Contact Lenses Market | Aggregate Insights | Market Forecast

(I-BusinessNews.Com, November 08, 2019 ) Market Overview
• Contact lenses are thin lens placed directly on the surface of the eye. Contact lenses are considered medical devices and can be worn to correct vision, or for cosmetic or therapeutic reasons. They are used majorly for visual deficiencies treatment, such as myopia, hyperopia, astigmatism, and presbyopia, and can also be used to correct refractive errors. The many advantages of contact lenses have over spectacles make them increasingly for popular among the consumers as they allow a natural view with no vision hindrance and unaffected by dust and fog, making them suitable for sports and other outdoor activities.

Market Dynamics
• The global market for the Contact Lenses Market is primarily driven by the high prevalence of refractive vision impairments, increasing geriatric population, and growing adoption rate of contact lenses over prescription eyeglasses as they are more convenient. According to the International Agency for the Prevention of Blindness (IAPB), approximately 28% of the global population were affected by myopia in 2010, and its prevalence is set to reach to almost 50% of the worldwide population by 2050. Moreover, rising popularity to enhance personal aesthetics as they are available in various colors and designs, increasing disposable incomes, and increasing preference of daily disposables as they are easy to use and maintenance free are further contributing to the market growth. Other factors driving the growth of the global contact lenses market include the increasing R&D on the therapeutic application and increasing consumer awareness on the comprehensive range of options is expected to propel the market growth further. For instance, In March 2019, Johnson & Johnson Vision unveiled positive Phase III data from two clinical studies of its antihistamine-releasing contact lens, showing that it was able to reduce feelings of itchy eyes after exposure to allergens.
• However, the associated risks of contact lenses and the growing acceptance of refractive surgeries among users may hinder market progress.

Market Segmentation
• By Design, the Contact Lenses market is bifurcated into Spherical Contact Lenses, Toric Contact Lenses, and Multi-focal Contact Lenses. Spherical design holds the most significant market share owing to the higher adoption rate as they are majorly used for vision correction, especially in the cases of myopia and hyperopia. Multifocal is expected to be the fastest growing design segment as they offer a variety of benefits, such as the ability to incorporate multiple prescriptions and improved visual acuity. The ever-increasing geriatric population is expected to propel this market as this design type are used mainly for treating age-related ophthalmic disorders, such as presbyopia.
• By Application, the Contact Lenses market is segmented into therapeutic, cosmetic, and corrective. Corrective contact lenses hold the most significant market share owing to the rising number of eye disorders such as myopia and increasing adoption of contacts as a corrective treatment. According to the Northern Ireland Childhood Errors of Refraction (NICER) study, nearly one in five teenagers in the UK are myopic. Therapeutic contact lenses hold the second largest market share owing to the increasing product launches, R&D, and broadening of the therapeutic uses by contact lenses for the treatment of eye ailments. For instance, researchers at the University of New Hampshire have created a hydrogel that could be made into a contact lens to more effectively treat corneal melting, a condition that is a significant cause for blindness worldwide.

Geographical Analysis
• North America accounts for the largest share in the global Contact Lenses market. It is mainly due to the rising prevalence of eye disease and age-related eye diseases, increasing consumer population, growing disposable income, technological advancements in contact lens, and risings user awareness in this region. According to a report by the National Health and Nutrition Examination Survey, the annual direct cost of correcting distance vision impairment due to refractive problems to be between USD 3.9 and USD 7.2 billion in the US. According to the National Eye Institue, 2015, an estimated 34.1 million Americans were nearsighted, and it is projected to be 39 million will be nearsighted by 2030. About 14.1 million Americans were farsighted, and an estimated 20 million will be farsighted by 2030.
• The Asia-Pacific is estimated to be the fastest growing market share owing to the rising prevalence of eye disorders and increasing product demand due to the ever-increasing user base in younger consumers and disposable income levels. According to published studies by the WHO, the prevalence of myopia is highest in East Asia, where China, Japan, the Republic of Korea and Singapore have a prevalence of approximately 50%. Moreover, the growing popularity of cosmetic lenses is expected to propel the regional market growth during the forecast period further.

Competitive Trends
• In order to increase the user base and improve their contact lenses market presence, companies are increasingly launching new and innovative products. Adopting merger and acquisitions policies, regional expansion, approvals, and a strong pipeline of stents help them to stand out as strong competitors in the Contact Lenses market.
• Major Players in the global contact lenses market include Johnson & Johnson, Becton, Dickinson and Company, Thermo Fisher Scientific, Merck KGaA, Sysmex Partec GmbH and Luminex Corporation.
• In April 2019, the US Food and Drug Administration (FDA) cleared the first contact lens to incorporate an additive that automatically darkens the lens when exposed to bright light. The Acuvue Oasys Contact Lenses with Transitions Light Intelligent Technology are soft contact lenses indicated for daily use to correct the vision of people with non-diseased eyes who are nearsighted or farsighted and can be used by people with certain degrees of astigmatism according to FDA. The contact lenses contain a photochromic additive that adapts the amount of visible light filtered to the eye based on the amount of ultra-violet light to which they are exposed.
• In March 2019, Johnson & Johnson Vision unveiled new Phase III data from two clinical studies of its antihistamine-releasing contact lens, showing that it was able to reduce feelings of itchy eyes after exposure to allergens. The soft, disposable contacts are made of etafilcon A—the material used for many of J&J’s Acuvue daily-wear lenses—and were combined with a small amount of the antihistamine ketotifen, the active ingredient in Alcon’s Zaditor anti-allergy eyedrops.

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