Contact Lenses Market Thriving: Projected to Reach USD 11.48Billion by 2027
Published | 15 October 2020
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global contact lenses market was worth USD 7.59 billionin 2020. It is further projected to reach USD 11.48billion by 2027at a CAGR of 5.9%during the forecast period of 2021-2027. The market is primarily supported by the following
factors:
· Growing
prevalence of myopia
·
An increasing
preference for contact lenses over prescription eyeglasses, and
·
the
growing geriatric population worldwide.
Getting
Popular Among Youngsters as a Fashion Accessory
Contact lenses have emerged as a fashion accessory over the
years. This is a major factor boosting the global sales of contact lenses. This
particular factor is also predicted to drive the development of the global
contact lenses market over the forecast period.
Millennials prefer contact lenses for convenience,
aesthetics, comfort, and easy obtainability. The availability of contact lenses
in a wide array of colors has also boosted their popularity as a fashion
accessory among the young and middle-aged population. Decorative and colorful
contact lenses can be purchased from opticians, ophthalmologists, online stores,
or from mail-order companies, which include foreign manufacturers or
distributors of decorative lenses. The growing trend of modern themed parties,
Halloween parties, functions, as well as the thriving film industry, have further
driven the market for decorative contact lens market.
Increase
in R&D and Technological Advancement
The growth of the contact lenses market is driven by advancements in engineering
technology and increasing investment in research and development(R&D)
activities in the optometry sector.
Additionally, major competitors are launching new and
advanced products in the market to maintain their presence and expand the user
base. For example, in April 2019, the first contact lens was cleared by the US
Food and Drug Administration (FDA) to have a Light Intelligent Technology that
darkens the lens immediately when subjected to bright light.
Transition Acuvue Oasys contact lenses are soft contact
lenses for everyday use designed to correct the vision of people who have nearsightedness
or farsightedness. According to The FDA, the lenses can be used by people with
certain levels of a common eye condition called astigmatism. Acuvue Oasys contact
lenses come with a photochromic layer that adapts to the levels of visible
light filtered to the eye depending on the levels of ultra-violet light to
which the lenses are exposed. The R&D initiatives, combined with
technological advancement, are creating a lucrative opportunity in the contact
lenses market, further fueling the market growth.
Optical
Stores Hold the Largest Share in the Distribution Channel
In 2020, optical stores accounted for the
largest share of the contact lenses market, followed by hospitals, independent
brand showrooms, and the e-commerce sector. The large share of optical stores
can be attributed to rising disposable income, the ever-rising demand for
cosmetic contact lenses, and the availability of a wide range of branded and
non-branded products. Moreover, these stores dispense OTC daily wear disposable
contact lenses, resulting in a higher sales volume. Furthermore, when customers
visit an optical store, they can see, touch, and check the quality of the lens
and can ask for discounts. This is one of the key factors driving the growth of
the optical store segment.
Global Contact LensesMarket: Regional
insights
The
global contact lenses market is grouped into five regions: North
America, Europe, the Asia-Pacific, Latin America, and Middle East & Africa.
The
Asia-Pacific is estimated to witness the fastest-growing market share owing to
the rising prevalence of eye disorders and increasing product demand due to the
continuously growing user base. Disposable income growth is another factor that
will contribute to market growth. According to published studies by the WHO,
the prevalence of myopia is the highest in East Asia, where China, Japan, the
Republic of Korea, and Singapore have a prevalence of approximately 50%.
Furthermore, the growing popularity of cosmetic lenses is expected to propel
the regional market growth during the forecast period further.
The
leading players in the market are- Alfa
Aesar, Thermo Fisher Scientific (US), Ube Industries Ltd. (Japan), Merck KGaA
(Germany), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), HaiKe
Chemical Group Ltd. (China), Arrow Chemical Group Corp. (China), Tokyo Chemical
Industry Co., Ltd. (Japan), Tongling Jintai Chemical Industrial Co., Ltd. (China),
Tangshan Chaoyang Chemical Co., Ltd., (China), and Kowa India Pvt. Ltd. (India). The market players compete with each
other based on the quality of products and innovative and
cost-effective manufacturing process, which generates impressive revenue
besides optimizing the process for better production.
The
in-depth analysis of the report provides detailed information about the growth
potential, upcoming trends, and statistics of the global contact lenses market.
It also highlights the factors driving forecasts of total market size. The
report promises to provide recent technology trends of the contact lenses market,
along with industry insights to help decision-makers make sound strategic
decisions. Furthermore, the report also analyzes the growth drivers, challenges,
and competitive dynamics of the market.
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