NEW YORK, June 8, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Global Contact Lens Industry” report – Access our digital archives and MarketGlass research platform – One year of free updates The global contact lens market will reach $15.8 billion by 2026 Contact lenses are primarily used to correct refractive errors and are sometimes thought to provide better quality of vision than glasses .The growth of the global market is driven by increasing awareness of the use of contact lenses to correct vision disorders, increasing incidence of ophthalmic or vision-related diseases, convenience, favorable demographics, and rapid penetration of high-value products.Awareness programs in various developing countries are expected to continue to increase the demand for vision care devices including contact lenses.The rapid expansion of the wearer base as the age of contact lens users decreases, coupled with strong growth in the specialty lens segment and advancements in materials science, continue to improve the industry outlook.Growing demand for cosmetic lenses in emerging countries is further boosting the market growth.Contact lens usage has been reported to be high during the COVID-19 pandemic due to the need to avoid bulky glasses with face shields, concerns about fogging lenses and new options to focus on virtual meetings.Clinicians witnessed a large number of first-time contact lens wear requests from diverse users, including office workers, medical professionals, and company leaders.The high acceptance rate among first-time wearers is attributed to the requirement to eliminate reliance on spectacle corrections in work-related jobs.At the same time, the market has also witnessed a significant increase in cases of contact lens shedding due to concerns about the risk of COVID-19 infection, the need to avoid touching the face with hands, dry eyes, and reduced demand for contact lenses due to remote control work options.Amid the COVID-19 crisis, the global contact lens market was estimated at USD 11.4 billion in 2020 and is expected to reach a revised size of USD 15.8 billion by 2026, growing at a CAGR of 5.5% during the analysis period.Silicon hydrogel, one of the segments analyzed in the report, is expected to grow at a CAGR of 5.8% to reach $11.7 billion by the end of the analysis period.Growth in the Other Materials segment was rescaled to a revised 5% CAGR for the next seven-year period following a comprehensive analysis of the business impact of the pandemic and the economic crisis it caused.
This segment currently accounts for a 31.1% share of the global contact lens market.While hydrogel lenses continue to hold their strengths, prescriptions for silicone hydrogels are surging because they improve oxygen permeability, allowing more oxygen to enter the eye, thereby improving eye health.Eye care professionals are prescribing these lenses for patients who do not follow a regular wearing regimen and often forget to remove them before bed.The U.S. market is expected to be $3.4 billion in 2021, while China is expected to reach $1.8 billion by 2026 The U.S. contact lens market is expected to reach $3.4 billion in 2021.The country currently accounts for 27.5% of the global market for the U.S. contact lens market.China is the second largest economy in the world and the market size is expected to reach USD 1.8 billion by 2026, growing at a CAGR of 8.8% throughout the analysis period.Other notable geographic markets include Japan and Canada, which are expected to grow 4% and 4.4%, respectively, during the analysis period.In Europe, Germany is expected to grow at a CAGR of about 4.4%, while the rest of the European market (as defined in the study) will reach $2 billion by the end of the analysis period.Developed regions including the United States, Canada, Japan, and Europe are the main sources of revenue.Strong spending on personal care products including eye care solutions, increasing usage of daily disposable lenses, and expanding wearer base are the major factors driving growth in these regions.Shorter replacement cycles in the Asian market owing to rising eye care awareness and convenience factors, implying growing demand for daily, weekly and monthly disposables is also expected to significantly boost market earnings.
Post time: Jun-10-2022
