SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ — Global Industry Analysts, Inc. (GIA), the premier market research firm, today released a report titled “Contact Lenses – Global Market Trajectories and Analysis.”The report offers a fresh perspective on the opportunities and challenges in the post-COVID-19 market that has undergone significant transformation.
alcon contact lens
Version: 18; Release: February 2022 Executives: 5714 Companies: 94 – Players covered include Alcon, Inc.; Doctoral Health; Cooper Vision; Nikon Co., Ltd.; St. Shine Optical Co., Ltd., etc. Designs (spherical, multifocal, other designs); Applications (corrective, therapeutic, other applications) Geography: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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The global contact lens market will reach USD 15.8 billion by 2026 Contact lenses are mainly used to correct refractive errors and are sometimes considered to provide better visual quality 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.Rapid expansion of the wearer base as the age of contact lens users declines, 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 contributing to 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 various 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 contact lens dropout cases due to concerns about the risk of COVID-19 infection, the need to avoid touching the face with hands, dry eye syndrome, and reduced demand for contact lenses due to remote control.work options.
During the COVID-19 crisis, the global contact lens market size was estimated at USD 13.0 billion in 2022 and is expected to reach a revised value 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 $3.5 billion in 2022, while China is expected to reach $1.8 billion by 2026. The U.S. contact lens market is expected to reach $3.5 billion in 2022.The country currently accounts for 27.5% of the global 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 by 4% and 4.4%, respectively, during the analysis period.In Europe, Germany is expected to grow at a CAGR of around 4.4%, while the rest of the European market (as defined in the study) will reach USD 2 billion by the end of the analysis period.Developed regions including the United States, Canada, Japan and Europe are the main revenue generators.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.
Direct-to-consumer, subscription services, and online sales gain traction Subscription services constitute an upcoming model for the contact lens market.The subscription model combines the convenience of delivery and payment by regularly shipping contacts directly to the patient’s home for a monthly subscription price.The service includes quarterly, semi-annual or annual contact lens deliveries and can also be combined with vision insurance benefits.One of the notable trends in the eyewear industry in recent years has been the rise of the Internet and mail order as highly potential channels for selling eyeglasses and contact lenses.Due to the growing popularity of e-commerce and internet-based sales transactions, there is an increasing inflow of revenue from eyeglasses and contact lenses from cyberspace.The Internet is the fastest growing retail channel in the entire prescription contact lens market.
This paradigm shift in consumer buying habits has been driven by a continued shift towards disposable lenses, with a planned replacement regime for disposable lenses ranging from daily to quarterly to annual.This factor has played a major role in expanding the mail order and online store market as these suppliers offer a quick and easy way to order and purchase lenses.Although contact lenses are considered medical devices, consumers often forgo eye health checks when purchasing replacement lenses from online retailers.Online retailers such as Coastal.com offer customers a range of contact lenses from manufacturers such as Alcon, Bausch and Lomb and Johnson and Johnson, as well as 24/7 phone support and aggressive coupon marketing programs.One of the other factors driving the popularity of internet-based business models in the eyewear industry is the ability of online marketplaces to offer customers the best prices.Given the wide price variation of a pair of similar lenses from one retailer to another, getting the best price at a traditional brick and auto retail store is always a daunting task for a potential buyer.On the other hand, the Internet is very capable of providing consumers with the best prices and has the advantage of making product and service comparisons.Faced with too many choices, customers often struggle to choose from different brands, product varieties, prices and quality levels.more
alcon contact lens
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Post time: Mar-22-2022
