The global contact lens market is projected to witness considerable rise owing to rising prevalence of increased preference for contact lenses over prescribed eyeglasses for aesthetics purposes and rising cases of vision related problems like myopia. However, treatment of visual impairment comprises most of the uses of corrective contact lenses. Therefore, it is highly likely that visual impairment will spearhead the growth for the global contact lens market over the period of forecast tenure. In addition, technological progress achieved in the optometry field has escalated research and development activities, which had further led to the invention of highly advanced soft contact lenses over the years.
Some of the well-known companies in the global contact lens market are Bausch + Lomb, Johnson & Johnson, Carl Zeiss Meditech AG, CooperVision, Inc., BenQ Materials Corporation, and Essilor Group.
Researchers at Transparency Market Research (TMR) have come up with a detailed report on global contact lens market for energy industry. They predict the market to expand at a robust growth rate of 7.4 % CAGR during forecast period, 2018 to 2026.
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North America Likely to Emerge as a Leading Region with High Adoption of Contact Lenses
The global contact lens market is split into the major regions of Asia Pacific, Middle East and Africa, Latin America, North America, and Europe. The classifications offer region-based information and market dynamics that could influence the growth of the global contact lens market in times to come.
Considering regional classifications, it is estimated that North America is likely to account for lion’s share of the global contact lenses market in years to come. The region is likely to be driven by high adoption of contact lenses among people of all age groups. Presence of high end healthcare facilities in the U.S. together with favorable reimbursement policies propel the growth of the North America contact lens market.
In addition, presence of a large base of geriatric population with visual problems and increased incidences of vision-related diseases and eye injuries are primarily triggering demand for contact lens in the region.
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According to the estimates of The National Eye Institute, nearly 2.9 million people in the U.S. were affected with low vision in 2014 and the number of such patients is estimated to increase and likely to reach a figure of around 5 million by the year 2030. Furthermore, according to the findings of the Centre of Disease Control and Prevention (CDC), in 2015 around 40.9 million people aged over 18 years wear contact lenses and these people hold comprise around 16.7% of the entire adult population of the U.S. Such high adoption of contact lenses is expected to speed up the growth of the contact lens market in the region.
Increased Research and Development Activities Augment Demand for Contact Lenses
The global contact lens market gathers momentum from visual impairment issues like myopia, glaucoma, astigmatism, presbyopia, and hypermetropia. In addition, contact lenses do away with the need to deal with heavy glasses thereby better aesthetics appeal of a person. Flurry of activities in the research and development to produce better contact lenses are further encouraging growth of the market. Various types of materials are being used for the making of contact lenses with multiple uses.
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According to the data from a survey conducted by Johnson & Johnson, nearly every seven out of ten people in North America is faced with difficulty while driving and almost 55% of people complain about stressed eyes after facing harsh lights. Almost half of these people worry about squinting and almost 56% of Americans wish that they could adjust their eyes to various light conditions more quickly. However, new contact lenses that are produced today are designed to cater to the varying needs of individuals. These factors are likely to propel the growth of the global contact lens market over the forecast tenure, from 2018 to 2026.
On the other hand, a many of the users are faced with eye infections due to contact lenses. Despite such infections result due to poor maintenance of contact lenses, it is going to impede the growth of the global contact lens market over the assessment tenure.
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