Contact Lenses Market Revenue to Be Doubled in Current Decade

Contact Lenses Market Revenue to Be Doubled in Current Decade
Geographically, North America dominated the contact lenses market in 2020.

Huge quantities of contact lenses are used by the geriatric population, as people experience a wide range of stressors with age. Moreover, as geriatric care is complex and requires the use of cutting-edge therapies and technologies, contact lenses are becoming very popular among older people. In recent years, extensive research and development (R&D) activities have been carried out in the domain of contact lenses and this has led to the development and introduction of improved contact lenses. Owing to technological advancements, healthcare facilities are actively embracing technologically sophisticated optometry solutions.

Moreover, the increasing product approvals will also aid the progress of the contact lenses market during 2021–2030. For example, in March 2021, Johnson & Johnson Medical Devices, a branch of Johnson & Johnson, got approval for ACUVUE Theravision with ketotifen from the Japanese Ministry of Health, Labour and Welfare (MHLW). These lenses integrate vision correction with an antihistamine medicine, to decrease the intensity of eye itching due to allergy. Because of these approvals, the market revenue is expected to rise from ~$7.5 billion in 2020 to around $16 billion by 2030.

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At present, contact lenses manufacturers, such as Johnson & Johnson Pvt. Ltd., Alcon Vision LLC, Bausch Health Companies Inc., and CooperVision Inc., are offering opaque, tinted, and enhanced contact lenses, which are available in spherical, toric, cosmetic, monovision, and multifocal designs. These lenses are made up of hydrogel, silicone hydrogel, hybrid, glass permeable, and polymethyl methacrylate (PMMA). Nowadays, optometrists and patients have been preferring spherical lenses over other variants to address visual problems, which are rapidly becoming common due to the surging screen time of people. Contact lenses of various types can be availed from different sources.

The distribution channel segment of the contact lenses market can be categorized into e-commerce, retail stores, and hospitals and clinics. Among these, the retail stores category will account for the largest market share throughout the forecast period. This can be attributed to the rising preference of customers for visiting retail outlets and inspecting lenses before purchasing over buying them online. Moreover, the availability of a wide range of brands and product portfolios in retail stores will support the growth of this category in the foreseeable future.

Contact lenses procured from different distribution channels can be used for daily, traditional, or extended wear. Over the years, such lenses have been primarily used for daily wear, due to the enhanced comfort, convenient disposal, and reduced eye infection risk offered by such products. Moreover, the escalating risk of mask-associated dry eyes (MADE), owing to the COVID-19 outbreak, and growing risk of lower blink rate and insufficient blinking, due to the increasing computer usage, will amplify the demand for contact lenses in the coming years.

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According to P&S Intelligence, the North American contact lenses market generated the highest revenue in 2020, due to the burgeoning geriatric population, which is highly susceptible to vision-related diseases, in the region. The United States Census Bureau forecasts that geriatric people (people aged 65 and above) will account for 21.4% of the total population of North America by 2050. Moreover, the stagnant lifestyle of people has also driven the demand for such lenses, owing to the excessive use of smartphones, computers, and televisions in the region.

Therefore, the booming geriatric population and soaring number of product approvals will accelerate the usage of contact lenses in the foreseeable future.

Market Size Breakdown by Segment

Based on Usage

  • Daily Wear
  • Extended Wear
  • Traditional Wear

Based on Design

  • Spherical
  • Toric
  • Multifocal
  • Monovision
  • Cosmetic

Based on Material

  • Silicone Hydrogel
  • Hydrogel
  • Glass Permeable
  • Hybrid
  • Polymethyl Methacrylate (PMMA)

Based on Type

  • Opaque Contact Lenses
  • Enhanced Contact Lenses
  • Tinted Contact Lenses

Based on Application

  • Conventional
  • Orthokeratology
  • Decorative

Based on Distribution Channel

  • Retail Stores
  • Hospitals & Clinics
  • E-Commerce

Geographical Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K., Italy
    • Spain
  • Asia-Pacific (APAC)
    • Japan
    • China
    • India
    • Australia
    • South Korea
  • Latin America (LATAM)
    • Brazil
    • Mexico
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • South Africa

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