OVTZ - Contact Lens Market To Growing At 4.99% CAGR To Reach USD 24.9 Bn by 2030 - In-Depth Analysis On Recent Initiatives Growth Drivers Constraints : Market.US

The global contact lens market is experiencing rapid growth, with new technologies and innovations driving demand for the product. Contact lenses are becoming increasingly popular as corrective vision products, due to their convenience, comfort, and flexibility. In addition to this, contact lenses have become fashion accessories in some parts of the world, further increasing market demand.

The contact lens market is segmented by product type into daily wear, extended wear, cosmetic and therapeutic lenses. Daily wear contact lenses are designed to be worn during waking hours but removed at night for cleaning; extended-wear lenses can be worn overnight; while cosmetic lenses are used as a fashion accessory to change eye color or shape; while therapeutic ones help treat medical conditions such as dry eye syndrome or keratoconus.

global contact lens market is expected to reach USD 24.9 billion by 2030 , from USD 15.8 billion in 2021 . It is projected to grow at a compound annual rate (CAGR), of 4.99% over the forecast period 2022-2030.

Contact Lenses Market Dynamics

Drivers: Myopia is on the rise. Contact lenses can be used to correct vision problems such as presbyopia, hyperopia and astigmatism. Myopia is still the most common condition worldwide, despite its increasing prevalence. According to the WHO, myopia is most prevalent in East Asian countries like China, Japan, and South Korea. Myopia and high myopia will affect approximately 4,949 and 925 millions people globally by 2050. Future growth in the contact lens market will be driven by the growing prevalence of myopia, and increased spending on ophthalmic devices, such as contact lenses as a correction for refractive errors.

Contact Lenses Industry Competitor Analysis:

Here are the main key players in the market

• Johnson &Johnson Vision Care
• Novartis (Ticker:NVS)
• CooperVision
• Bausch + Lomb (Ticker:BLCO)
• St.Shine Optical (Ticker:1565.TWO)
• Menicon (Ticker:7780.T)
• Hydron
• Weicon
• Bescon
• NEO Vision
• Clearlab
• Oculus (Ticker:OVTZ)
• Camax (Ticker:CAMAX)
• Seed (Ticker:SEED)
• Hoya Corp (Ticker:7741.T)

Segmentation based on the type of market:

• Rigid Contact Lenses
• Soft Contact Lenses
• Hybrid Contact Lenses

The application market, it is divided into:

• Corrective Lenses
• Therapeutic Lenses
• Cosmetic Lenses and Lifestyle-Oriented Lenses

Challenges: A shortage of ophthalmologists

Although the demand for ophthalmologists has increased significantly–proportional to the growth in the global population- their number has not. This is especially true in developing countries. For example, India has one ophthalmologist per 90,000. The US, on the other hand, has a ratio that is 1:15,800. The average number and average density of ophthalmologists per one million people depends on their economic development. It can vary from 9 to 1 in low-income countries to 79 to 1 in high-income ones. Globally, the average ophthalmologist density was 31.7 people per million. Only 13 countries are home to more than 100 ophthalmologists for every million people.

Contact Lenses Market Trends

Market growth is being boosted by the increasing prevalence of eye diseases and disorders. The growing number of geriatrics worldwide is positively impacting the demand for contact lenses for vision correction. As eyesight becomes less clear with age, contact lenses are becoming more popular. Contact lenses have many advantages over eyeglasses. They offer better peripheral vision and unobstructed fields of view, as well as less risk of getting splattered.

This, in combination with increasing participation in sports and other activities, is driving more people to wear contact lenses. Contact lenses are designed to reduce injury risk, make it easier for athletes and individuals to use safety equipment and improve performance. Special lenses have also been developed to reduce the development of nearsightedness in children. These lenses can be used to treat keratoconus or other corneal irregularities. The top players in the market are producing UV-inhibiting lenses to protect eyes from harmful sun rays. This can prevent cataracts. The market is expected to grow as they launch innovative colored lenses for cosmetic use.

Most Frequently Asked Questions

• What is the size of the current market for contact lenses?
• What is the CAGR for the global contact lenses market in 2019?
• Which are the most prominent players in the contact lens market?
• What are the main driving factors for the market for contact lenses?
• Which region will dominate the global market for contact lenses?

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