Contact Lens Market To Reach US$ 29,934.2 Million By 2027 - Coherent Market Insights

 

Contact lenses can be primarily segmented as hard contact lenses and soft contact lenses. Hard contact lenses are made of stiff plastic, while soft contact lenses are made up of silicone hydrogel. These lenses are produced in various designs such as multifocal, spherical, toric and orthokeratology contact lenses.

Statistics:

The global Contact Lens Market is estimated to account for US$ 13,478.5 Mn in terms of value by the end of 2019.

Global Contact Lens Market: Drivers

Approval and launch of new products is expected to propel growth of global contact lens market over the forecast period. For instance, in November 2019, CooperVision received U.S. Food and Drug Administration (FDA) approval for its MiSight 1 day contact lens that is indicated to slow the progression of myopia in children 8-12 years old.

Global Contact Lens Market: Opportunities

Increasing awareness about vision care is expected to offer lucrative growth opportunities for players in the global contact lens market. For instance, in February 2020, Essilor Vision Foundation, through its Vote for Vision campaign, encouraged the populace to get an eye exam in 2020.

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Global Contact Lens Market: Restraints

High cost of contact lenses is expected to hinder growth of the global contact lens market. The contact lens market is price sensitive, where high cost of lenses results in a large number of consumers switching to alternate options. Lack of structured regulatory policies has led to high fluctuations in the final pricing of contact lenses, resulting in price wars between existing market players.

Key Takeaways:

The global contact lens market was valued at US$ 13,478.5 Mn in 2019 and is forecast to reach a value of US$ 29,934.2 Mn by 2027 at a CAGR of 10.5% between 2020 and 2027. Approval and launch of new products is expected to propel growth of global contact lens market over the forecast period

Soft Contact Lens segment held dominant position in the global contact lens market in 2019, accounting for 86.5% share in terms of value, increasing awareness about vision care is expected to assist the segment growth

Market Trends

Increasing prevalence of vision impairment is expected to propel demand for contact lenses. For instance, according to World Health Organization (WHO), 2019, globally, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed.

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Major players in the global contact lens market are focused on launching various services to enhance their market share. For instance, in August 2020, Johnson & Johnson Vision released resources to enhance the contact lens experience in terms of comfort, safety and accessibility.

Global Contact Lens Market: Competitive Landscape  

Major players operating in the global contact lens market include, Novartis International AG, Menicon Group, The Cooper Companies, Inc., Carl Zeiss AG, Baush and Lomb, Visioneering Technologies, Inc., Mojo Vision, Johnson & Johnson Vision, Air Optix, Essilor, SynergEyes, Inc., Conforma, Menicon, UltraVision, and Wesley Jessen.

Global Contact Lens Market: Key Developments

Major players in the global contact lens market are focused on conducting clinical trials to expand their product portfolio. For instance, in April 2019, Visioneering Technologies, Inc. released additional data regarding its patented NaturalVue Multifocal (etafilcon A) 1 Day Contact Lens.

Major players in the global contact lens market are also focused on product approval and launch to expand their product portfolio. For instance, in January 2019, SynergEyes, Inc. launched SimplifEyes 1 Day daily disposable lens with dual tangible polymers.

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