Global Contact Lenses Market to Reach US$15.8 Billion by the Year 2026

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Aug 05, 2022, 08:15 ET

DUBLIN, Aug. 5, 2022 /PRNewswire/ -- The "Contact Lenses - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Contact Lenses Market to Reach US$15.8 Billion by the Year 2026
Growth in the global market is buoyed by growing awareness of the use of contact lenses to correct vision disorders, growing incidence of ophthalmic or vision related disorders, convenience, favorable demographics, and rapid penetration of high-value products. Awareness programs conducted in various developing countries are particularly expected to continue to boost demand for vision care devices, including contact lenses.

Rapid expansion in wearer base with reducing age of contact lens users coupled with strong growth in specialty lens segment and advancements in material science continue to improve industry prospects. Growing demand for cosmetic lenses in emerging countries further aids market growth.

Amid the COVID-19 crisis, the global market for Contact Lenses estimated at US$13 Billion in the year 2022, is projected to reach a revised size of US$15.8 Billion by 2026, growing at a CAGR of 5.5% over the analysis period.

Direct-to Consumer, Subscription Services & Online Sales Gain Traction
Subscription services comprise an upcoming model in the contact lenses market. The subscription model combines the convenience of delivery and payments by shipping contacts directly to the patient homes at regular intervals for a monthly subscription price. The service includes quarterly, semi-annual, or annual contact lens deliveries and can also be combined with vision insurance benefits. One of the noteworthy trends in the eyewear industry over the recent years has been the rise of Internet and mail order as a highly potential channel for selling eyeglasses and contact lenses. Thanks to the growing popularity of E-commerce and Internet based sales transactions, the revenue inflow for eyeglasses and contact lenses from cyberspace is increasingly on the rise. Internet represents the fastest growing retail channel in the total prescription contact lens market.

This paradigm shift in consumer purchasing habits is buoyed by the ongoing shift to disposable lenses which have a planned replacement regime ranging from daily to quarterly to annually. This factor has played an important role in expanding the market for mail-order and online stores as these providers offer a quick and easy way to order and purchase lenses. Though contact lenses are treated as medical devices, consumers often forego ocular health exams while obtaining replacement lenses from online retailers.

Key Players

Bausch & Lomb Incorporated
BenQ Materials Corp.
HOYA Corporation
Johnson & Johnson Vision Care, Inc.
Menicon Co. Ltd.
SEED Co. Ltd.
Shanghai Haohai Biological Technology Co., Ltd.
SynergEyes Inc.
The Cooper Companies Inc.
ZEISS International

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

As Sustainability Becomes a Global Agenda, Contact Lens Manufacturers Focus on Plastic Free Lenses
New Contact Lens Technologies Go Beyond Vision Correction
Contact Lenses Enter the Diagnosis Space
Johnson & Johnson Vision Develops Contact Lenses to Tackle Eye Allergies
Manufacturers Work towards Development of Lenses with Robust Antimicrobial Properties
High-tech Contact Lenses to Redefine Market Landscape
Smart Contact Lenses Emerge as Next Stop for Sophisticated Wearable Technology
Potential Applications
Lenses to Measure Eyeball Pressure
Contact Lenses Worn During Sleep
Lenses to Block Harmful UV Ray
Telescopic Contact Lenses
Advanced Contact Lenses to Monitor Glucose Levels
Drug Delivery through Contact Lenses: An Emerging Area of Interest
Innovation Trends in Contact Lenses
Demand for Multifocal contact lenses on the Rise
Online Exams for Vision: A New Route to Widen Reach
Contact Lens with Switchable Capability to Address AMD
Contact Lenses to Address Concerns over Excess Digital Device Usage
Water Gradient Contact Lenses: A Novel Development
Addressing the Contact Lens Discomfort
Scleral GP Lenses Continue to Draw Opportunities led by Material Design
Presbyopes:Another Opportunity Market for Scleral Contact Lenses
Craze for Tints Opens New Avenues
Manufacturers Gear up to Recycle Contact Lenses
Safety of Contact Lenses: A Major Concern
Competition on Rise from Advanced Vision Correction Technologies
Pure-Play Retailers Challenge Independent Optometry Channels
Rise in Online Stores
Direct-to Consumer and Subscription Services Gain Traction
Diversity in Contact Lens Purchasing Patterns
Urbanization: A Megatrend with Significant Implications for Contact Lenses Market