countries' market for these products will decline due to the lack of insurance funding for these devices.

Market Trends

Scientists are developing high-tech lenses for a range of uses, including magnifying images for the blind and keeping track of eye health. The use of these new lenses by consumers is still not approved. While some are currently being researched in human clinical investigations, others have just lately been produced. A new kind of contact lens that delivers antihistamines may soon provide relief for allergy sufferers. A disposable lens designed by Johnson & Johnson already contains an anti-itching medicament. The drug ketotifen is continually delivered by the lenses. This may be especially helpful to contact lens wearers who must remove their lenses in order to apply antihistamine eye drops.

Despite the fact that there is no noticeable cost difference between the costs of disposable and reusable lenses, ophthalmologists are advocating the use of disposable lenses due to safety concerns. educating people about the benefits of disposable lenses versus reusable ones, such as protection from harmful cleaning solution side effects such eye discoloration and lid damage. Additionally, the major market participants are launching innovative products and running awareness campaigns, both of which are expected to accelerate the growth of daily disposables. For instance, Alcon introduced PRECISION1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lens, in the United States in January 2021.

Product Code: SQSG30L2017

Table of Contents

Executive Summary

  • Market Overview
  • Wheel of Fortune
  • Research Methodology
  • Information Procurement
  • Secondary & Primary Data Sources
  • Market Size Estimation
  • Market Assumptions & Limitations

Parent Market Analysis

  • Market Overview
  • Market Size
  • Market Dynamics
  • Drivers
  • Opportunities
  • Restraints
  • Challenges
  • Key Market Insights
  • Technology Analysis
  • Pricing Analysis
  • Supply Chain Analysis
  • Value Chain Analysis
  • Ecosystem of the Market
  • IP Analysis
  • Trade Analysis
  • Startup Analysis
  • Raw Material Analysis
  • Innovation Matrix
  • Pipeline Product Analysis
  • Macroeconomic Indicators
  • Top Investment Analysis
  • Key Success Factor
  • Degree of Competition
  • Market Dynamics & Outlook
  • Market Dynamics
  • Drivers
  • Opportunities
  • Restraints
  • Challenges
  • Regulatory Landscape
  • Porters Analysis
  • Competitive rivalry
  • Threat of Substitute Products
  • Bargaining Power of Buyers
  • Threat of New Entrants
  • Bargaining Power of Suppliers
  • Skyquest Special Insights on Future Disruptions
  • Political Impact
  • Economic Impact
  • Social Impact
  • Technical Impact
  • Environmental Impact
  • Legal Impact
  • Global Contact Lens Market by Modality
  • Market Overview
  • Reusable
  • Disposable
  • Global Contact Lens Market by Design
  • Market Overview
  • Toric
  • Multifocal
  • Spherical
  • Global Contact Lens Market by Distribution Channel
  • Market Overview
  • Ophthalmologists
  • Retail Stores
  • Online Stores
  • Global Contact Lens Market by Usage
  • Market Overview
  • Daily Disposable
  • Disposable
  • Frequently Replacement
  • and Traditional
  • Global Contact Lens Market Size by Region
  • Market Overview
  • North America
  • USA
  • Canada
  • Europe
  • Germany
  • Spain
  • France
  • UK
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
  • Latin America
  • Brazil
  • Rest of Latin America
  • Middle East & Africa (MEA)
  • GCC Countries
  • South Africa
  • Rest of MEA
  • Competitive Landscape
  • Top 5 Player Comparison
  • Market Positioning of Key Players, 2021
  • Strategies Adopted by Key Market Players
  • Top Winning Strategies
  • By Development
  • By Company
  • By Year
  • Recent Activities in the Market
  • Key Companies Market Share (%), 2021
  • Key Company Profiles
  • Johnson & Johnson Vision Care, Inc. (U.S.)
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
  • Carl Zeiss Meditec AG (Germany)
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
  • Bausch & Lomb Incorporated (Canada)
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
  • Alcon (Switzerland)
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
  • The Cooper Companies Inc. (U.S.)
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
  • Hoya Corporation (Japan)
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
  • EssilorLuxottica (France)
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
  • Menicon Co., Ltd. (Japan)
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
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