The Global Market for Contact Lenses and Solutions is Projected to Reach US$14.8 Billion by 2022

Increase in Refractive Errors & Preference for the Glasses-Free Look Drive the Contact Lenses & Solutions Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Contact Lenses and Solutions market. The global market for Contact Lenses and Solutions is projected to reach US$14.8 billion by 2022, driven by the increase in the number of people suffering from refractive errors, aesthetic & cosmetic benefits of contact lenses, rising awareness over the importance of contact lens compliance, shift towards daily disposable lenses and introduction of lenses with improved functionality.

Contact lenses are thin lenses placed directly on the surface of the eye for vision correction or for cosmetic purposes. The growth in the market is buoyed by the growing incidence of ophthalmic or vision related disorders, aging population and development and launch of advanced contact lenses manufactured with innovative next-generation materials that mimic the surface of the human cornea. Launch of high performance lenses that maximize oxygen flow to eyes, and provide comfort, breathability, convenience and unobstructed vision are helping expand the wearer base. Custom contact lenses and made-to-measure contact lenses are growing in popularity, encouraging its use among the younger population. Surging demand for daily disposables and silicon hydrogel lenses ranks as a major growth driver. Daily disposable lenses are witnessing the fastest growth supported by benefits such as convenience, high performance, easy maintenance, and lower health risks. Silicon hydrogel lenses will continue to record strong growth at the expense of traditional materials.  Despite high price points, adoption of these lenses is driven by benefits such as alleviation of hypoxia-related concerns such as corneal swelling and ocular redness. The segment also stands to benefit from the introduction of new toric and multifocal silicone hydrogel daily disposable contact lenses.

Advancements in materials and technologies are continuing to unfurl exciting applications for contact lenses beyond vision correction. These include drug delivery, biosensing, and myopia control. Of late, use of contact lenses for myopia control and its progression to other ocular conditions including blindness is gaining wide attention. Innovative high-tech lens are also being fabricated for delivering drugs to the eye to enhance the bioavailability, minimize side effects and reduce systemic loss of the drug. Scleral contact lenses have been gaining special interest among optomerists given the vision quality and suitable fit offered by these lenses for individuals with keratoconus, dry eye and other forms of corneal disease. Hi-tech contact lenses integrated with advanced microelectronic and sensory features can perform functions such as monitoring blood glucose levels, blocking harmful sun rays, magnified vision for AMD patients and checking eyeball pressure.

As stated by the new market research report on Contact Lenses and Solutions, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.3% through the analysis period, led by the unprecedented rise in myopia to epidemic levels, growing preference for bespoke contact lenses, increased spending on daily disposable lenses by the growing base of affluent middle class population, and developing eye care infrastructure that brings affordable ophthalmic care to all.  

Major players covered in the report include Abbott Medical Optics Inc., Alcon Inc., Bausch & Lomb, CooperVision Inc., Ginko International Co. Ltd., St.Shine Optical Co., and VISTAKON, among others.

The research report titled “Contact Lenses and Solutions: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in US dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Middle East, Latin America (Brazil and Rest of Latin America). The global and regional markets are also analyzed by product segments such as Contact Lenses (Rigid Gas Permeable and Soft Contact Lens) and Contact Lens Care Solutions.

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