Rapidly Increasing Innovation in the Production of Contact Lenses Drives the Market – Contact Lenses Market Expected to Grow at a CAGR of 6.3% from 2022 to 2028

Contact Lenses
  • Contact Lenses Market

As stated in our extensive report, the Global Contact Lenses Market accounted for a revenue of USD 7.6 Billion in 2021.

Contact Lenses are tiny lenses designed to be applied to the eye's surface to correct eyesight. Depending on the lenses' type, comfort, and reusability, they are either hard or soft. The primary factors driving the market expansion during the forecast period are the rising acceptance of these devices in developing nations and the global increase in the prevalence of refractive defects. Research recently projected that 116.3 million people worldwide had moderate to severe visual impairment brought on by uncorrected refractive error, according to a BMC Public Health report released in 2021. Refractive errors are predicted to affect more people worldwide, and people are becoming more aware of how these eye disorders can be treated with Contact Lenses to correct refractive vision.

Ophthalmologists recommend using disposable lenses for safety reasons despite the fact that there is no appreciable cost difference between the costs of disposable and reusable lenses. In addition, the key players in the market are conducting awareness campaigns and releasing cutting-edge goods that are anticipated to boost the expansion of daily disposables. In the United States, for instance, Alcon launched PRECISION1 for Astigmatism in January 2021, a daily disposable Silicone Hydrogel (SiHy) lens.

Presbyopia and myopia are becoming more and more common in both the kid and adult populations. The increased number of persons with vision impairment is caused by this, in addition to low awareness and resistance to vision correction among the general public, especially in emerging nations. Nearsightedness or farsightedness affects 2.2 billion people worldwide, of whom 1 billion have undiagnosed vision impairment, according to data from the WHO published in 2021. Cataracts and uncorrected refractive problems were found to comprise the majority of the cases.

However, ongoing efforts by regional and national government organizations and significant market participants to raise knowledge of vision correction among the masses have resulted in an increase in the number of vision correction users worldwide, including those who wear lenses. One of the main factors influencing the acceptance of these items in developing nations like China, India, and South Korea is market participants' development of technologically sophisticated lenses. As a result, key market players can extend their market position in mature markets thanks to the rising use of these cutting-edge technologies.

Asia Pacific is expected to dominate the Contact Lenses Market and will likely continue with the same trend during the forecast period. This dominance is attributable to the growing number of patients affected by refractive errors and the high focus of the market players on strategic collaboration and partnership.

Some of the prominent players operating in the Global 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).