Contact Lenses Market to be Valued USD 19.35 Bn in the Next Five Years | TechSci Researchby Shipra J. Market Research for Better Business Growth
Growing prevalence of ocular diseases is expected to drive the global contact lenses market through 2026.
According to TechSci Research report, , the global contact lenses market stood at USD13.73 billion in 2020 and is further anticipated to grow at a CAGR of 6.25% during the forecast period. This can be ascribed to the changing lifestyle patterns, especially among the youth, has increased the use of colored contact lenses more as a fashion accessory. Furthermore, the growing influence of social media has made the generation Z population increasingly adopt and use colored contact lenses on account of their aesthetic values and features. The colored contact lenses make eyes appear lighter and enhance or altogether change their color.
Also, an increasing demand from entertainment industry is witnessed for stylish contact lenses which are available in wide range of colors, shades and textures and make the eyes more attractive. This in turn is expected to positively influence the market growth over the next few years. Also, an increase in the research & development activities is witnessed in terms of contact lenses, the materials used to make contact lenses, their features & functionality, among others. The companies operating in the contact lens industry are increasing their R&D expenditure and activities to improve their existing product portfolio and for developing new products. For instance, Menicon Co., Ltd, in August 2020, announced the opening of Menicon Future Device Research Laboratory in Japan in collaboration with Nagoya Institute of Technology, Japan. The laboratory aims to design and develop new materials for manufacturing contact lenses using structural controls and advanced manufacturing methods.
However, the lack of trained healthcare professionals (this includes ophthalmologists, opticians, among others) in certain countries, especially in the developing world can restrict the market growth over the next few years. Besides, there is a lot of price variation observed in terms of the contact lenses offered by branded players and non-branded companies. Every region and country across the globe have the presence of established contact lens brands and their domestic players. The contact lenses offered by the domestic players are available at lower prices or they keep on changing the prices based on the market scenario. This in turn creates a lot of disparities in pricing in terms of contact lenses offered by the branded and non-branded players, which adversely impacts the market growth.
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Global contact lenses market can be segmented by modality, by design, by material type, by application, by distribution channel, and by region. The applications of contact lenses can be fragmented as corrective, therapeutic, cosmetic and others. The corrective segment is expected to dominate the market with a share of around 46.14% in 2020 on account of its widespread use in correcting and treating different vision impairment problems. While therapeutic segment is expected to grow significantly during forecast period on account of their use in corneal healing, ocular pain relief, among others. The cosmetic segment will also witness growth on account of the extensive use of contact lenses for improving the aesthetic appeal of eyes.
Also, the colored contact lenses are being majorly used by the young generation and entertainment industry, thereby supporting the segmental growth. In terms of distribution channel, the market can be categorized into retail stores, online and hospitals & clinics. The retail stores segment dominated the market in 2020 on account of the over-the-counter availability of contact lenses at these stores of different brands. Additionally, most of the consumers prefer buying the contact lenses from retail store since they can try the contact lenses before buying and also understand their features and use. The online segment is expected to witness significant growth on account of widespread penetration of several e-commerce platforms which can offer contact lenses online.
Major players operating in the global contact lenses market include Johnson & Johnson, CopperVision Inc., Alcon Inc., Bausch Health Companies, Inc., Menicon Co., Ltd., EssilorLuxottica S.A., Carl Zeiss Meditech AG, Hoya Corporation, Seed Co., Ltd., Contamac Holdings Limited, X-Cel Specialty Contacts, SynergEyes Inc., STAAR Surgical Company, Cleriovision, Inc., BenQ Materials Corp, among others.
“Asia Pacific is expected to register the highest growth in the global contact lenses market on account of a significant increase in the demand for colored contact lenses has been observed in the region, especially in countries like South Korea, Japan, China and India. Furthermore, Asia Pacific region with countries such as Japan and India witness the highest number of cataract surgeries performed worldwide. This in turn drives the market for intraocular lenses in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
has evaluated the future growth potential of global contact lenses market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global contact lenses market.
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Created on Sep 20th 2021 02:21. Viewed 61 times.