Contact lenses are one of the most crucial subsets of the eye care industry. The contact lens market is expanding due to increasing frequency of various eye conditions such as cataracts and refractive errors, which may be treated using contact lens solutions to correct vision. Moreover, the market growth is expected to be fuelled by surge in myopia and astigmatism cases across the globe. Also, the expansion of the market is fuelled by rising public awareness of the advantages of disposable lenses versus reusable lenses.
The contact lens market growth has been amplified by the rising number of product offerings and innovations. Moreover, market participants are investing in R&D to offer cutting-edge technology and increase their revenue share by gaining market access and regulatory clearances.
Besides this, the contract lens market is also anticipated to expand strongly as these are available in the form of disposable and reusable.
In addition to this, contact lens manufacturers are also experimenting with new technologies. They aim to improve the aesthetics and comfort of their new designs for customers who wear them frequently. Moreover, customers are also influenced to purchase recognized brands on the market. Most of the customers purchase their contact lens directly from optometrists or optical stores.
Surge in geriatric population is expected to boost the sales
The geriatric population has the maximum incidence of vision-related problems. They suffer from various biggest health issues for instance age-related cataracts, macular degeneration, diabetic retinopathy, and glaucoma. As the frequency of eye-related ailments grows, the need for visual health services and goods among the elderly also rise.
- Moreover, as per the WHO statistics, The WHO predicts that one in six persons globally will be 60 or beyond by the year 2030. The number of individuals in the globe who are 60 or older is expected to double by 2050.
Contact lenses are not yet widely recognized in developing nations
Even though contact lens has many benefits and these offer good quality of life than glasses. Contact lens are yet not very common in developing nations since a lot of people still wear glasses and they are unaware of contact lenses with power. Besides these, there are various side effects related to contact lenses such as pain, excessive tearing, stinging, burning, gritty sensation and unusual redness are expected to restrict the growth of the market during the forecast period.
Limited number of significant manufacturers is expected to push the growth of the market
Majority of businesses invest in comprehensive research and development, mostly to create products with cutting-edge technology. Market players are also using various approaches such as mergers and acquisitions, diversification of product portfolios, global growth
- For instance, In July 2022, ReviveTM custom soft contact lenses from Bausch + Lomb have been made available in the United States. These are a new addition to their contact lens line and come in various options. Moreover, they are also made to accommodate a variety of vision requirements of patients, including those with high & complex medicaments.
- In January 2022, DAILIES TOTAL1® for Astigmatism, the first Water Gradient contact lens for astigmatic patients, was released by Alcon, a global leader in eye care committed to helping people to see brilliantly.
- In April 2021, With Menicon, a preeminent producer of advanced lenses, Johnson & Johnson Vision created a global strategic collaboration. Moreover, the objective of this partnership was to create therapeutic eyewear to halt the spread and development of infantile myopia.
