FactMR Highlights Accelerating Sales of Corrective Lenses, Contact Lens Market Set to Record 5% Through 2029
Published : 19 Feb 2020 Industry: Consumer Goods
The proliferation visually-impaired consumers and their participation in outdoor activities coupled with increasing cases of myopia, presbyopia, and astigmatism will drive the global contact lens market to witness a staggering growth trajectory of over 5% between 2019 and 2029. Offline distribution through retail stores and hospitals & clinics continue to garner consumer traction. Online channels however are expected to present remunerative growth opportunities on the back of rising millennial consumers. Market players are investing in developing innovative products that cater to a variety of demands such as daily use, different colors, and corrective lenses.
Key Takeaways of Contact Lenses Market Study
- Silicone Hydrogel will see 1.7x growth between 2019 and 2029. Enhanced oxygen permeability along with soft & flexible nature of silicone hydrogel will enhnace consumer engagement as buyers tend to prioritize eye-adaptability and enhanced comfort in contact lenses.
- Spherical lenses will witness 1.6x growth during forecast period owing to even distribution of lens power throughout the optical part of spherical lens.
- Corrective lenses continue to lead market share followed by astounding growth of over 10% in Therapeutic Lens segment.
- Online distribution channels will gain two fold growth owing to increasing disposable income of millennial consumers that are accustomed to buying from online e-commerce platforms.
- Daily Disposable usage of contact lenses will garner 1.5x growth throughout the forecast period. This can be attributed to benefits of this usage type such as compatibility enhancement for people with dry eyes or allergies.
- North America will maintain its supremacy in terms of market share on the back of increasing early adoption of lens technology and growing geriatric population.
- Southeast Asia & Oceania present lucrative growth opportunities with a stellar CAGR of more than 7% over the forecast period.
- Combining the gas permeable softness of silicone hydrogel with visual clarity of an RGP lens, Hybrid lens material will grow at a promising CAGR of over 7%.
“Market players stand to gain from product innovation such as toric lenses that will drive market growth on the back of multiplying consumer interaction via online channels. The global contact lenses market is well poised for technological disruption. Increasing geriatric population presents stable growth opportunities for contact lens market. Rising expendable income of millennial consumers will drive innovation such as daily disposable contact lenses.” -Says FactMR Analyst
High Potential Applications Identified in Therapeutic Space
Therapeutic contact lenses aid the healing of a sick eye, it blankets the cornea to retain necessary moisture and protects the surface of the eye. Rise in consumer awareness about versatile benefits of therapeutic lens positions this application type to witness a robust growth rate of over 8% between 2019 and 2029. The market is driven by consumer trends which increase preference for contact lenses over traditional glasses. Multiplying cases of vision defects coupled with innovations in comfort and effectiveness of contact lenses will drive growth of contact lens market throughout the forecast period.
Find More Valuable Insights on Contact Lens Market
Fact.MR, in its new offering, provides an in-depth analysis of the worldwide contact lens market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the contact lens market on the basis of material (gas permeable, silicone hydrogel, and hybrid), design (spherical, toric, multifocal, and others), by application (corrective, therapeutic, cosmetic, prosthetic, and lifestyle-oriented), distribution channels (online and offline), usage (daily disposable, disposable frequent replacement, and traditional), and key regions (North America, Latin America, Europe, East Asia, South Asia, and Middle East and Africa).
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About the Retail and Consumer Goods Division at Fact.MR
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