Market Trends of Contact Lenses Industry
This section covers the major market trends shaping the Contact Lenses Market according to our research experts:
Corrective Contact Lenses are Expected to Register a Significant Growth Rate over the Forecast Period
Corrective lenses are made specifically to match the wearer's vision defects. The purpose of corrective lenses is to improve or correct the vision of people with farsightedness (hyperopia), nearsightedness (myopia), presbyopia, and astigmatism. The huge prevalence of eye disorders contributes to the growth of the market studied. For instance, according to the 2021 statistics by the HelpMeSeeFoundation, 5.80% of the population in India was affected by glaucoma disorder. It also stated that for people aged 50 to 90, cataracts are the cause of 66.2% of blindness. Dry eye disease is expected to affect more than 275 million people by 2030. Similarly, the NCBI article published in 2022 mentioned that among local Dubai residents, the prevalence of presenting mild, moderate, and severe visual impairment was 4.7%, 1.8%, and 0%, respectively, during 2019-2020. Such a prevalence of vision-related disorders is expected to create demand for corrective contact lenses and drive the growth of the market studied in this region.
The increasing product launches and approvals to meet the growing demand for corrective lenses is also expected to contribute to the growth of the market studied. For instance, in August 2021, CooperVision MiSight 1-day contact lenses received approval from the Chinese National Medical Products Administration (NMPA). Soft contact lenses are the first product of any type in China that may slow the progression of axial length. In March 2021, Johnson and Johnson Vision, a part of the Johnson & Johnson Medical Devices Companies, received approval from the Japanese Ministry of Health, Labour, and Welfare (MHLW) for a vision correction contact lens that relieves allergic eye itch, namely ACUVUE Theravision with ketotifen. The lens contains ketotifen, an H1 histamine receptor antagonist, to prevent itches associated with eye allergies. Thus, the factors mentioned above are expected to contribute to the growth of the corrective lenses segment over the forecast period.
North America is Expected to hold Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant market share owing to the rising prevalence of ophthalmic disorders and increasing awareness among consumers. The increasing number of product launches and growth strategies by the key market players in this region are expected to contribute to the growth of the market studied. Moreover, a rise in visual inaccuracies is expected to drive regional market growth. For instance, according to the May 2021 report of Prevent Blindness, over 7 million people were living with uncorrectable vision acuity loss in the United States in 2021. Hence, an increase in eye disorders is expected to create demand for contact lenses, thereby boosting market growth.
Further, rising product innovation is expected to play a significant role in the growth of the contact lens market in the North American region. For instance, in June 2022, Bausch + Lomb launched its latest custom soft contact lens family called Revive, designed to meet the vision needs of more patients, including those with high or unique prescriptions. Similarly, in October 2021, CooperVision launched MyDaymultifocal, at the 2021 American Academy of Optometry (AAO) annual meeting. MyDaymultifocal is designed for patients with presbyopia. Thus, with several developments by companies as well as increasing customer demand, the North American region is expected to register healthy growth over the forecast period.
