The Contact Lenses Market size was USD 9.48 billion in 2021 and is projected to grow from USD 9.94 billion in 2022 to USD 14.80 billion by 2029 and exhibit a CAGR of 5.9% during the forecast period, 2022-2029. The increasing investments in these lenses are consequential to the increasing demand for the product across the world. The presence of several large scale manufacturers in this sector will have a massive impact on the growth of the market.
Industry Developments:
January 2022 – Alcon announced the launch of Dailies TOTAL1 in the U.S. for patients with astigmatism. The first water gradient lens was launched to provide a comfortable fit for patients.
April 2021 – EssilorLuxottica announced the acquisition of GrandVision, an optical retail chain with more than 350 stores across Europe.
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Decline in Contact Lens Sales During the Covid-19 Pandemic to Affect Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. The efforts taken to curb the spread of the disease have had an adverse effect on several businesses across the world. The decline in contact lens sales during the pandemic is consequential to the strict measures taken to limit the spread of the disease. Having said that online commerce and business options will provide alternate routes the companies.
Contact lenses are widely used across the world, driven by increasing number of eye disorders across the world. The advancement and the efforts put in by large scale companies across the world will have a massive impact on the growth of the overall contact lenses market in the coming years. The massive investments in the research and development of efficient products will have a huge impact on market growth. The rising demand for disposable contact lenses will bode well for the growth of the market. The changing lifestyle habits and preferences towards these lenses over glasses will create several growth opportunities for the companies operating in the global market. Additionally, the presence of several large scale companies will bode well for the growth of the market in the coming years.
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