By the end of 2029, the global market for contact lenses is anticipated to generate US$ 12.5 billion in sales. According to a recent Future Market Insights (FMI) analysis, the market for contact lenses will grow at a moderate rate until the year 2029. The most frequently prescribed contact lenses are soft ones, but toric lens designs have considerably gained ground recently. Due to their ability to rectify mixed astigmatism, the latter are becoming more popular.
These lenses also have the ability to filter dim light, work on small components, and are trendy in addition to their ability to block UV rays and be anti-radiation. The demand for silicone hydrogel contact lenses is also consistently increasing since they lower the risk of ocular disorders caused by hypoxia.
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List Of Key Players Covered in Contact Lenses Market are:
- CooperVision, Inc.
- Johnson & Johnson Vision Care, Inc.
- Hoya Vision Care Company
- Alcon (Division of Novartis AG)
- Bausch & Lomb Incorporated
- BenQ Materials Corporation
- ZEISS International
- SEED Co. Ltd.
- Essilor International S.A.
- Menicon Co. Ltd.
Key Takeaways – Contact Lenses Market
- North America is expected to retain its dominant position in the global contact lenses market due to high adoption of contact lenses, high demand for branded products, and frequent new product launches, coupled with significant presence of prominent players in the region.
- Soft lenses continue to be top selling, making up nearly 80% of overall sales in the contact lenses market. These lenses are widely prescribed by doctors, user-friendly, and easier to adjust as compared to hard contact lenses.
- Increasing usage of therapeutic (drug-eluting) contact lenses for ophthalmic drug delivery is creating a massive window of opportunity in the global contact lenses market. These lenses would be garnering interests with their unique advantages such as extended wear and high bioavailability.
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Growing prevalence of myopia among young children and elderly demographic will continue to create significant opportunities for prominent players in the contact lenses market. Daily wear soft contact lenses made of flexible plastic that enables oxygen to pass through the eyes are gathering traction in market. Besides such innovations, online sales will help manufacturers reap sizeable profits in the global market.
Smart Contact Lenses Gaining Traction
Contact lens companies have been introducing novel products in the market, attributable to R&D advancements. Smart contact lenses represent one such innovation that continues to gain popularity worldwide. These lenses do not require surgery and can be inserted or removed by users. Researchers from the Harbin Institute of Technology in China and the University of California San Diego are developing innovative biomimetic smart soft contact lenses that users can zoom in and out by simply blinking.
Know More About Contact Lenses Market Report
Future Market Insights, in its new offering, provides an analysis of the global contact lenses market, presenting historical demand data (2014-2021) and forecast statistics for the period of 2022-2029. The report on the global contact lenses market reveals compelling insights on the basis of product type (soft lenses [daily wear and extended wear] and gas permeable), design type (spherical, toric, multifocal, and others), wear type (disposable and reusable), and sales channel (online [e-Commerce portal and company owned portal] and offline [exclusive stores and multiband stores]), across seven major regions.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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