Overview of the Global Contact Lenses Market to 2027

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contact lens market

contact lens market

contact lens market

Dublin, Oct. 10, 2022 (GLOBE NEWSWIRE) — The report “Contact Lens Market – Forecast 2022 to 2027” has been added to from ResearchAndMarkets.com offer.

The contact lens market is valued at US$9.522 billion in the year 2020, growing at a CAGR of 6.67%, reaching a market size of US$14.963 billion by 2027.

Contact lenses are thin, curved lenses that are placed directly on the surface of the eyes for many reasons, such as to provide corrective vision or for aesthetic and therapeutic reasons, among others. The global contact lens market is expected to show significant growth over the next five years, which can be attributed to the fact that there has been an increasing demand for these lenses over eyeglasses due to several advantages.

Moreover, the growing prevalence of common eye diseases is also propelling the demand for contact lenses, thus playing an important role in shaping the growth of the market over the next five years. Additionally, decent growth is expected due to aging populations in many parts of the world, as older people are more susceptible to vision-related problems.

However, there has also been a high demand for lenses among millennials for cosmetic contact lenses since these lenses are specially designed to change the look of the eyes with vibrant colors. Moreover, growing investments by market players in the form of increased R&D investments for new product launches to gain a competitive advantage in the market further show the high growth potential of the market.

Impact of Covid-19

During the Covid-19 pandemic, the contact lens market fell due to the high risk of infectious diseases. The introduction of Covid-19 has significantly hampered global contact lens demand. Due to the outbreak, major market players have observed a decline in revenue generation. During the lockdown, consumers shifted to wearing glasses instead of contact lenses, which contributed to the decline. Due to the risk of Covid-19, medical establishments were also advising people to wear glasses instead of contact lenses.

Additionally, the government imposed lockdowns and business closures, people avoided going to eye clinics, and the number of patients in vision correction centers declined. Also, raw material supply has impacted the global contact lens market during the forecast period.

High prevalence of common eye disorders and diseases

The key factor driving the demand for contact lenses is the growing global prevalence of common eye diseases and disorders. According to statistics from the US Department of Health and Human Services, approximately 12 million adults age 40 and older have visual impairment in the United States, of which 1 million are blind, 3 million have visual impairment after correction and 8 million have visual impairment due to uncorrected refractive error.

In addition, the projected number of people with incorrigible visual impairment is expected to reach 8.96 million by 2050, due to the spreading epidemics of diabetes and other chronic diseases. Similarly, the World Health Organization reports that approximately 1 billion people worldwide have near or far vision impairment that could have been prevented or has not yet been treated. Thus, all the factors mentioned above play a vital role in boosting the global demand for contact lenses over the next five years.

Main topics covered:

1. Introduction

2. Research methodology

3. Executive Summary

4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining power of end users
4.3.2. The bargaining power of buyers
4.3.3. The threat of new entrants
4.3.4. The threat of substitutes
4.3.5. Competitive rivalry in the industry
4.4. Industry Value Chain Analysis

5. Contact Lenses Market Analysis, By Type
5.1. Introduction
5.2. Soft, tender
5.3. Rigid Permeable to gases
5.4. Hybrid
5.5. Others

6. Contact Lenses Market Analysis, By Design
6.1. Introduction
6.2. Spherical
6.3. Toric
6.4. Multifocal
6.5. Others

7. Contact Lenses Market Analysis, By Lifetime
7.1. Introduction
7.2. daily disposable
7.3. Monthly
7.4. 6 months
7.5. Annual

8. Contact Lenses Market Analysis, By Application
8.1. Introduction
8.2. Patch
8.3. Therapeutic
8.4. Cosmetic
8.5. Others

9. Contact Lenses Market Analysis, By Distribution Channel
9.1. Introduction
9.2. On line
9.3. Offline

10. Contact Lenses Market Analysis, By Geography
10.1. Introduction
10.2. North America
10.2.1. North America contact lens market, by type, from 2020 to 2027
10.2.2. North America contact lens market, by design, 2020 to 2027
10.2.3. North America contact lens market, by application, 2020 to 2027
10.2.4. North America contact lens market, by distribution channel, 2020 to 2027
10.2.5. By country
10.2.5.1. UNITED STATES
10.2.5.2. Canada
10.2.5.3. Mexico
10.3. South America
10.3.1. South America contact lens market, by type, from 2020 to 2027
10.3.2. South America contact lens market, by design, 2020 to 2027
10.3.3. South America contact lens market, by application, 2020 to 2027
10.3.4. South America contact lens market, by distribution channel, 2020 to 2027
10.3.5. By country
10.3.5.1. Brazil
10.3.5.2. Argentina
10.3.5.3. Others
10.4. Europe
10.4.1. European contact lens market, by type, 2020 to 2027
10.4.2. European contact lens market, by design, 2020 to 2027
10.4.3. European contact lens market, by application, 2020 to 2027
10.4.4. European contact lens market, by distribution channel, 2020 to 2027
10.4.5. By country
10.4.5.1. Germany
10.4.5.2. France
10.4.5.3. UK
10.4.5.4. Others
10.5. Middle East and Africa
10.5.1. Middle East & Africa contact lens market, by type, 2020 to 2027
10.5.2. Middle East and Africa contact lens market, by design, 2020 to 2027
10.5.3. Middle East and Africa contact lens market, by application, 2020 to 2027
10.5.4. Middle East and Africa contact lens market, by distribution channel, 2020 to 2027
10.5.5. By country
10.5.5.1. Saudi Arabia
10.5.5.2. United Arab Emirates
10.5.5.3. Others
10.6. Asia Pacific
10.6.1. Asia-Pacific contact lens market, by type, from 2020 to 2027
10.6.2. Asia-Pacific contact lens market, by design, 2020 to 2027
10.6.3. Asia-Pacific contact lens market, by application, 2020 to 2027
10.6.4. Asia-Pacific contact lens market, by distribution channel, 2020 to 2027
10.6.5. By country
10.6.5.1. China
10.6.5.2. India
10.6.5.3. Japan
10.6.5.4. South Korea
10.6.5.5. Thailand
10.6.5.6. Indonesia
10.6.5.7. Taiwan
10.6.5.8. Others

11. Competitive environment and analysis
11.1. Key Players and Strategic Analysis
11.2. Emerging players and market profitability
11.3. Mergers, acquisitions, agreements and collaborations
11.4. Supplier Competitiveness Matrix

12. Company Profiles
12.1. Bausch & Lamb Pvt. ltd
12.2. Zeiss International
12.3. Cooper Vision
12.4. Essilor International S.A.
12.5. Hoya Company
12.6. Johnson & Johnson
12.7. SynergEyes, Inc.
12.8. Alcon
12.9. EyeMeditech Sdn Bhd
12.10. Contact

For more information on this report visit https://www.researchandmarkets.com/r/mc3ook

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