Top Facts You Didn’t Know About Contact Lenses market & Impact of COVID-19Posted by Mrudula Anil Karmarkar on May 5th, 2023 The global contact lenses market size is expected to reach USD 21.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.3% from 2022 to 2030. Innovative materials for manufacturing contact lenses and the increasing adoption of contact lenses are prominent factors boosting the market's growth. The rising tendency of youngsters to enhance their aesthetic appearance and the growing aging population is expected to drive the demand for contact lenses over the forecast period. The rise of astigmatism and myopia cases worldwide and the increased acceptance of these lenses in developing countries are boosting market expansion over the forecast period. Also, global factors such as the rising disposable income and improvement in the overall economy are anticipated to propel the market's growth. The global contact lenses market size is estimated to reach USD 14.72 billion by 2024, according to a new report by Grand View Research, Inc. The surging acceptance of cosmetic contact lens by media and entertainment industry is expected to boost the market growth. Furthermore, cosmetic lens reception by the general populace is on rise on account of increasing preference being delivered to aesthetic appearances in the imminent era. The contact lenses can be categorized on the basis of usage types into cosmetic, prosthetic, therapeutic, corrective, and lifestyle-oriented lens. The contact lenses can be categorized on the basis of product types into RPG, soft and hybrid lens. The soft lens segment has emerged as a dominant product segment. These lenses are made up of soft, flexible plastics such as silicone hydrogel, which provides easy adaptability to the eye, enhanced comfort, and better passage of oxygen to the wearer’s cornea. The contact lenses industry is segmented on the basis of usage into corrective, therapeutic, cosmetic, prosthetic, and lifestyle-oriented contact lenses. Cosmetic applications are expected to gain prominence by 2024, contributing to over 10% of overall revenue share. Therapeutic applications accounted for major portion of the total market share in 2015 and are expected to lose market share over the forecast period. Contact lens manufacturers are the source for wholesale and retail distributors, and manufacturers distribute their contact lenses through various channels. Significant market growth can be attributed to the increasing number of active lens wearers, technological advancements, and the development of silicone hydrogel material to fabric soft lenses. Orthokeratology (Ortho K) is a recent technological advancement that reshapes the cornea to improve vision which involves wearing specially developed overnight contact lenses to change the structure of the eyes during sleep. Increasing product launches and developments resulted in increased adoption of contact lenses. For Instance, In March 2022, Alcon Vision LLC, a manufacturer of eye care devices, introduced the AcrySof IQ PanOptix Trifocal IOL, which may be used for intermediate, distance, and close vision in the U.S. Market. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/contact-lenses-market/request/rs1 A corrective lens is preferably used to correct refractive errors and compensate for visual deficiencies such as myopia, hyperopia, presbyopia, and astigmatism. Thus, a rise in graphic inaccuracies is expected to drive the market over the forecast period further. The increasing number of outdoor activities is further boosting the market growth. A significant number of research and development activities have been used in optics and optometry to advance the technology. Advances such as the launch of dynamic soft contact lenses integrated with advanced technology have propelled the growth of the market for contact lenses. For instance, In November 2018, IMEC and SEED Co. Ltd, an international R&D hub, entered into a collaborative partnership to develop a smart contact lens. This contact lens will include various components such as a radio-frequency antenna that would suffice the wireless energy transfer, a LED light, and an ultra-thin silicon microchip. Moreover, a thin stretchable film is used to make the interconnections. Contact Lenses Market Report Highlights
Enhance awareness concerning the benefit of detachable lenses over reusable lenses, such as avoiding cleaning solution-related adverse effects, including eye discoloration. Furthermore, the market's leading players are involved in creating awareness campaigns and launching innovative products, which are predicted to promote the expansion of daily disposables. For example, in January 2021, Alcon Vision LLC, an eye care product manufacturer, introduced PRECISION1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lens developed for astigmatic patients in the U.S. The soft lens or silicone hydrogel segment has a wide range of applications and is one of the prominent contributors to the growth of the market for contact lenses. Soft contact lenses are made up of flexible, soft plastics such as silicone hydrogel, providing easy eye adaptability and enhanced comfort. It is extensively used for correcting ametropia. They also permit more oxygen to pass through to the wearer’s cornea. Thus, an increase in oxygen permeability helps enhance the health and comfort of the wearer’s eye by reducing dryness and itching. For example, in October 2020, Bausch + Lomb, a world-leading eye health company of Bausch Health Companies Inc., officially launched the Bausch + Lomb INFUSETM silicone hydrogel (SiHy) daily disposable contact lens to help ocular surface homeostasis and reduce the symptoms of contact lens dryness. The industry perceives growing market consolidations through mergers, collaborations, and acquisitions through strategic initiatives. This is primarily due to the market players' brand value and customer base and establishing a global footprint. Industry participants enter into long-term partnerships with suppliers and distributors to strengthen their product portfolio and geographical presence. For instance, in January 2022, Mark'Ennovy Personalized Care, S.L (MARK'ENNOVY), a contact lens manufacturer in Europe, announced its collaboration with Capricornia Contact Lens Pty Ltd, a contact lenses distributor, and manufacturer. With this collaboration, MARK'ENNOVY is expected to strengthen its customer care, distribution, and logistics. Some of the prominent players in the contact lenses market include:
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