Contact lenses, or simply contacts, are thin lenses placed directly on the surface of the eyes. Leonardo da Vinci is frequently credited with introducing the idea of contact lenses in his 1508 Codex of the Eye, Manual D, wherein he described a method of directly altering corneal power by either submerging the head in a bowl of water or wearing a water-filled glass hemisphere over the eye. Neither idea was practically implementable in da Vinci’s time. People choose to wear contact lenses for many reasons. Aesthetics and cosmetics are the main motivating factors for people who want to avoid wearing glasses or to change the appearance or color of their eyes. Others wear contact lenses for functional or optical reasons. When compared with spectacles, contact lenses typically provide better peripheral vision, and do not collect moisture or perspiration. This can make them preferable for sports and other outdoor activities. Contact lens wearers can also wear sunglasses, goggles, or other eyewear of their choice without having to fit them with prescription lenses or worry about compatibility with glasses. Additionally, there are conditions such as keratoconus and aniseikonia that are typically corrected better with contact lenses than with glasses.
Contact lenses are classified in diverse ways by their primary function, material, wear schedule, and replacement schedule. Corrective contact lenses are designed to improve vision, most commonly by correcting refractive errors. This is done by directly focusing light so it enters the eye with the proper power for clear vision.
Global Contact Lens Market – Competitive Landscape
On October 17, 2023, XPANCEO raised USD 40 million in seed to launch AR contact lenses. On October 16, 2023, Xpanceo, a deep tech startup, raised USD 40 million to focus on smart contact lenses. On June 15, 2023, Lenskart will get a USD 100 million investment from ChrysCapital. On March 16, 2023, the Abu Dhabi investment authority pumped in USD 500 million in Lenskart for a 10% stake. On January 4, 2022, Mojo Vision raised USD 45 million for AR contact lenses with sports applications.
Some of the Key Players Global Contact Lens Market Include –
Global Contact Lens Market – Growth Drivers
Continuous innovations, such as advanced materials, improved designs, and smart contact lenses, drive consumer interest and contribute to the growth of the contact lens market. The increasing prevalence of vision problems globally, including myopia and presbyopia, creates a growing customer base seeking vision correction solutions thereby boosting the demand for contact lenses. According to the World Health Organization globally, at least USD 2.2 billion people have a near or distance vision impairment.
The aging demographic, particularly in developed regions, fuels demand for contact lenses as age-related vision impairments become more prevalent, presenting a substantial growth driver for the market. Evolving lifestyles and a growing focus on aesthetics drive the adoption of contact lenses as a preferred choice for vision correction, especially among the younger populations. Contact lenses offer convenience, flexibility, and improved peripheral vision, aligning with the preference of individuals with active lifestyles and those seeking an alternative to traditional eyeglasses. Rising disposable income, particularly in emerging markets, contributes to increased spending on healthcare and personal well-being, boosting the demand for contact lenses. The expansion of e-commerce platforms facilitates easier access to a wide range of contact lenses, enhancing market reach and convenience for consumers. Growing awareness campaigns about eye health and the benefits of contact lenses contribute to increased consumer knowledge, positively impacting market growth. The trend toward personalized healthcare extends to vision correction, with the availability of customizable contact lenses catering to individual needs, preferences, and specific eye conditions. Urbanization trends, coupled with a higher prevalence of digital device usage contribute to a higher incidence of myopia, driving the demand for contact lenses among urban populations.
Global Contact Lens Market – Restraints
Stringent regulations and compliance standards in different regions can pose hurdles to market entry and product approval, impacting the growth of the contact lens market. Issues related to eye infections, discomfort, and improper usage may contribute to consumer hesitancy, affecting the adoption of contact lenses and acting as a restraint on market expansion. Economic downturns and fluctuations can impact consumer spending on non-essential items, potentially leading to a decline in the purchase of contact lenses. Lack of awareness about contact lenses in certain developing regions may impede market growth, as potential consumers may opt for traditional vision correction methods. The availability and preference for alternative vision correction methods, such as eyeglasses or corrective surgeries, can limit the market share of contact lenses. Increased awareness of environmental sustainability may lead to concerns about the disposal of contact lenses and associated packaging, influencing consumer choices and regulatory scrutiny. High initial costs, including the price of lenses, cleaning solutions, and periodic replacements, can be a barrier for price-sensitive consumers, impacting market penetration. According to the National Center for Biotechnology Information (NCBI), the direct costs of contact lenses were USD 198.30- USD 378.10. Rapid advancements in eyecare technology may result in the emergence of more effective and convenient alternatives, diverting attention and investments away from traditional contact lenses.
Global Contact Lens Market – Opportunities
The rising awareness of eye health and the desire for aesthetic options drive demand. the aging population worldwide presents a significant opportunity, as age-related vision impairments create a larger consumer base. Moreover, the growing acceptance of contact lenses as a convenient vision correction method, coupled with innovations like expanded-wear lenses and smart contact lenses, opens new avenues. E-commerce platforms further facilitate market accessibility, creating a seamless buying experience. Expansion in emerging markets and collaborations for research and development amplifies the potential for sustained growth in the global contact lens market.
Global Contact Lens Market – Geographical Insight
The market for global contact lenses is segmented into regions such as North America, Latin America, Europe, Asia-Pacific, the Middle East & Africa. North America is the largest market for contact lens due to particularly the United States, and holds a substantial market share due to high awareness, technological advancements, and a large consumer base. In Europe, Countries like Germany and the UK contribute significantly to the market. The Asia-Pacific region is witnessing rapid growth, driven by increasing disposable incomes, changing lifestyles, and a growing aging population.
Global Contact Lens Market – Key Development
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