SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Contact Lenses – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 18; Released: February 2022
Executive Pool: 5714
Companies: 94 – Players covered include Alcon, Inc.; Bausch Health Companies, Inc.; CooperVision, Inc.; Ginko International Co., Ltd.; Johnson & Johnson Vision Care, Inc.; Menicon Co., Ltd; St. Shine Optical Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Material Type (Silicone Hydrogel, Other Materials); Design (Spherical, Multifocal, Other Designs); Application (Corrective, Therapeutic, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South 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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Global Contact Lenses Market to Reach US$15.8 Billion by the Year 2026
Contact lenses are primarily used for correcting refractive errors and are sometimes considered to offer better vision quality than spectacles. Growth in the global market is buoyed by growing awareness of the use of contact lenses to correct vision disorders, growing incidence of ophthalmic or vision related disorders, convenience, favorable demographics, and rapid penetration of high-value products. Awareness programs conducted in various developing countries are particularly expected to continue to boost demand for vision care devices, including contact lenses. Rapid expansion in wearer base with reducing age of contact lens users coupled with strong growth in specialty lens segment and advancements in material science continue to improve industry prospects. Growing demand for cosmetic lenses in emerging countries further aids market growth. Contact lenses reported high uptake amid the COVID-19 pandemic due to the need to avoid bulky glasses with face masks, concerns over lens fogging and focus on new options for virtual meetings. Clinicians witnessed a large number of first-time contact lens fit requests from a diverse spectrum of users, including office workers, medical professionals and company heads. The high uptake among first-time wearers was attributed to the requirement to eliminate reliance on spectacle correction during work-related jobs. At the same time, the market also witnessed a notable jump in contact lens dropout cases due to concerned related to COVID-19 infection risk, the need to avoid touching face with hands, dry eye syndrome and reduced requirement of contact lenses owing to the remote work option.
Amid the COVID-19 crisis, the global market for Contact Lenses estimated at US$13 Billion in the year 2022, is projected to reach a revised size of US$15.8 Billion by 2026, growing at a CAGR of 5.5% over the analysis period. Silicone Hydrogel, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$11.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Materials segment is readjusted to a revised 5% CAGR for the next 7-year period. This segment currently accounts for a 31.1% share of the global Contact Lenses market. While hydrogels lenses continue to maintain their stronghold, prescription of silicone hydrogels is surging due to their improved oxygen transmissibility that allows higher amounts of oxygen to the eye, resulting in better ocular health. Eye-care professionals are prescribing these lenses to patients who fail to comply with routine wearing regimen and often forget to remove them before going to sleep.
The U.S. Market is Estimated at $3.5 Billion in 2022, While China is Forecast to Reach $1.8 Billion by 2026
The Contact Lenses market in the U.S. is estimated at US$3.5 Billion in the year 2022. The country currently accounts for a 27.5% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 8.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$2 Billion by the end of the analysis period. Developed regions including the US, Canada, Japan and Europe represent the prime revenues contributors. The robust spending on personal care products including eye care solutions, rise in uptake of daily disposable lenses, and expanding wearer base are the primary factors driving growth in these regions. Shortening replacement cycle in the Asian market due to the rising eye care awareness and the convenience factor, which translates to growing demand for daily, weekly and monthly disposables, is also expected to significantly drive gains in the market.
Direct-to Consumer, Subscription Services & Online Sales Gain Traction
Subscription services comprise an upcoming model in the contact lenses market. The subscription model combines the convenience of delivery and payments by shipping contacts directly to the patient homes at regular intervals 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 noteworthy trends in the eyewear industry over the recent years has been the rise of Internet and mail order as a highly potential channel for selling eyeglasses and contact lenses. Thanks to the growing popularity of E-commerce and Internet based sales transactions, the revenue inflow for eyeglasses and contact lenses from cyberspace is increasingly on the rise. Internet represents the fastest growing retail channel in the total prescription contact lens market.
This paradigm shift in consumer purchasing habits is buoyed by the ongoing shift to disposable lenses which have a planned replacement regime ranging from daily to quarterly to annually. This factor has played an important role in expanding the market for mail-order and online stores as these providers offer a quick and easy way to order and purchase lenses. Though contact lenses are treated as medical devices, consumers often forego ocular health exams while obtaining 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 and also offer 24/7 call support and also aggressive coupon marketing program. Among the other factors driving the popularity of the Internet based business model in eyewear industry, is the ability of online market to provide best prices to customers. Given the huge variation in prices from one retail outlet to another for a similar pair of lenses, making purchases at a best price in traditional brick and motor retail outlet always becomes an arduous task for prospective buyers. The Internet on the other hand is highly capable of offering best prices to consumers and also the advantage of making product and service comparisons. Faced with too many options, customers often find it difficult to choose from different brands, product varieties, prices and quality levels. More
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SOURCE Global Industry Analysts, Inc.