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HEALTHCARE & PHARMACEUTICAL

Contact Lenses Market Analysis by Material (Gas Permeable, Silicon Hydrogel, Hybrid); by Design (Spherical, Multifocal, Toric, and Others); and by Application (Orthokeratology, Decorative Lens, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Alcon to introduce DAILIES Total 1 contact lens for astigmatic patients in the United States.
  • For the past year, Bausch & Lomb and InWith Corporation, which controls key enabling IP in augmented contact lenses, have been working on the development of smart contacts.

Global Contact Lenses Market Highlights Over 2023 – 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

Base Year Market Size (2022)

~USD 10 Billion

Forecast Year Market Size (2033)

~USD 16 Billion

The global contact lenses market is estimated to garner a revenue of near to USD 16 Billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of around USD 10 Billion in the year 2022. The key factors driving the market expansion are the expanding preference for contact lenses among developing nations and the frequency of refractive defects worldwide. By 2025, the volume in the contact lenses industry is projected to reach over 7,800 million units. Volume growth of around 13% is anticipated for the contact lens industry in 2023.

Contact-Lenses-Market-Size

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Online vision tests have become more popular recently, however, for legitimate reasons, an eye test for the elderly, adults, or kids from a reputable optometrist is still the only method to acquire a prescription for contact lenses. Additionally, with the rising interests amongst individuals for contact lenses, eye tests are nowadays streamlined and tailored to meet the needs of these individuals by including a contact lens test. These lenses offer the vision correction that the majority of people require without the use of frames and lenses which some individuals find vital for certain activities and lifestyles. Approximately, 8% of people who wear contacts are below the age of 17 and 14% are aged from 18 to 24, and 75% of people over the age of 25 wear contacts.

Global Contact Lenses Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Prevalence of Refractive Errors - A contact lens is recommended to correct refractive errors and compensate for visual impairments such as myopia, hyperopia, presbyopia, and astigmatism. This may also lead to an increase in door activities and further improves the market growth. For instance, refractive errors account for 43% of visual impairment and are the second leading cause of vision loss worldwide. 12 years back, untreated refractive errors caused blindness in 6.8 million people and visual impairment in 101.2 million people.
  • Increasing Geriatric Population – Almost 67% were more possibly than women to have refractive errors in the elderly population around 60 percent. Age was associated with a rise in the incidence of any refractive error, reaching 63.5 % in those over 60.
  • Growing Preference for Eye Testing – The significance of eye testing is becoming more widely understood, pertaining to defense, early detection, care, and rehabilitation. For instance, there were around 13.8 million eye tests administered by the National Health Services (NHS) in England during 2019-2020. While about 9.5 million eye tests were performed by the NHS 22 years ago, the number of sight tests conducted has climbed almost year over year.
  • Growing Developments in Technological Advancements for Enhanced Usability – Optometry and optics have seen a marked growth in R&D efforts associated with the market under study. Recent developments in the sector such as the introduction of dynamic soft contact lenses using cutting-edge technology have accelerated the demand for contact lenses around the world. 90% of the people who wear contact lenses wear soft lenses.

Challenges      

  • Growing Concern for Eye Inflammation or Infection as a Result of Improper Contact Lens Care and Hygiene
  • Surge in Chances for Corneal Ulcers, Eye Infections, and Even Blindness
  • Emergence of COVID-19 Adversely Impacted the Key Players in the Market

The global contact lenses market is segmented and analyzed for demand and supply by material into gas permeable, silicone hydrogel, and hybrid. Out of these, the silicone hydrogel segment is attributed to garnering the highest market share by 2033 owing to the comfort and hydration provided while wearing lenses. It is estimated that silicone hydrogel materials are adopted in 78% of contact lens fittings. This ratio is significantly greater for patients who wear frequent replacement contact lenses, 83% of these lenses are made of silicone hydrogel materials.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics, by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864,313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to a health care expenditure of USD 10,623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditure (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in the upcoming years.

Global Contact Lenses Market Regional Synopsis

Regionally, the global contact lenses market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2033. The enhanced market potential includes the number of people who adopt contact lenses, the number of people suffering from refractive problems, and the growing awareness of the benefits of vision correction therapies. According to CDC, around 45 million Americans wear contact lenses.

Contact-Lenses-Market

The global contact lenses market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global contact lenses market includes the following segments:

By Material

·Gas Permeable

·Silicon Hydrogel

·Hybrid

By Design

·Spherical

·Multifocal

·Toric

·Others

By Application

·Orthokeratology

·Decorative Lens

·Others

Top Featured Companies Dominating the Global Contact Lenses Market

  • Johnson & Johnson Vision Care, Inc.

oCompany Overview

oBusiness Strategy

oKey Product Offerings

oFinancial Performance

oRisk Analysis

oRecent Development

oRegional Presence

oSWOT Analysis

  • Carl Zeiss AG
  • Bausch & Lomb Pvt. Ltd.
  • Alcon Vision LLC
  • Cooper Vision, Inc.
  • Hoya Corporation
  • Essilor Luxottica
  • Menicon Co., Ltd.
  • SynergEyes, Inc.
  • Walman Optical

 

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