Contact Lenses Market Volume, Demand , Trends, Investments,
Challenges, and Key Vendors 2022 – 2031

Rising numbers of people with myopia in numerous regions
across the world and substantial burden of vision impairment from uncorrected
presbyopia in worldwide populations have been proportionately augmenting the
numbers of contact lens wearers, observes a new study on the contact lens
market. The global contact
lenses market is projected to garner a CAGR of 5.6% from 2022 to
2031 and reach worth of US$ 14.5 bn by 2031, reveals the study by
Transparency Market Research (TMR). The valuation of the market was pegged
at US$ 8.6 bn in 2021.

Key Findings of the Market Study

• Offline leads the type
  of distribution channel for the sales of the contact lens, increasingly
  fueled by the growing popularity of multi-brand stores.


• Growth in
  the online distribution channel is also expected to
  gather pace through 2027.


• Among the
  various types, reusable held the leading share in the
  contact lenses market in 2017.


• Disposable
  contact lens technology is expected to gain popularity among wearers, due
  to ease of maintenance and practicality of its usage.


• Spherical
  contact lens with regard to design type dominated the market in 2017.

Contact Lenses Market: Key Driving Factors

According to the in-depth assessment of the growth dynamics
shaping demands in the contact lens market, growing socio-economic burden of
uncorrected refractive error is a key aspect. The marked prevalence of myopia,
hyperopia, and astigmatism in various key regions of the world is bolstering
demand for ocular prosthetic devices, catalyzing the market prospects. The
following statistics points to several lucrative avenues for players in the
contact lenses market.

• Adults in
  South-East Asian countries have substantial prevalence of myopia and
  astigmatism.


• According to
  several reports by the WHO, refractive errors are the first cause of
  visual impairment.


• According to a
  recent estimate of the global blindness prevalence by IAPB Vision Atlas,
  1.1 billion people suffer from near vision impairment, which can be
  corrected with ocular prosthetics

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Key Impediments to Contact Lenses Market Players

The report on the contact lens market asserts that the number
of contact lens wearers is unarguably growing; however, numerous factors have
impeded the penetration of new contact lens technologies.

• A growing body
  of studies in developed markets reiterate the problem of behavioral
  non-compliance with contact lens wear and care practices. The
  complications associated with contact lens wear are primarily due to lack
  of hygiene awareness, and practices that expose wearer to infections


• Manufacturers in
  the contact lens market are grappling with attaining the correct trade-off
  between wearer comfort and functionality.


• Low and
  middle-income countries are still opening to the prospect of premium
  products. As a result, the scope of commercialization may be limited in
  these regions.

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Contact Lenses Market: Region-wise Analysis

Among the various geographies, North America has
been holding the major share in the global contact lens for some time now.
Constant advancements in materials and the growing awareness of the role of
ocular prosthesis to correct refractive errors in the regional populations have
catalyzed prospects.

Competition Landscape

Two persistent leanings of manufacturers in the contact lens
market are on testing new materials and surface modification processes to
improve the wettability characteristics. A key example is silicone hydrogel.
Few aspiring players are betting on artificial intelligence and micro-optics to
develop the next-generation of smart contact lens. Such developments will
enable players to redefine the contours of the technological landscape in the
next ten years. In coming years, contact lens may serve as biomarkers to
intraocular pressure, glaucoma, and diabetes mellitus. Further, a growing
numbers of contact lens manufacturers are adopting cutting-edge techniques,
such as based on electronics miniaturization, to unveil better technologies.

Names of few who are at the forefront of such technology
developments in the contact lens market are Menicon Co. Ltd, BenQ Materials
Corporation, Hoya Vision Care Company, Johnson & Johnson Vision Care, Inc.,
Alcon, and Bausch & Lomb.

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The contact lenses market is segmented on the basis
of:

Product Type

• Soft Lenses




• Daily Wear


• Extended Wear




• Gas Permeable

Design Type

• Spherical


• Toric


• Multifocal


• Others

 Wear Type

• Disposable


• Reusable

Distribution Channel

• Online




• E-commerce portal


• Company owned portal




• Offline




• Exclusive stores


• Multi-brand stores

Region

• North America


• Europe


• Asia Pacific


• Middle
  East & Africa (MEA)


• South America

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