Global Contact Lenses Market – Industry Trends & Forecast Report 2027 - PDF document

G lobal contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027 Global Contact Lenses Market – Industry Trends & Forecast Report 2027 S ummary Global Contact Lenses Market Size By Product: (Soft Lenses and Hard Lenses), By Design Type: (Spherical, Toric, and Cylindrical), By Usage: (Corrective, Therapeutic, Cosmetic, and Prosthetic) , By Material: (Hydrogel, Silicone Hydrogel and Polymers) , By Distribution Channel: (Optical Stores, Independent Brand Showrooms, Online Stores, and General Retail Stores) , By Region: (North America, Europe, the Asia - Pacific, S outh America, and the Middle East & Africa ); Trend Analysis, Competitive Market Share & Forecast, 2021 - 2027 Global Contact Lenses Market – Industry Trends & Forecast Report 2027 The global contact lenses market has reached USD 7.59 billion in 2020 and i s further projected to reach USD 11.48 billion by 2027, at a CAGR of 5.9% during the forecast period. The increase in the ageing population, increasing desire of people to enhance their aesthetic appearance, ophthalmic disorders, and the growing popularity of multifocal lenses largely influence the market growth. Additionally, an improving economy and rising disposable incomes globally are essential reasons for the growth of the market. Global Contact Lenses Overview: Contact l enses are thin and lightweight curved lenses used for correcting vision. Nowadays, contact lenses are also used as a fashion accessory by the style - conscious Millennials. This cosmetic as well as therapeutic device is placed directly onto the cornea of the eye to progress vision. View report Press release Sample report G lobal contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027 Contact lenses are largely preferred by consumers who do not prefer wearing large spectacles so as to enhance their aesthetic appeal. Besides, contact lenses are also used to treat common eye disorders such as myopia, astigmatism, hypermetropia, presbyopia, and glaucoma. Though contact lenses are transparent, they have a slight tinge of colour to make them easier for wearers to handle. Contact lenses are of two types — (i) Hard and (ii) Soft. Hard contact lenses are also known as Rigi d Gas Permeable Contact Lenses. These eye - friendly lenses are easy to wear and handle and has the potential to correct refractive errors. Soft contact lenses, on the other hand, are made of flexible hydrophilic plastics, known as hydrogels. Soft lenses are generally used for correcting nearsightedness, farsightedness, astigmatism, as well as vision problems in ageing adults. Currently, soft contact lenses are in huge demand across the globe. Global Contact Lenses Forecast and Trend Growth Drivers Growing Number of Visual Disorders The occurrence of eyesight disorders, such as hyperopia, myopia, astigmatism, and presbyopia, is continuously growing. Besides, Vitamin A deficiency and accident cases are rising profusely over the past few years. According to the data released by WHOin Oc tober 2020, a minimum of one billion people have a near or distance vision impairment across the globe. These 1 billion people consist of those with acute or moderate distance vision impairment or blindness caused by unaddressed refraction error (123.7 bil lion), glaucoma (6.9 billion), cataract (65.2 billion), diabetic retinopathy (3 billion), trachoma (2 billion), corneal opacities (4.2 billion), as well as near vision impairment caused by unaddressed presbyopia (826 billion). The rising occurrence of myop ia and increased spending on ophthalmic products, such as contact lenses as a remedial measure for refractive errors, are likely to drive the contact lenses market's progress in the coming times. Driven by a Rise in R&D Activities The market has been witne ssing a remarkable rise in R&D activities in optics and optometry. Moreover, advancements such as the launch of dynamic soft contact lenses integrated with advanced technology are driving the market growth. For example, in August 2020,Bausch + Lomb, one of the leading players in the optical lenses industry, announced the launch of Bausch + Lomb INFUSE silicone hydrogel (SiHy) daily disposable contact lens — the only SiHy daily disposable contact lenses designed with a next - generation material infused with Pr o Balance Technology to help maintain ocular surface homeostasis and help reduce symptoms of contact lens - related dryness, which is experienced by approximately half of the 45 billion lens wearers in the United States. Restraints Side Effects of contact Le nses G lobal contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027 It is a broadly known fact that sleeping with the lenses onor careless handling or storage of contact lenses can have severe implications such as eye infections, dryness of eyes, ulcerations, and other eye diseases, which are likely to restrict mass a cceptance of contact lenses among apprehensive consumers. Additionally, in certain emerging regions such as the Middle East and Africa, specialists are not well - equipped to recommend contact lenses. Increasing acceptance of ophthalmology devices and remedi al procedures like LASIK and Photorefractive Keratectomy (PRK) also threatens to limit the complete development prospects of the global contact lens market. Impact of COVID - 19 in the industry The World Health Organization (WHO) now considers the novel coro navirus (COVID - 19) to be a pandemic. Developing countries are particularly at risk as COVID - 19 due to a reduction in labor force, affect economies and livelihoods as well as reduction in production operations. Due to high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade and related services. Considering that most of these industries have been impacted due to the lockdown, it is expect ed that the demand for would also get impacted going forward. The global contact lenses market has shown a sudden decline in demand due to COVID - 19. The pandemic has severely affected the industry players with regard to business and functional parameters. As soon as the World Health Organization (WHO) declared the novel coronavirus (COVID - 19) as a pandemic, countries across the globe were compelled to enforce nationwide lockdown to prevent the spread of the virus. This has severely impacted manufacturing b esides disrupting the supply chains. Production and operation have slowed down owing to the spreading of coronavirus, which is likely to affect the demand for contact lenses. Moreover, delay in delivery is also impeding market growth. The Asia - Pacific cont act lens market is anticipated to get highly affected by the spread of COVID - 19 due to the effect of the pandemic in China, Japan, and India. Eurolens Research (University of Manchester) in April 2020 found that 75% of contact lens wearers reported reducti ons in use after the lockdown was imposed. It has been reported that during the lockdown phase, a majority of contact lens users wore their lenses less than usual. Since consumers were going through a phase of social distancing, they did not feel the urge to use contact lenses. Global Contact Lenses Market: By Product Based on segmentation, the global contact lenses market is grouped as(i) Hard Lenses and (ii)Soft lenses. Soft contact lenses have a wide range of applications; hence the segment is one of the prominent contributors to the market share. Soft contact lenses consist of lightweight, soft plastics such as silicone hydrogel, offering easy eye adaptability and improved comfort. It is used widely for correcting ametropia. They also allow more oxygen t o reach the cornea — the transparent surface of the eyes. An increase in oxygen permeability helps enhance comfort besides reducing dryness and itching. The benefits offered by soft contact lenses are the key factors driving the growth of the soft contact le nses market. G lobal contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027 Global Contact Lenses Market: By Design Type Based on design type, the contact lenses market is categorized into (i) spherical, (ii) toric and (iii) cylindrical. The spherical design accounts for the largest share in the market and is likely t o dominate the market in the years to come. This growth can be attributed to the rising number of population suffering from near - sightedness and farsightedness. The spherical design has the same lens power during the lens's optical part to correct the hype ropia, myopia, and presbyopia. Additionally, increasing consumer affordability is the major reason that motivates adults and working - class consumers to prefer spherical lenses over spectacles. These lenses are majorly suggested for people with low astigma tism level. This is yet another factord riving the growth of spherical design contact lenses. Global Contact Lenses Market: By Material The contact lenses market is grouped into(i) hydrogel, (ii) silicone hydrogel and (iii) polymers. The hydrogel section i s likely to grow at a CAGR of % during the forecast period due to the hydrogel material's enhanced oxygen permeability. If the cornea fails to get adequate oxygen, it causes hypoxia, which leads to dim vision, contamination, and other visual conditions. Th us, the consumers prefer using contact lenses of superior quality to ensure the safety of their eyes. Growing awareness about reducing hypoxia - related problems, along with mounting consumer consciousness regarding the safety of extended wear/daily wear con tact lenses will drive material demand. Silicone hydrogel lenses allow almost five times more oxygen to reach the cornea compared to regular hydrogel lenses. Since these lenses also offer more ease and hydration to the wearer throughout the day, the rising demand for such contact lenses is further driving the market growth. Global Contact Lenses Market: By Usage Based on usage, the global contact lenses market is grouped (i) corrective, (ii) therapeutic, (iii) cosmetic and (iv) prosthetic. The corrective lenses usage segment catered to the highest share in 2020. The corrective contact lens application is anticipated to portray the highest CAGR of % over the forecast period. Therapeutic contact lenses are equipped with a therapeutic property, that helps in ocular pain relief, corneal healing, and much more. The cosmetic lens segment is likely to witness a lucrative growth opportunity due to the surging demand for an improved aesthetic appeal of eyes. The cosmetic lens segment is likely to be o ne of the leading segments with a CAGR of during the forecast period. Global Contact Lenses Market: By Distribution Channel Based on the distribution channel the global contact lenses market is grouped into (i) optical stores, (ii) independent brand show rooms, (iii) online stores, and (iv) general retail stores. The online store section is expected to grow at a rate of over % during the forecast period due to the rise in customer preferences for online shopping. The growing internet penetration is enab ling customers to access countless varieties G lobal contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027 of lenses via PC, smartphones, and tablets. Numerous e - commerce platforms are offering discounts, launching a wide range of innovative products, and cost - effective eye care solutions to persuade consumers to pla ce orders for cosmetic lenses online. Changes in customer choices toward online buying are driving the growth of online stores in the distribution channel segment. Global Contact Lenses Market: Regional insights The global contact lenses market is segmented into five regions — (i) North America, (ii)Europe, (iii) Asia - Pacific, (iv) Latin America, and (v) the Middle East & Africa. North American market presently grips the largest share of the global contact lenses ma rket due to high alertness concerning eye examinations and growing approval of daily disposable lenses. However, the Asia Pacific market is likely to cultivate at the firmest rate with the most promising and profitable chances present in the market for the players due to rising consciousness among people and well - equipped practitioners in countries in this region. Competitive landscape Key players for the contact lenses 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), Menicon Co., Ltd. (Japan) and many others. The market players compete with each other bas ed on the quality of products and innovative and cost - effective manufacturing process, which generates impressive revenue besides optimizing the process for better production. Recent Development  In January 2021, Alcon Launched PRECISION1 for astigmatism Contact Lenses in the U.S.  In November2020, Bausch + Lombannounced that the company’s exclusive ‘ONE by ONE’ recycling program has recycled almost 27 billion discarded contact lenses, blister packs, and top foils since the launchof the program in November 2016. This recycling program, made possible through a partnership with TerraCycle,helped divert over 162,000 pounds of contact lens waste from lakes, streams, oceans, and landfills Scope of the Report Attribute Details Years Considered Historical data – 2016 - 2019 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Billion G lobal contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027 Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina,AUAE, South Africa, Saudi Arabia Product/Service Segmentation By product, design, material, distribution channel and region Key Players Key player s for the Contact LensesMarket includeBausch + 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 C orporation (Taiwan), Menicon Co., Ltd. (Japan) and many others.) Scope of the Report By Product:  Soft Lenses  Hard Lenses By Design Type:  Spherical  Toric  Cylindrical By Material:  Hydrogel  Silicone Hydrogel  Polymers Distribution Channel:  Optical Stores  Independent Brand Showrooms  Online Stores  General Retail Stores G lobal contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027 By Region:  Asia - Pacific  North America  Europe  The Middle - East & Africa  Latin America About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informe d and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us at info@blueweaveconsulting.com G lobal contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027 G lobal contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027