Contact Lens Market To Register Incremental Dollar Opportunity of US$ 20 Bn During 2022 to 2031 : FactMR

Fact.MR’s latest study on the Contact Lens Market provide compelling insights into critical trend and opportunities creating the demand prospects during the assessment period. It also highlights potential sales pockets in terms of taxonomy including By Material (Gas Permeable Contact Lenses,Silicone Hydrogel Contact) By  Design (Spherical Contact Lense,Toric Contact Lenses)The proliferation visually-impaired consumers and their participation in outdoor activities coupled with increasing cases of myopia, presbyopia, and astigmatism will drive the global contact lens market to witness a staggering growth trajectory of over 5% between 2019 and 2029. Offline distribution through retail stores and hospitals & clinics continue to garner consumer traction. Online channels however are expected to present remunerative growth opportunities on the back of rising millennial consumers. Market players are investing in developing innovative products that cater to a variety of demands such as daily use, different colors, and corrective lenses.

Key Segments Covered

• Material

  • Gas Permeable Contact Lenses
  • Silicone Hydrogel Contact Lenses
  • Hybrid Contact Lenses

• Design

  • Spherical Contact Lenses
  • Toric Contact Lenses
  • Multifocal Contact Lenses
  • Other Contact Lenses

• Application

  • Corrective Contact Lenses
  • Therapeutic Contact Lenses
  • Cosmetic Contact Lenses
  • Prosthetic Contact Lenses
  • Lifestyle-oriented Contact Lenses

• Distribution Channel

  • Online Contact Lens Distribution
  • Offline Contact Lens Distribution

• Usage

  • Daily Disposable Contact Lenses
  • Disposable Contact Lenses
  • Frequent Replacement Contact Lenses
  • Traditional Contact Lenses

Key Takeaways of Contact Lenses Market Study

• Silicone Hydrogel will see 1.7x growth between 2019 and 2029. Enhanced oxygen permeability along with soft & flexible nature of silicone hydrogel will enhnace consumer engagement as buyers tend to prioritize eye-adaptability and enhanced comfort in contact lenses.
• Spherical lenses will witness 1.6x growth during forecast period owing to even distribution of lens power throughout the optical part of spherical lens.
• Corrective lenses continue to lead market share followed by astounding growth of over 10% in Therapeutic Lens segment.
• Online distribution channels will gain two fold growth owing to increasing disposable income of millennial consumers that are accustomed to buying from online e-commerce platforms.
• Daily Disposable usage of contact lenses will garner 1.5x growth throughout the forecast period. This can be attributed to benefits of this usage type such as compatibility enhancement for people with dry eyes or allergies.
• North America will maintain its supremacy in terms of market share on the back of increasing early adoption of lens technology and growing geriatric population.
• Southeast Asia & Oceania present lucrative growth opportunities with a stellar CAGR of more than 7% over the forecast period.
• Combining the gas permeable softness of silicone hydrogel with visual clarity of an RGP lens, Hybrid lens material will grow at a promising CAGR of over 7%.

Key Companies Profiled

• Johnson & Johnson
• Alcon Vision LLC
• Bausch & Lomb
• Incorporated
• EISS International (Stiftung)
• Contamac
• CooperVision Inc
• Essilor International S.A
• Hoya Corporation

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