The evolution of Contact Lenses Market can be primarily attributed to the rising incidences of myopia, presbyopia, hyperopia, and nearsightedness across the globe. It would also be noteworthy to mention that the advent of new technologies such as augmented reality and virtual reality have indeed revolutionized this business space. It has been observed that the younger populace, spending quite some time within the confines of their homes, glued to smartphone and laptop screens, are more prone to loss of distant vision than the yesteryear generation, thereby necessitating the requirement of contact lenses over eyeglasses or vision surgery. In consequence, this demand has had quite a proportional impact on contact lenses industry size, which was pegged at USD 9.5 billion in 2016. Reliable sources have quoted that over 40 million of the U.S. population wear contact lenses with most of them being soft lenses made from hydrogels.
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According to authentic estimates, nearly half of the Asian youth populace has been suffering from nearsightedness. It has been witnessed that the majority of the global population affected due to vision problems reside in the developing regions. As per the current global rankings, India and China have the highest population with poor vision problems. Researchers have estimated that negligence towards eye-care has resulted in the global costs amounting to nearly USD 3 trillion dollars annually. This has undeniably created global awareness toward the use of eyewear such as contact lenses, thereby accelerating contact lenses market trends.
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New product developments taking place taking across the eyewear sector are also predicted to provide rapid momentum to the expansion of contact lenses industry. Researchers at Oregon State University have recently introduced contact lenses for diabetes patients with implanted indium gallium Zinc Oxide biosensors to determine their glucose levels. Alongside, Google Inc. is also expected to penetrate contact lenses market with the development of smart contact lenses comprising wireless chips as well as the tiny glucose sensor devices. Researchers have claimed that these lenses have the ability to transfer monitored information to external instrument. Reputed firms such as Bausch + Lomb are not that far behind either, when it comes to making appreciable contributions to the contact lenses industry. The firm has in fact, launched the all-new Biotrue ONEday across twenty countries in Europe. The new product’s unique dehydration barrier feature helps in restoring 98% of moisture till 16 hours, and it is exclusively designed to meet the needs of astigmatic patients.
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Speaking in terms of geographical trends, a research study has demonstrated that a drastic shift in the lifestyles of the APAC population and rising eye health awareness among the populace will generate lucrative growth prospects for contact lenses market in the region. It is anticipated that the Asia Pacific contact lenses industry will grow at a rate of more than 4% over 2017-2024, having accounted for a revenue of over USD 2 billion in 2016. In North America, on the other hand, the rise in the aging population and introduction of new technologies across the eye care sector are expected to help augment the regional contact lenses market. As per estimates, North America contact lenses industry is expected to record a CAGR of 3.2% over 2017-2024.
Global Contact Lenses Market share, as per analysts, is partially consolidated, with a select few players such as Bausch & Lomb, Novartis International AG, ZEISS, and Hoya Corporation predominantly covering a major portion of the industry share via product innovations and strategic alliances. The business sphere has been forecast to reach commendable heights in the ensuing years, given the projected demand for these lenses across the developing and established economies. According to Global Market Insights, Inc., contact lenses market is set to hit a targeted revenue margin of over USD 18 billion by 2024.
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