Global contact lens market was valued at USD 9. 35 billion in 2021, and it is expected in order to reach a value of USD 14. 02 billion by 2028, at a CAGR of 5. 9% over the forecast period (2022-2028).
Westford, USA, Nov. 14, 2022 (GLOBE NEWSWIRE) — A recent SkyQuest study of the global contact lens market has found that the demand for get in touch with lenses is on the rise, especially among young adults. The number of people wearing contact lenses has increased by 3% in the past year. The biggest increases were seen among adults aged 18-24 (5%) and 25-34 (4%). The average person uses between 24 and 34 disposable lenses per year, according to the American Optometric Association.
We attributed this growth from the global contact lens market to a number associated with reasons why contact lenses are becoming more popular. For one, they offer a great deal of freedom plus flexibility when it comes to vision correction. They can also be much less expensive than glasses, which will be especially helpful for budget-conscious consumers. Additionally , contact lenses are often observed as being more aesthetically pleasing than eyeglasses. This is particularly true for younger adults who may feel self-conscious about wearing glasses.
Younger population sees get in touch with lens as a more convenient and comfortable option compared to glasses, and they allow people to express their personal style more freely. There are a few factors driving this particular growth in demand for contact zoom lens market. Firstly, there has been an increase in the number of people who need vision modification. This is usually due both to the ageing population plus to the fact that more associated with us are spending time looking at screens, which may cause eye strain. As per our findings, 14% of the particular global populace, which translates to over 1 billion dollars people need vision correction.
Secondly, there have been major advancements in contact lens technology in recent years. Zoom lens manufacturers have been able to create lenses that are usually much thinner and more comfy to wear. They have also developed new materials that allow more oxygen to reach the vision, which is important for attention health. Finally, the price of lenses has come down significantly recently, making them more affordable for the wider range of individuals.
With the demand with regard to lens market increasing, manufacturers are expected in order to ramp up production in order to meet this growing demand. This means that will there should be plenty of options available for consumers in the particular near future.
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SkyQuest’s Findings: North America to Hold Over 35% Market Share
Worldwide contact lens market was valued at USD 9. 35 billion in 2021, in fact it is expected to reach an associated with UNITED STATES DOLLAR 14. 02 billion by 2028, in a CAGR of 5. 9% on the forecast period (2022-2028).
SkyQuest’s analysis of the global contact lens market shows that the North American market is the largest and most mature, with a 35% share of the global marketplace. Europe is the second largest market and Asia-Pacific is the particular fastest-growing region, having a CAGR of 8. 5%. This particular can be attributed to the increasing quantity of people in Asia-Pacific who are aware of contacts and their own benefits.
Meanwhile, traditional spectacle lenses continue to lose market share, as a lot more consumers opt for the purpose of instead. SkyQuest estimates that this share of female customers wearing contacts increased considerably. In fact , they are the particular major consumers and accounts for around over 66% market share.
The daily disposable segment is anticipated to be the fastest-growing product type, using a CAGR associated with 6. 7% in the global get in touch with lens marketplace.
The report also found the use of contact lenses is becoming more widespread, with more people using them for each daily wear and regarding special occasions. This trend is usually being driven by advances in zoom lens technology, which have made lens more comfortable to put on and easier to care for.
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Top 5 Players Hold Less than 25% Share of Global Contact Lens Market
The SkyQuest is a global management consulting firm that advises clients in the private, public, and not-for-profit sectors. Our analysis of the contact lens market is based on the comprehensive study of the particular industry. The study includes an assessment of the competitive landscape, demand trends, product innovations, and pricing dynamics.
In terms associated with product innovation, there is room for growth in this market. Newer products such as daily disposable lenses and multifocal lenses offer opportunities for manufacturers to differentiate their products plus gain market share. In terms of prices, the research shows that prices have been declining over the past few years due to intense competition. However, manufacturers have been able to offset some of these declines through cost cutting measures.
Our evaluation implies that the particular lens market is highly competitive with a large number of players. The particular top five players namely Johnson & Johnson Vision Care, Inc., CooperVision, Incorporation., Bausch + Lomb Incorporated, Alcon Laboratories, Inc., and CIBA Eyesight Corporation account for only around 25% of the market. There are a number of regional players who are also trying to gain share in this market. In terms associated with demand, our analyst believes that development in the contact lens marketplace will be driven by emerging markets like China and India. This demand will be fueled by population growth plus rising disposable incomes.
Johnson & Manley Vision Care is one of the leading players in the contact lens market. It offers a wide range of products, from daily disposable lenses in order to monthly replacement lenses. The company also manufactures contact lenses for people with special needs, for example those with astigmatism or presbyopia.
Inside addition to its manufacturing capability, Johnson & Manley Vision Care also has a strong research and development arm. The company invests heavily in new lens technology, and is always looking for ways to improve the quality and performance of its products. This commitment in order to innovation has made Johnson & Johnson Vision Care a trusted name within the contact lens industry.
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Top Player’s in Global Contact Lens Market are:
Johnson & Johnson Eyesight Care, Inc. (U. S. )
Carl Zeiss Meditec AG (Germany)
Bausch & Lomb Integrated (Canada)
The particular Cooper Companies Inc. (U. S. )
Hoya Corporation (Japan)
Menicon Co., Ltd. (Japan)
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