Market Definition
As common as difficulty in vision has become among people across different countries, the use of spectacles is extensive. However, for those who want a clear vision without using spectacles, contact lenses are what they prefer as a go-to product. These lenses are thin, transparent discs worn in the eye over the cornea.
Technology has brought these lenses to grip the cornea and place perfectly in the eye. Contact lenses nowadays are being manufactured using high-tech plastics or polycarbonates that are lightweight & protect the human eye from Ultraviolet (UV) radiation & other harmful substances.
While the primary purpose of contact lenses is medical, people across different regions worldwide are also showing keen interest in wearing them for fashion or eye protection, which, in turn, is rapidly boosting their sales globally.
Market Insights
The Global Contact Lens Market is projected to grow at a CAGR of around 5.5% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven primarily by the growing number of people suffering from refractive errors, including astigmatism, farsightedness, near-sightedness, & presbyopia, coupled with the increasing consumer awareness about the medical benefits of contact lenses offering a wider view field with less distortion & viewer obstructions than glasses.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-27) | 5.5% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Rest of South America | |
| Europe: Germany, France, Italy, The UK, Spain, Rest of Europe | |
| Asia-Pacific: China, Japan, India, Rest of Asia Pacific | |
| Middle East & Africa: GCC, South Africa, Rest of Middle East & Africa | |
| Key Companies Profiled | Alcon Vision LLC, Abbott Medical Optics, Inc., Bausch & Lomb Incorporated, CooperVision, Inc., Carl Zeiss Meditec AG, Essilor International S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Others |
| Unit Denominations | USD Million/Billion |
Contact lenses help treat multiple eye diseases and might even cure issues after their prescribed usage over time. With changing living standards and the growing working population with constant use of phone screens, laptops, desktops, etc., vision disabilities are becoming common worldwide. As a result, the leading manufacturers of contact lenses are increasing their production & distribution capabilities while introducing new varieties to cater to the burgeoning consumer requirements.
Furthermore, with the mounting inclination of the leading manufacturers & new entrants toward digital platforms in order to expand their scalability across different geographies, coupled with the growing penetration of the internet & smartphones with easy payment options, online sales of these lenses are also escalating rapidly and, in turn, significantly contributing to the expansion of the Global Contact Lens Market.
