The global contact lens market is projected to reach $14.9 billion by 2026, according to a new report.
That number would be a significant increase from $11.1 billion in 2020, representing a compound annual growth rate of 5.1 percent, according to Global Industry Analysts Inc., a San Francisco-based market research firm.
“Growth in 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,” the company stated in a press release.
Global Industry Analysts noted that “awareness programs conducted in various developing countries are particularly expected to continue to boost demand for vision care devices, including contact lenses.”
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“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.”
More from the release:
Silicone Hydrogel, one of the segments analyzed in the report, is projected to record 5.3% CAGR and reach US$10.7 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 4.9% CAGR for the next 7-year period. 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 $3.1 Billion in 2021, While China is Forecast to Reach $804.1 Million by 2026
The Contact Lenses market in the U.S. is estimated at US$3.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$804.1 Million by the year 2026 trailing a CAGR of 8.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR. In developed markets such as the US, there is an increasing shift towards expensive daily disposable lenses and growth in adoption of toric and multifocal contact lenses. Key factors for strong performance of Asian markets include the aggressive promotional strategies of multinational companies to drive adoption in relatively less penetrated regions, increase in sophisticated eye care providers, and positive consumer reception. 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.
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