Introduction of Novel Functional Lenses Against the Backdrop of Increasing Incidence of Refractive Errors to Drive Growth in the Global Contact Lenses & Solutions Market

The global market for Contact Lenses and Solutions is projected to reach US$15.0 billion by 2024, driven by strong growth in specialty lens segment; advancements in material science and introduction of lenses with improved functionality; and rising incidence of refractive errors worldwide. Contact lenses are primarily used for correcting refractive errors and are sometimes considered to offer better vision quality than spectacles. Nevertheless, vanity continues to be the major motivating factor driving contact lens use. Market penetration of contact lenses is expected to increase across the world driven by increased research and development efforts and new product innovations, which would continue to expand potential wearer base of contact lens.

Another factor supporting growth is the emergence and expansion of younger customer groups.  Countries are expected to demonstrate steady growth, with growing demand for multifocals and torics, migration to silicone hydrogel lenses, and increasing adoption of daily disposable lenses. Another factor driving growth is customers trading up to premium products. Specialized lenses are likely to be the prime driving forces behind long-term growth of the global contact lenses market.  Further, demographic dynamics, together with the ever increasing time being spent by people on digital devices, is driving the demand for innovations having the ability to meet the emerging vision needs within a screen-driven world.

Over the past few decades, there was a significant improvement in contact lens making technology. The latest focus of few players has been on expanding the usefulness of contact lens to biosensing, drug delivery and visual augmentation among other innovative applications. Integrated with advanced microelectronic and sensory features, hi-tech contact lenses can perform functions such as monitoring blood glucose levels, curing short-sightedness in children, blocking harmful sun rays, magnified vision for AMD patients and checking eyeball pressure.

The global daily disposable contact lenses segment continues to receive boost mainly from an increase in prescribing frequency of these lenses in several regional markets. While Torics continue to remain a vibrant segment of the market, Multifocals are expected to witness strong adoption buoyed by surging demand from contact lens wearers who are entering the 35-40 year age group and are highly susceptible to presbyopia. Scleral lenses are being considered as a feasible option for presbyopes as most of the patients suffer from astigmatism and dry eyes.

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 6.7% through the analysis period driven by factors such as low penetration of disposable contact lenses, sizeable myopic population, increase in number of sophisticated eye care clinics, and improving purchasing power of people.

Major players in the market include Alcon Inc., Bausch & Lomb, CooperVision Inc., Ginko International Co. Ltd., Johnson & Johnson Vision Care, and St.Shine Optical Co. among others.

The research report titled “Contact Lenses and Solutions – Market Analysis, Trends, and Forecasts” 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 including Contact Lenses (Rigid Gas Permeable, Soft Contact Lens (Spherical Lenses, Toric Lenses, and Multifocals), and Hybrid Contact Lens), and Contact Lens Care Solutions.

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