Contact Lens Market Size Expected to Reach USD 11.91 Billion in 2028 | Emerging research
The increasing prevalence of vision-related conditions and disorders and the growing preference for contact lenses are some of the key factors that are expected to drive the market revenue growth.
According to Emergen Research, the global contact lens market size was 7.36 billion USD in 2020 and is expected to reach 11.91 billion USD in 2028 and register a CAGR of 6.2% of revenue during the forecast period, 2021-2028.
The revenue growth of the global contact lens market is mainly driven by such factors as increasing global geriatric population, changing lifestyles, increasing incidence of vision related disorders such as astigmatism, myopia (myopia) and hyperopia (hyperopia), and the increasing prevalence of chronic diseases like diabetes. Contact lenses, also commonly known as contact lenses, are thin lenses that are placed over the eyes to provide clarity to the vision. They are eye prostheses worn to correct vision, and these lenses provide more convenience and comfort to the wearer. The growing consumer preference for contact lenses over traditional lenses or eyewear, the growing demand for high-quality and high-end eyewear products – often for therapeutic or cosmetic reasons – technological advancements in contact lenses. Contact lens and increasing demand for smart contact lenses are other important factors expected to further fuel the contact lens market revenue growth during the forecast period.
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COVID-19 impact analysis:
- Social distancing and restrictions have severely disrupted businesses and operations
- The closures have caused disruption in transportation and logistics
- Global Manufacturing and Mining Operations Affected
- Took a toll on the economy of various countries
- Caused a sudden and drastic slowdown in economic activity
- Agriculture, fishing, dairy and other disrupted sectors
- Caused job loss and financial crisis
- The impacts on supply have worsened further due to the drop in disposable income
- The emergence of variants continues to cause concern and impact normal routines
The daily wear usage segment accounted for the largest share of revenue in 2020:
On the basis of usage, the daily wear segment accounted for the largest revenue share in the global contact lens market in 2020. The growing incidence of eye disorders, the growing demand for daily wear disposable contact lenses among working professionals and the increase in the disposable income of individuals are major factors. is expected to further contribute to the segment’s revenue growth in the future.
Corrective Application Segment to Record Significant Revenue Growth:
Among the application segments, the corrective lens segment is expected to register significant revenue growth during the forecast period. The growth of the corrective lens segment is primarily driven by the rapid growth of the geriatric population worldwide, the increasing prevalence of eye disorders and vision-related problems, and the increasing use of corrective lenses for therapeutic purposes.
Asia-Pacific will represent the fastest rate of revenue growth:
Among the regional markets, the Asia-Pacific contact lens market is expected to register the fastest revenue CAGR in the global market during the forecast period. Growing concerns about eye health, the growing demand for contact lenses – especially among professionals, technological innovations in contact lenses such as the advent of smart contact lenses and the increase in disposable income of individuals – mainly in developing countries like India – are major factors which are expected to contribute to the revenue growth of the Asia-Pacific market.
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The main companies in the market include:
- Johnson & johnson
- Bausch + Lomb
- Carl Zeiss Meditec SA
- HOYA Company
- Cooper companies
- Seed Co., Ltd.
- BenQ Materials Company
- Menicon Co., Ltd.
For the purpose of this report, Emergen Research has segmented the global contact lens market on the basis of usage, design, material, application, distribution channel, and region:
Usage Outlook (Revenue, USD Billion; 2018-2028)
- Daily wear
- Extended wear
- Traditional glasses
Design Outlook (Revenue, USD Billion; 2018-2028)
Material Outlook (Revenue, USD Billion; 2018-2028)
- Silicone hydrogel
- Rigid Gas Permeable
Application Outlook (Revenue, USD Billion; 2018-2028)
- Lifestyle oriented
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- In line
- Retail stores
- Branded showrooms
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- The rest of europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
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