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
The visual impairments such as myopia are increasing among both children and adult populations. As per the latest analysis by WHO, almost 2 billion people in the world are affected with vision impairment out of which around one billion goes undiagnosed. These refractive errors, if left uncorrected could require a higher-end product with high prescription strength.
In the case of contact lenses, which are as efficient as regular glasses, stable market growth can be observed. However, the reasons for this preference towards contact lenses are both aesthetic and functional. In emerging markets like China and South Korea, modern lens technology is helping to increase the consumer base. The increased adoption of these advanced devices has presented critical growth opportunities for the incumbent market players.
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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 edema
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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