The global contact lens market is estimated to be valued at US$ 6.45 billion in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period of 2024 to 2031. Contact lenses offer vision correction as well as cosmetic advantages over spectacles. The growing preference for contact lenses over spectacles owing to their aesthetics and versatile uses is a key factor driving the demand.
Key players operating in the Contact lens market are Asahi Kasei Corporation, Ascend Performance Materials, BASF SE, Invista, Lanxess Ag, PetroChina Liaoyang Petrochemical, Radici Group, Rhodia, Shandong Haili Chemical Industry Company Ltd., Shandong Hongye Chemical Company Ltd, DOMO Chemicals, Sumitomo Chemical Co., Ltd., Solvay, Liaoyang Tianhua Chemical Co., Ltd, Meru Chem Pvt. Ltd, EMCO Dyestuff, and JPM Pharma & Chemicals Pvt. Ltd.
Key Takeaways
Key players: Asahi Kasei Corporation is a leading manufacturer of silicone hydrogel contact lenses. Ascend Performance Materials is a major producer of nylon used in manufacturing contact lenses. BASF SE supplies raw materials such as silicone and polycarbonates used in contact lenses.
Key opportunities: The rising demand for color contact lenses especially from the younger population presents significant growth opportunities. Increasing preference for daily disposable lenses as they reduce risk of infection is another key opportunity.
Global expansion: Key players are expanding their manufacturing facilities globally especially in Asia Pacific and Latin America to tap the growing demand. Companies are also focusing on partnerships and acquisitions for global market reach.
Market drivers: Increased adoption of daily disposable lenses due to convenience is a major factor driving market growth. Growing awareness about vision correction options and rising disposable incomes also support the market expansion.
Market restrain: High cost of specialty lenses such as silicone hydrogel lenses limits their adoption in price sensitive regions. Strict regulations pertaining to materials used in contact manufacturing also impacts market dynamics.
Segment Analysis
The contact lens market is dominated by the spherical segment as it accounts for nearly three-fifth of the overall contact lens market. Spherical lenses are used to correct near-sightedness, far-sightedness, and astigmatism. They are the most common and basic type of contact lenses worn today. Their widespread usage is due to their effectiveness in correcting common refractive errors and comfort level for prolonged usage.
The torick segment is the second largest segment in the contact lens market. Torick lenses help correct astigmatism which causes blurred vision due to an unevenly curved cornea. Nearly one-third of contact lens wearers need toric lenses. Their demand is rising at a faster pace compared to spherical lenses due to growing cases of astigmatism among young adults and children.
Global Analysis
Regionally, North America dominates the global contact lens market and holds around two-fifth of the overall market share. High awareness about vision correction methods, established healthcare facilities, and reimbursement policies drive the North American contact lens market.
The Asia Pacific region is projected to be the fastest growing market during the forecast period. Rapid economic development, rising affluence, growing medical tourism, and increasing myopia rates especially in China and South Korea are fueling the Asia Pacific contact lens industry. Other emerging regions including Latin America and Middle East and Africa are expected to offer huge growth opportunities for contact lens manufacturers.
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