The global contact lens market is estimated to be valued at US$ 6.45 Billion in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Contact lenses are thin plastic pieces that are worn on the surface of the eye to correct vision problems such as myopia (nearsightedness), hyperopia (farsightedness), presbyopia, and astigmatism. Contact lenses provide clear vision without restricting peripheral vision and can also alter the appearance of the eye color. They are widely preferred over spectacles due to their comfort in various sports activities and swimming. Growing awareness regarding vision correction options and rising disposable incomes are fueling the demand for contact lenses globally.
Key Takeaways
Key players operating in the Contact lens market are Asahi Kasei Corporation, Ascend Performance Materials, BASF SE, Invista, Lanxess Ag, PetroChina Liaoyang Petrochemical, Radici Group, Rhodia, Shandong Haili Chemical Industry Company Ltd., Shandong Hongye Chemical Company Ltd, DOMO Chemicals, Sumitomo Chemical Co., Ltd., Solvay, Liaoyang Tianhua Chemical Co., Ltd, Meru Chem Pvt. Ltd, EMCO Dyestuff, and JPM Pharma & Chemicals Pvt. Ltd.
The growth in non-corrective cosmetic contact lenses is expected to open up new opportunities in the market. Manufacturers are also focusing on Asia Pacific region owing to increasing disposable incomes and growing aging population in countries such as China and India.
The availability of advanced lens material, increasing online sales, and rising focus on customized contact lenses will further support the global expansion of the contact lens market during the forecast period.
Market Drivers
Increasing prevalence of ophthalmic and vision disorders such as myopia, hyperopia and astigmatism globally is one of the major drivers of the contact lens market. Growing awareness regarding benefits of contact lenses such as clear vision, comfort, and ability to alter eye color is also fueling the adoption of contact lenses.
PEST Analysis
Political: The market is dependent on government regulations regarding manufacturing practices and standards for safety andefficacy. Stringent regulations can increase the cost of manufacturing.
Economic: The market is affected by disposable incomes and spending patterns of consumers. Higher incomes mean people are able to spend more on optional vision correction products.
Social: Changes in lifestyle and increased focus on ocular health are driving adoption. Busy lifestyles mean people prefer convenient options like contact lenses over glasses.
Technological: Advancements in material sciences are allowing lenses made of novel polymers and compounds offering better comfort, vision quality and durability. Industry is investing in R&D to develop daily and extended-wear lenses.
North America accounts for the largest share of the contact lens market in terms of value. This is attributed to factors such as high disposable incomes, strong healthcare infrastructure, and growing focus on ocular health.
The Asia Pacific region is projected to witness the fastest growth during the forecast period due to rising incomes, growing prevalence of myopia, increasing health awareness and expansion of domestic manufacturing capacities in countries like China, India and South Korea.
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