The rising disposable income, growing aging population, which is more prone to vision impairment than young people, and surging occurrence of eye injuries and vision disorders are contributing to the rising demand for contact lenses. Due to the aforementioned factors, the global contact lenses market is expected to reach around $16 billion in 2030.
The entire world transitioned to an online virtual platform during the government-implemented lockdowns as a result of the COVID-19 pandemic. The increasing risk of mask-associated dry eyes (MADE), as well as insufficient blinking and lower blink rate due to excessive computer use, all lead to less usage of contact lenses. However, COVID-19 has caused a major financial crisis in many countries, thus decreasing the spending power of customers and impacting the contact lenses market negatively.
The contact lenses market is divided into daily wear, extended wear, and traditional wear, based on usage. The daily wear category held the largest share in 2020 owing to the reduced risk of eye infection, which has become a major concern with COVID-19 protocols (masks have emerged as a key cause of eye infections), better comfort, and convenience of disposal.
The market for contact lenses is categorized into spherical, toric, multifocal, monovision, and cosmetic, on the basis of design. The spherical category held the largest share in the market during the historical period (2015–2020) due to optometrists and patients’ preference for spherical lenses to address visual problems. Furthermore, owing to the increasing screen time, there is a rise in the occurrence of vision-related diseases.
The contact lenses industry is categorized into retail stores, hospitals & clinics, and e-commerce, based on distribution channel. Among these, retail outlets are likely to dominate the market throughout the forecast period. This can be ascribed majorly to the increasing preference of customers to visit retail stores and inspect the lenses before buying and a huge product range by various brands available in retail stores.
Geographically, North America accounted for the lion's share of the contact lenses market in 2020. This was majorly due to the growing senior population, which is accompanied by an increase in the incidence of visual ailments. Furthermore, the adoption of a sedentary lifestyle in the region has raised the possibility of people suffering from bad vision. All of these factors are driving the contact lens demand, which will help the North American contact lens market advance.
Globally, the contact lenses industry players have received a considerable number of product approvals in the recent past. For instance, in November 2019, CooperVision Inc. received the Food and Drug Administration (FDA) approval for MiSight, a single-use, disposable, soft contact lens for children. This product slows the progression of myopia in children, which ultimately could mean a reduced risk of other eye problems.
Some of the key players in the market are Johnson & Johnson, Bausch Health Companies Inc., CooperVision Inc., and Alcon Vision LLC.