April 26, 2023
The global contact lens market size is expected to hit around US$ 16.42 billion by 2033 from being valued at US$ 9.99 billion in 2023, and is poised to grow at a compound annual growth rate (CAGR) of 5.1 percent from 2023 to 2033, according to Fact.MR, a market research and competitive intelligence provider
The contact-lens market growth has been augmented by the rising number of product offerings and innovations. Market participants are spending in research and development to create cutting-edge technology and increase their revenue share by gaining marketing access and regulatory clearances, Fact.MR notes.
The contact lens market is anticipated to expand strongly throughout the forecast period since they are both disposable and reusable. Additionally, there are modest differences in the costs associated with buying disposable and reusable lenses, and sales of both lenses are likely to support the market to expand strongly in the upcoming years.
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When purchasing contact lenses online and offline, customers all across the world look for professional guidance and radical treatment, Fact.MR notes. Consumers prefer to use insurance plans in developed nations, and they are ready to pay more for eyecare products. Since the products of their preferred brands are more affordable and comfortable, consumers also exhibit brand loyalty and are less inclined to move to the products of competing brands.
“Millennials have an Extremely High Risk of Myopia”
The demand for contact lenses has been growing rapidly as occurrences of eye conditions, including myopia, among people of all ages, are on the rise. Myopia is the most prevalent eye condition and is anticipated to lead to the largest expansion in this market. There is a growing trend of using technology for professional reasons, including computers and smartphones. The advent of digital technology has increased the number of career opportunities that call for prolonged use of computers and laptops that produce light potentially leading to myopia.
- As per the University of Medical Sciences, Iran, by 2050, the percentage of people with myopia and extreme myopia will be 52 percent (4,949 million) and 10.0 percent (925 million), respectively.
A limited number of significant manufacturers hold the bulk of the market share in the consolidated global contact lens market, Fact.MR reports. The majority of businesses invest heavily in comprehensive research and development, mostly to create products with more cutting-edge technology. The primary approaches used by the market players include global growth, mergers and acquisitions, diversification of product portfolios and obtaining regulatory permissions from government agencies.
- In July 2022, Revive custom soft contact lenses from Bausch + Lomb were made available in the U.S. These are a new addition to its customizable soft contact lens line and come in spherical, multifocal, toric and multifocal toric options. They are made to accommodate a wider range of vision requirements of patients, including those with complex or high medicaments.
Click HERE to read how one OD is using Revive in her practice.
- In January 2022, DAILIES TOTAL1 for Astigmatism, the first Water Gradient contact lens for astigmatic patients, was released by Alcon.
- In April 2021, with Menicon, a producer of advanced lenses, Johnson & Johnson Vision created a global strategic collaboration. The objective of this partnership was to create therapeutic eyewear to halt the spread and development of infantile myopia.