Global Contact Lenses Industry to 2027 - Demand for Multifocal Contact Lenses on the Rise - ResearchAndMarkets.com

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DUBLIN, January 18, 2022--(BUSINESS WIRE)--The "Contact Lenses - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Contact Lenses estimated at US$11.4 Billion in the year 2020, 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.

Silicone Hydrogel, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$11.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Materials segment is readjusted to a revised 5% CAGR for the next 7-year period.

The U.S. Market is Estimated at $3.4 Billion in 2021, While China is Forecast to Reach $1.8 Billion by 2026

The Contact Lenses market in the U.S. is estimated at US$3.4 Billion in the year 2021. The country currently accounts for a 27.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 8.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.4% respectively over the analysis period.

Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$2 Billion by the end of the analysis period. Developed regions including the US, Canada, Japan and Europe represent the prime revenues contributors. The robust spending on personal care products including eye care solutions, rise in uptake of daily disposable lenses, and expanding wearer base are the primary factors driving growth in these regions. Shortening replacement cycle in the Asian market due to the rising eye care awareness and the convenience factor, which translates to growing demand for daily, weekly and monthly disposables, is also expected to significantly drive gains in the market.

Select Competitors (Total 94 Featured):

  • Alcon, Inc.

  • Bausch Health Companies, Inc.

  • CooperVision, Inc.

  • Ginko International Co., Ltd.

  • Johnson & Johnson Vision Care, Inc.

  • Menicon Co., Ltd

  • St. Shine Optical Co., Ltd.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of Covid-19 and a Looming Global Recession

  • 2020: A Year of Disruption & Transformation

  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021

  • Impact of COVID-19 on Eye Care Industry

  • Contact Lens Sales Slow Down Amid the Pandemic

  • Noteworthy Contact Lens Trends to Watch-for amid COVID-19 Pandemic

  • High Uptake among First-Time Wearers

  • High Dropout Rate for Contact Lenses

  • Specialty Lenses Gain Popularity

  • Industry Witnesses Strong Growth in Online Sales of Contact Lenses

  • Virtual Technology for Eye Care Gains Prominence as Telemedicine Picks up

  • Need for Change in In-Office Settings for Optometry & Contact Lens Business in Post-Pandemic Era

  • Contact Lenses and Solutions: A Prelude

  • Developed Regions: Prime Revenue Contributors

  • Asia-Pacific & Other Developing Regions Offer Strong Growth

  • Aesthetics and Improving Functionality Steer Growth Opportunities

  • Vision Correction Market and Role of Contact Lenses

  • Factors with Major Implications for Contact Lens Market, Going Forwards

  • Telemedicine

  • Myopia Control

  • Influx of New Products

  • Changes in Contact Lens Rule

  • Contact Lenses: Actions Needed to Move Past COVID-19 Challenges

  • Direct Delivery of Contact Lenses to Doorstep

  • Focus on Lens Hygiene & Safety

  • Wearer Base for Contact Lenses

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

  • Countering Color Blindness

  • Self-powered Lenses for Presbyopia

  • Slower Progression of Myopia

  • 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

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/58x6ex

View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005998/en/

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