Selbyville, Delaware, United States, September 9 2020 (Wiredrelease) Global Market Insights, Inc –:Global contact lenses market size will be worth more than US$14 billion by 2025, with growing preference for lenses particularly among the younger population.
The popularity of contact lenses across the globe will continue to grow with constant improvements in materials, designs, and the wide range which they are available in. Their use in the correction of refractive errors and cosmetics has increased considerably in recent years. While majority of the population wears contact lenses for optical or functional reasons, an aesthetic appeal has been among the major motivating factors for people who want to avoid wearing glasses.
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North America to emerge as a key revenue pocket
With changing lifestyle choices and evolving fashion trends, more and more Americans today prefer contact lenses to suit their functional as well as aesthetic needs. Consumers are willing to spend substantially on premium-quality product due to a notable rise in household income levels. In addition, contact lenses serve as an easy and comfortable option for people who love sports and have an active lifestyle. Approximately 45 million Americans use contact lenses, according to the Centers for Disease Control and Prevention (CDC).
North America, led by the U.S., has witnessed a sharp rise in the prevalence of various eyesight disorders among all age groups. The American Academy of Ophthalmology (AAO) reports that cataracts affect nearly 24.4 million Americans aged 40 or more, and almost half of all Americans by the age of 75.
The recent outbreak of the coronavirus and subsequent nationwide shutdown has disrupted supply chains, resulting in poorer sales of contact lenses and other eyecare products. Several regional retailers are switching to online platforms for the delivery of lenses amid the pandemic.
Growth drivers of Contact Lenses Market are
1. North America – Rising prevalence of eyesight disorders along with increasing consumer spending
2. Europe – Rising preference for branded contact lenses
3. Asia Pacific – Rising contact lenses consumption in several regional countries including China, Japan and South Korea
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4. Latin America – Increasing popularity of contact lens in the region
5. MEA – High preference for cosmetic contact lenses
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Constant technological developments and product innovations
Contact lenses manufacturers are significantly fueling their research and development efforts to introduce newer varieties of lenses with advanced capabilities. In April 2019, Johnson & Johnson Vision had launched the ACUVUE OASYS photochromic contact lens, the first ever lenses to adapt to changing light conditions.
In a survey by Johnson & Johnson, 70% Americans said they are bothered by bright lights while driving, and nearly half of respondents said they wish their eyes could adjust to changing light conditions quickly.
Johnson & Johnson Vision’s ACUVUE OASYS contact lenses are designed to accomplish what eyes naturally cannot. While a usual contact lens corrects refractive defects, J&J Vision’s lenses seamlessly adjust from dark to clear and back, minimizing the exposure to bright light indoors and outdoors.
The rapidly-growing field of contact lens technology is bound to witness more such innovations in the upcoming years, with manufacturers constantly trying to figure out where the next breakthrough may lie.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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