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.

Don’t miss the business opportunity of the contact lenses market. Consult our analysts to gain crucial insights and facilitate your business growth.

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.

About Us

BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavours successful.