5 Crucial Trends Set to Influence Contact Lenses Market Outlook
The growing geriatric population coupled with an increasing prevalence of visual defects across the world are some factors responsible for the expansion of the overall contact lenses market size. The increased occurrence of vision impairments across the world can evidently be cited by the 2018 WHO report which suggested that approximately 1.3 billion people were diagnosed with some kind of eye disorder.
On that note, according to Global Market Insights Inc., the contact lenses market is speculated to exceed USD 14 billion by the end of 2025.
Here are some trends that are expected to boost contact lenses market size from 2019 to 2027:
Growing adoption of hybrid lens
A hybrid lens is the combination of a soft lens and an RGP lens. These lenses provide a fine balance of clarity and comfort, owing to which the hybrid lens segment is touted to proliferate at a rate of 5% over the projected timespan. Hybrid lenses are primarily used by patients diagnosed with presbyopia and astigmatism owing to their large diameters that enable a stable vision. These lenses are also preferred by sportspersons due to their stable positioning even during rigorous physical activities.
Increasing usage of hydrogel material to spur the production of contact lenses
Hypoxia is the condition where the corneal surface of the eye receives less oxygen. Contact lenses made using hydrogel material allow more oxygen flow in comparison to the one with polymer material, thus relinquishing the possibility of hypoxia. Owing to all these factors, the hydrogel material is anticipated to account for an 80% market share by the end of 2025.
Surging penetration of smartphones to benefit online distribution channel
There has been a significant rise in the smartphone consumer base in recent times. This has subsequently paved the way for increased consumption of internet services. Such large-scale penetration has prompted contact lens manufacturers to promote and sell their products on e-commerce platforms. This widens their consumer reach to a greater extent.
Not only that, these platforms offer a premium shopping experience through their websites, and the products are priced competitively. Additionally, online shopping platforms prioritize consumer convenience with prompt home deliveries. Considering all these factors, it is forecasted that over 350 million units of contact lenses would be shifted through these channels by 2025.
Growing prevalence of near-sightedness to stimulate the demand for spherical lens
Globally, a significant number of people are being diagnosed with near-vision impairments like myopia and presbyopia. A WHO report of 2018 suggested that over 826 million were diagnosed with near-vision disorders worldwide. These patients are recommended to use spherical lenses to adjust their vision. In addition, people with low levels of astigmatism are also prescribed spherical lenses. Owing to these factors, the spherical lens is speculated to register a growth rate of above 7% through 2025.
Increasing patient awareness campaigns in North America
The contact lenses market in North America held a market share of 30% in 2018. This sizeable share can be credited to the increasing prevalence of eye disorders in the region. Supporting this statement, data provided by the National Health Interview Survey stated that over 26.9 million American adults are diagnosed with vision impairments.
This has prompted key contact lens manufacturers to initiate awareness programs regarding eye disorders and their treatments. For instance, Essilor Group initiated an awareness campaign for myopia across the United States in September 2018. This campaign addressed the rising prevalence of myopia in the country and provided solutions like using contact lenses for vision adjustment.