Contact Lens Global Market Report 2023: Increased Demand for Silicone Hydrogel Contact Lenses Fuels Growth

DUBLIN, March 27, 2023 /PRNewswire/ -- The "Contact Lens Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Modality (Reusable, Disposable), By Design (Spherical, Toric, Multifocal and Others), By Material Type, By Application, By Distribution Channel, By Region" report has been added to ResearchAndMarkets.com's offering.

Global Contact Lens Market was valued at USD19.69 billion in 2022 and is predicted to grow at a CAGR of 6.09% in the forecast period Growth in the market can be ascribed to the rising prevalence of eye diseases among the population across the world.

According to WHO, around 2.2 billion people have vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or is yet to be addressed.

The increasing prevalence of severe eye conditions such as presbyopia, glaucoma, etc, is resulting in increased demand for contact lenses. Moreover, an estimated 64 million people globally have glaucoma, of which only 6.9 million (10.9%) are reported to have moderate or severe distance vision impairment or blindness resulting from more severe forms of the condition worldwide.

Increased Demand for Silicone Hydrogel Contact Lenses

Researchers suggest that among all contact lenses, almost 77% of contact lenses use Silicone hydrogel materials in development of contact lenses. Silicone hydrogels contact lenses being soft contact lenses offer high levels of oxygen transmissibility through the cornea in comparison to normal contact lenses.

Moreover, leading companies such as Bosch + Lomb launched its product INFUSE Silicone hydrogel series of daily disposable contact lenses. Silicone hydrogel is suggested as a solution by doctors or eye specialists to their patients suffering an eye allergy or lens allergy due to their previous lens usage.

Increasing Research & Developments into Contact Lenses

The growing research & development in contact lenses has led to the discovery of materials used to make contact lenses with additional features and functionality. Researchers have developed contact lenses enhanced with microfluidic technology for an efficient method of drug delivery. This technology thus offers non-invasive intraocular pressure monitoring in the eye and thereby is creating a huge demand in the contact lens market.

Additionally, leading companies are increasing their investments in research & development and thus are developing contact lenses with new advancements.

For instance, Alcon, in 2021, launched TOTAL30 -a first and only monthly replacement contact lenses, which are designed with water gradient technology and are highly accepted in the US and Europe markets, thereby these technology-based contact lenses are occupying a larger demand in the market and are anticipated to propel the market growth in the forecast period.

Increase In Influence of Cosmetic Industry on Contact Lenses

Several people are using contact lenses not only to correct vision but for enhancing eye color. Contact lenses are higher in demand as a fashion accessory in recent times as people are influenced by the fashion industry and influencers for using colored contact lenses to enhance their eye color and at times to match their outfits. Various leading companies such as CooperVision is manufacturing colored contact lenses named under the series "Expressions", available in multiple colors such as aqua, light blue, brown, dark blue, green, grey, and hazel to be worn as an everyday thing and are easily affordable to the customers in reasonable prices, thereby are higher in demand among the public.

Furthermore, several companies such as Coopervision, Alcon, Bosch + Lomb, etc are manufacturing eye contact lenses that are approved by the FDA and thereby are considered safe if worn or tried under prescription, therefore making the colored lenses safe and thus increasing the usage among the population creating more market demand and is anticipated to bolster market growth in the future.

Recent Developments

In September 2022, Johnson & Johnson Vision Care, Inc. launched its recent contact lens- AACUVUE OASYS MAX 1-DAY and ACUVUE OASYS MAX 1-Day Multifocal lenses for Presbyopia. With the increasing technology and digitalized lifestyles, the company has designed the product with a technology providing their installed TearStable Technology designed to maximize the tear-film stability with their lock in the eye moisture for the brilliant eye-comfort of the person wearing them.

Report Scope:

In this report, the Global Contact Lens Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Global Contact Lens Market, By Modality:

• Reusable
• Disposable

Global Contact Lens Market, By Design:

- Spherical

• Toric
• Multifocal
• Others

Global Contact Lens Market, By Material Type:

• Silicone Hydrogel
• Hydrogel
• Gas Permeable
• Others

Global Contact Lens Market, By Application:

- Corrective

• Therapeutic
• Cosmetic
• Others

Global Contact Lens Market, By Distribution Channel:

- Retail Stores

• Online
• Hospital & Clinics

Global Contact Lens Market, By Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. Clinical Trial Analysis

6. Global Contact Lens Market Outlook

7. North America Contact Lens Market Outlook

8. Europe Contact Lens Market Outlook

9. Asia-Pacific Contact Lens Market Outlook

10. South America Contact Lens Market Outlook

11. Middle East and Africa Contact Lens Market Outlook

12. Market Dynamics

13. Market Trends & Developments

14. Competitive Landscape

15. Strategic Recommendations

A selection of companies mentioned in this report includes

• Johnson & Johnson.
• Alcon Inc.
• CopperVision Inc.
• Bausch Health Companies Inc.
• Menicon Co., Ltd.
• EssilorLuxottica S.A.
• Carl Zeiss Meditec AG
• Hoya Corporation
• Seed Co., Ltd
• Contamac Holdings Limited
• X-Cel Specialty Contacts
• SynergEyes Inc.
• STAAR Surgical Company
• Cleriovision, Inc.
• BenQ Materials Corp

For more information about this report visit https://www.researchandmarkets.com/r/kmpvj3

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