Contact Lenses Market Growth, COVID Impact, Trends Analysis Report 2033
The contact lenses market is valued at USD 9.6 billion in 2023 and is anticipated to reach USD 15.2 billion by 2033. The market is expected to grow at a CAGR of 4.7% from 2023 to 2033.
Consumer Demand for Advanced Variants with High-Efficiency Drive Market Growth
Myopia is one of the visual disorders that are affecting both children and adults. The most recent review by the WHO estimates that almost 2 billion people worldwide suffer from vision impairment, of which about one billion go untreated. If left untreated, such refractive problems can necessitate the use of a cutting-edge solution with a strong prescription.
Hiring, Consulting, and PM Tool Because of its visual appeal and usability, many people prefer contact lenses to traditional lenses. Consumer bases are growing in emerging economies like China and South Korea thanks to modern lens technology. The rising adoption of these cutting-edge technology has provided tremendous expansion possibilities for market organisations that are already well-established.
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Side Effects Could Lead Consumers to Prefer Alternatives
Undesirable side effects of contact lenses continue to plague the market. These include eye irritation, disability, and even loss of vision in extreme cases. Many prefer not to have a foreign object inserted in the eyes, that could trigger superficial keratitis, corneal vascularization, and corneal enema
Hence, several consumers are opting for alternative refractive correction treatments. These include LASIK surgery and other surgical procedures. With rising disposable income and affordability of such treatments, it is gaining popularity among lens and spectacle users. Alternatively, deterred by the side effects of contact lenses, many are also opting to go back to using traditional spectacles.
Key Players Invest in Research & Development as the Ultimate Growth Strategy
Currently, heavy investments are pouring into optometry-centric research and development activities. Consumers are seeking contact lenses, that provide comfort and efficiency. Hence, issues such as contact lens-induced eye dryness, aren’t factors impacting advanced product variants. For instance, the latest technology has led to the launch of soft contact lenses, that are long-wear safe and prioritize consumer comfort.
Key Takeaways from the Report:
Between 2017 and 2022, the contact lenses market progressed at a CAGR of 4.3%.
The contact lenses market was valued at US$ 9.2 billion in 2022.
The United States market is projected to grow at a CAGR of 3.4% to attain a valuation of US$ 3.9 billion by 2033.
In terms of wear type, the disposable segment is expected to register a CAGR of 4.8% from 2023 to 2033
The design type segment is dominated by spherical contact lenses, projected to grow at a CAGR of 4.0% during the forecast period
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Key Market Developments:
In April 2022, Alcon launched a highly efficient, disposable contact lens for Astigmatism. It is known as Precision and is a silicone hydrogel contact lens.
In August 2020, Bausch + Lomb launched a new silicone hydrogel contact lens. It is a variant of daily disposable contact lenses. It is crafted with advanced material, embedded with the Rebalance Technology. This aids in reducing side effects such as lens dryness.
MojoVision is a United States-based startup integrating ultra-modern technologies with traditional contact lenses. With their product, one might soon be able to check notifications, without even looking down at a screen.
Key Players:
CooperVision, Inc.
Johnson & Johnson Vision Care, Inc.
Hoya Vision Care Company
Alcon (Division of Novartis AG)
Bausch & Lomb Incorporated
BenQ Materials Corporation
ZEISS International
SEED Co. Ltd.
Essilor International S.A.
Menicon Co. Ltd.
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