Contact Lens Market Size, Share, Growth Analysis, By Modality(Reusable, Disposable), By Design(Toric, Multifocal, Spherical), By Distribution Channel(Ophthalmologists, Retail Stores, Online Stores), By Usage(Daily Disposable, Disposable, Frequently Replacement, and Traditional), By Region - Industry Forecast 2024-2031

Contact Lens Market Driver

• Regional and national government organisations’ efforts to increase awareness to curb the prevalence of refractive errors to boost the market growth.

As Presbyopia and myopia are rapidly becoming common among kids and adults, numerous vision impairment cases are being registered. Emerging economies are showcasing a resistance against vision correction and a general lack of awareness. As per a data published by WHO in 2021, around 2.2 billion people across the globe are experiencing farsightedness and nearsightedness but around 1 billion among them are undiagnosed. The majority of cases were due to uncorrected refractive and cataracts.

However, ongoing efforts by regional and national government organisations as well as significant market participants to raise knowledge of vision correction among the general public have resulted in an increase in the number of vision correction users worldwide, including those who wear lenses. One of the main factors influencing the acceptance of these items in developing nations like China, India, and South Korea is the development of technologically sophisticated lenses by market participants. Key market players can extend their market position in mature markets thanks to the rising use of these cutting-edge technologies. a rise in graphic inaccuracies is expected to drive the market over the forecast period further. The increasing number of outdoor activities is further boosting the market growth.

• Increased research and development and coming-age advanced technology in contact lenses to boost the global contact lens market.

Optics and optometry have seen a great amount of research and development to advance the technology. The market for contact lenses has expanded as a result of innovations like the introduction of dynamic soft contact lenses that incorporate cutting-edge technology. In order to correct myopia in children and teenagers, several lenses are required (nearsightedness). For instance, the first soft contact lens for myopia progression was given FDA approval. The MiSight contact lens from CooperVision is made for kids between the ages of 8 and 12. Daily use of the disposable contact lens is common. These are distinct from current OrthoK contact lenses in that they modify the cornea instead of the retina by rerouting light. Additionally, it's not necessary to wear the replacement lens overnight. There are now available contact lenses that automatically darken under sunshine to reduce glare and improve comfort. The FDA has authorised the light-adaptive contact lenses made by Johnson & Johnson. A photochromic filter is incorporated into the lenses, which continuously modifies the quantity of light reaching the eye. In normal or low-light conditions, they automatically change back to their regular tint.

• Increasing Geriatric Population –

Increase in Geriatric population is another vital driver for the market. Almost 67% were more likely than females to have refractive errors in the elderly population around 60 percent.

Contact Lens Market Restraint

• Alternative refractive error treatment to slow the global contact lens market growth.

Numerous clinical investigations suggested that depending on the usage pattern, lens wearers can have negative effects. These negative effects can include vision impairment that causes long-term ocular damage or blindness. The use of lenses is associated with a wide range of adverse reactions, including infection, corneal edoema, superficial keratitis, red eyes, excessive mucus production, epithelial microcysts, infiltrates, giant papillary conjunctivitis (GPC), and corneal vascularization. The adoption of such lenses has been restricted principally as a result of these negative effects.

According to data from Harvard Health Publishing from 2021, up to 20 per 10,000 people who wear contact lenses experience keratitis, which can result in blindness. Additionally, incorrect use of these devices was linked to almost 1 million visits to hospitals and emergency rooms annually. A significant barrier to the market's expansion is the availability of alternatives such as glasses and LASIK surgery for the correction of refractive defects. Additionally, during the projected period, the lack of insurance reimbursement for these devices is reducing the demand for these items in industrialised nations.

• Lesser recognition for contact lens compared to spectacles.

In developing countries, usage of contact lenses is not uncommon. Even though  contact lenses are necessary for vision correction and offer a better quality of life than glasses, people prefer avoiding them. The major reasons behind that are, lesser knowledge about powered contact lenses , other risks attributed to contacts, such as pain, excessive tearing or other secretion, unusual sensitivity to light, stinging, burning, or a gritty sensation, and unusual redness.