New StrategyR Study Highlights $ 15.8 Billion Global Contact Lens Market by 2026

FACTS AT A GLANCE
Editing: 17; Posted: November 2021
Executive pool: 5714
Companies: 94 – Players covered include Alcon, Inc .; Bausch Health Companies, Inc .; CooperVision, Inc .; Ginko International Co., Ltd. ; Johnson & Johnson Vision Care, Inc .; Menicon Co., Ltd; St. Shine Optical Co., Ltd. and others.
Blanket: All major geographies and key segments
Segments: Type of material (silicone hydrogel, other materials); Design (spherical, multifocal, other designs); Application (corrective, therapeutic, other applications)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.

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ABSTRACT-

Global Contact Lens Market To Reach US $ 15.8 billion by 2026
Contact lenses are primarily used to correct refractive errors and are sometimes considered to provide better quality of vision than glasses. The growth of the global market is driven by the growing awareness of the use of contact lenses to correct vision disorders, the increasing incidence of ophthalmic or vision related disorders, convenience, favorable demographics and rapid penetration of high value products. In particular, awareness programs in various developing countries are expected to continue to stimulate demand for vision care devices, including contact lenses. The rapid expansion of the wearer base with the reduction in the age of contact lens wearers, coupled with strong growth in the specialty lens segment and advancements in materials science, continue to improve the outlook for the market. ‘industry. The growing demand for cosmetic lenses in emerging countries further contributes to the growth of the market. Contact lenses have reported high absorption amid the COVID-19 pandemic due to the need to avoid bulky glasses with face masks, concerns about lens fogging, and to focus on new options for virtual meetings. Clinicians have witnessed a large number of requests for first-time contact lens fits from a wide range of users, including office workers, healthcare professionals and managers. business. The high adoption among wearers for the first time was attributed to the requirement to eliminate the need for corrective glasses during work-related works. At the same time, the market has also seen a noticeable increase in cases of contact lens abandonment due to concerns about the risk of COVID-19 infection, the need to avoid touching the face with the hands. , dry eye syndrome and reduced need for contact lenses due to the remote control. possibility of work.

Amid the COVID-19 crisis, the global contact lens market is estimated at US $ 11.4 billion in 2020, is expected to reach a revised size of US $ 15.8 billion by 2026, with a CAGR of 5.5% over the analysis period. Silicone hydrogel, one of the segments analyzed in the report, is expected to grow at a CAGR of 5.8% to reach US $ 11.7 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the growth of the Other Materials segment is readjusted to a revised CAGR of 5% for the next 7 year period. This segment currently accounts for a 31.1% share of the global contact lens market. As hydrogel lenses continue to maintain their stronghold, the prescription of silicone hydrogels is increasing due to their improved oxygen transmissibility which allows higher amounts of oxygen to the eye, resulting in better eye health. Eye care professionals prescribe these lenses to patients who fail to adhere to the routine wearing regimen and often forget to remove them before going to sleep.

The US market is estimated at $ 3.4 billion in 2021, when China is expected to reach $ 1.8 billion by 2026
The contact lens market in the United States is estimated at 3.4 billion US dollars in 2021. The country currently represents a 27.5% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 1.8 billion during the year 2026, with a CAGR of 8.8% during the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 4% and 4.4% respectively over the period of analysis. In Europe, Germany is expected to grow by around 4.4% CAGR while the rest of the European market (as defined in the study) will reach US $ 2 billion at the end of the analysis period. Developed regions including the United States, Canada, Japan and Europe represent the main contributors to income. Heavy spending on personal care products including eye care solutions, increasing use of daily disposable lenses and increasing number of wearers are the main growth drivers in these regions. The shortening of the replacement cycle in the Asian market due to the growing eye care awareness and convenience factor, which translates into increasing demand for daily, weekly and monthly disposables, is also expected to generate significant gains in the market. . Following

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