Contact Lenses Market to See Incredible Growth by 2031, Notes TMR

Contact lenses are small lenses used to correct vision or for cosmetic purposes. Compared to glasses, contact lenses have many benefits. Contact lenses provide a natural view without any vision obstructing the movement of the eyes. They do not fog up or get splattered with particles such as glasses do. Contact lenses are the best option for sports and aquatic activities.

Cases of vision-related disorders are the highest among the elderly population. Retinal loss is a main health concern among this population group. According to the WHO, by the year 2030, one in six people in the world will be aged 60 years or over. At this time, the share of the population aged 60 years & above will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of people aged 60 years and older is projected to double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. The demand for contact lenses is, thus, increasing with the rise in elderly population.

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The demand for contact lenses has been rapidly increasing due to the rising cases of eye disorders such as myopia among all age groups. According to the Centers for Disease Control and Prevention, an estimated 45 million people in the U.S. wear contact lenses, among which two-thirds of contact lenses are worn by women.

Moreover, according to the University of Medical Sciences, Iran, "myopia and high myopia will involve 52% (4949 million) and 10.0% (925 million), correspondingly, of the world's population by 2050. Accordingly, the global prevalence of myopia is predicted to advance from 27% of the world's population in 2010 to 52% by 2050."

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Based on product type, the global contact lenses market has been bifurcated into soft lenses and gas permeable lenses. The soft lenses product type is expected to have the highest growth rate during the forecast period. The soft lenses product type has been further divided into daily wear and extended wear of which, daily wear is likely to hold the highest market share during the forecast period. Soft lenses are usually made of plastics that are flexible and combined with water that allows the flow of oxygen through the contact lens to the cornea. This helps in increasing the comfort of the user and maintaining eye health. Soft lenses are usually used to correct myopia, hyperopia, blurred vision, and age-related eye issues.

In terms of design type, the contact lenses market has been classified into spherical, toric, multifocal, and others. The toric lenses segment is projected to dominate the market during the forecast period, as toric lenses improve mild and moderate corneal astigmatism. Toric lenses are usually soft lenses that are more permeable to gas than the other types of contact lenses. The demand for toric lenses is anticipated to rise with the increase in cases of astigmatism, which is a common type of reflective error or structural problem.

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The Asia Pacific contact lenses market is expected to grow at the highest rate during the forecast period, owing to an increase in cases of myopia and other eye-related issues among various age groups in countries such as India, China, and Japan. Moreover, the market in Asia Pacific is projected to grow at the fastest rate growth rate during the forecast period due to significant technology improvements brought in by key players. North America is expected to hold more than 35% market share during the forecast period.

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