GLOBAL CONTACT LENS: MARKET SUMMING UP TO $12,701 MILLION ACROSS MULTITUDE TRENDS BY 2025
Global Contact Lenses Market is showcasing a growth of 5.32% CAGR in the forecast period to 2025.
The 8th edition analytical research on Global Contact Lens Market identifies social, economic and technological trends that work together to disrupt the market growth globally.
Technological advancements such as smart lens, lens developed through light adaptive technology, 3-in-1 colour technology contact lens, corrective nature and additional sensing features of contact lens are anticipated to shape the contact lenses market over the medium term future.
Contact lens market is largely driven by shifting consumer preferences, majorly by fashion fiesta millennial with the outlook of adapting trending cultures augmented with rising disposal expenses towards convenience and comfort products.
Strong growth in the geriatric population will result in increased chronic eye-related disorders, with refractive errors playing a prominent role.
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Spherical design segment dominates contact lens market with $6,239.2 million revenues during 2018
Companies such as Cooper, Johnson & Johnson are among the key players in the spherical contact lens market.
Spherical contact lens market is largely growing in North America region owing to a high prevalence of refractive disorders and rising level of the aged population.
Global population of older persons is projected to more than double its, reaching nearly 2.1 billion in the estimated period, which will boost the growth of the sub-segment in contact lens over the forecast period.
Prevalence of refractive errors in eye vision accounts for rising market value
Increasing prevalence of myopia is one of the major factors driving the demand for spherical contact lenses. An estimated 50% of the population will be myopic by 2050 thus resulting in high demand for corrective measures. In particular, limited exposure to sunlight and digitalization are causing myopia incidences among children.
One of the recent studies identify pool presence of refractive errors with myopia (around 12%), followed by hyperopia and astigmatism. The prevalence of myopia and astigmatism is observed to be highest in South East Asian countries such as China, Japan, South Korea, and Singapore.
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Daily disposable contact lens is currently trending and a contribution of 58% is anticipated over the period
The strong demand for daily disposable models and extended wear contact lens helps companies to explore different designs and materials; Further, multifocal lenses are increasingly in trend in developed markets, designed by both hyper gel and silicone hydrogel materials with multi-levels of eye power.
Further, Photochromic lenses are also witnessing strong demand among the youth population. Acuvue Oasys daily disposable and corrective type contact lens with Transitions Light Intelligent Technology marks strong demand in the segment.
Therapeutic Lenses is amidst the trending application and is forecast to register 5.44% CAGR growth to 2025
The prevalence of chronic eye diseases such as cataract, diabetic retinopathy, blindness and glaucoma coins to the increased demand for therapeutic contact lenses. Therapeutic Lenses provides relief from nerve end pains, protects cornea from mechanical injury, assists in healing, routes drug delivery and enhances vision.
It is estimated that globally there are approximately 100 million cataract eyes, with rates varying from 100 to 6000 operations per million populations per year.
Diabetes is the leading cause of death in Mexico with nearly 80,000 lives each year. Surging rates of obesity coupled with genetic predisposition for Type 2 diabetes has led to rise in the concern of vision loss.
According to the National Health Service, a report of 1,280 cases of blindness are caused by diabetic retinopathy in England while a further 4,200 people in the country are thought to be at risk of retinopathy-related vision loss.
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Silicone hydrogel contact lens market is expected to be the fastest growing sub-segment in contact lenses
Silicone hydrogen contact lens remains the key material type for manufacturing daily disposables and weekly disposables comforting and eye-safe contact lens.
The prevailing trend of both conventional and smart sensing contact lenses augmented with recent developments such as increase in oxygen permeability will drive the market sales over the near to medium term future.
Rising astigmatism issues and growing incidences of patients with the blurred vision affixes the market demand
Hybrid lens market is driven by the rising astigmatism issues, freedom from eye glasses and comfort of lens. In addition, special toric soft contact lenses and rigid gas-permeable contact lenses can correct many types of astigmatism and can compensate for the cornea's irregular shape.
Eye-Safe and antimicrobial supportive contact lens to stand out in the coming years
Companies and universities across North America and Europe are primarily focusing on developing antimicrobial contact lenses.
Several chemical combinations are being investigated to reduce the incidence of microbial films on the contact lens amid which are peptide melimine-coated contact lenses, silver, free-radical producing agents and other antimicrobial peptides or by employing passive surface modification approaches.
Mergers, acquisitions and aggressive marketing strategies reinforced by continual innovation creates substantial growth for the contact lens market
Bausch + Lomb, a global eye health company announced that it has entered into an exclusive agreement with Modulight, a manufacturer of lasers and optics to develop new photodynamic laser.
Blanchard Contact Lenses, Inc., which has operations in Sherbrooke, Canada and in Manchester, was acquired by CooperVision, a manufacturer of soft contact lenses and related products.
Johnson & Johnson Vision launches the UK's first free nationwide programme, "ACUVUE Contact Lens Recycle Programme", which enables consumers to easily recycle their contact lenses after use.
Alcon announced that it has acquired Tear Film Innovations, Inc., a privately-held company and producer of the iLux® Device, with this acquisition the company tends to bring the latest innovation to treat the millions of people suffering from dry eye worldwide.
Key Companies operating in the Global Contact lens market
Bausch & Lomb Incorporated
Hoya Corporation
The Cooper Companies Inc
Novartis AG
Alcon Inc.
Carl Zeiss Meditech AG
Essilor Group
SEED Co. Ltd.
Menicon Co. Ltd.
BenQ Materials Corporation
GLOBAL CONTACT LENS: MARKET SUMMING UP TO $12,701 MILLION ACROSS MULTITUDE TRENDS BY 2025 *Required Information