Global Soft Contact Lens Market, By Product Type (Daily Wear Contacts Lens, Extended Wear Contacts Lens, Toric Contacts Lens, Colored Contacts Lens, Decorative Contacts Lens, Others), Design (Monovision, Spherical, Multifocal, Toric), Material (PMMA, Hybrid, Silicone Hydrogel), Application (Orthokeratology, Decorative Lenses), End Users (Hospital, E-Commercial Stores, Ophthalmic Diagnoses Center, and Others), Usage (Daily Disposable, Weekly Disposable, Monthly Disposable, Annual), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) - Industry Trends and Forecast to 2029
Market Analysis and Insights of Soft Contact Lens Market
The soft contact lens market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the market to grow at a CAGR of 6.20% in the above-mentioned forecast period.
Soft contact lenses are lenses that are used to correct vision and are made of soft, water-absorbing, flexible, and translucent polymers (hydrogels) with a high amount of plasticizer. When compared to hard contact lenses, these lenses are much more flexible and can be easily molded into the desired shapes.
The increase in usage of electronic gadgets such as television and computer along with rising preference for contact lens over prescription eyeglasses are the major factors fostering the growth of the market in the forecast period of 2022 to 2029. Moreover, the rise in awareness through social media marketing coupled with the rising of eye disorders in population are also projected to bolster the market’s growth within the forecasted period. In addition to this, the comfort and convenience provided by soft contact lens and rising geriatric population also accelerates the demand for soft contact lens growth in the forecast period of 2022 to 2029. The high cost of these lenses is expected to restrict the growth of the market within the above-mentioned forecast period. Moreover, the availability of other ophthalmology devices and corrective procedures such as laser and photorefractive keratectomy (PRK) is the rising side effects of contact lenses which includes eye infections and corneal ulcer which is also projected to hamper the market’s growth within the forecasted period.
Furthermore, the untapped emerging markets and innovative product launches by numerous market players all over the globe generate growth opportunities in the long run. On the flip side, the disruption in supply chain due to COVID-19 has significantly hampered the market and pose as a challenge for the market growth in the forecast period of 2022 to 2029.
This soft contact lens market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on soft contact lens market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Soft Contact Lens Market Scope and Market Size
The soft contact lens market is segmented on the basis of product type, design, material, application, end users and usage. The growth amongst these segments will help you analyze meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of product type, the soft contact lens market is segmented into daily wear contacts lens, extended wear contacts lens, toric contacts lens, colored contacts lens, decorative contacts lens and others.
- On the basis of design, the soft contact lens market is segmented into monovision, spherical, multifocal and toric.
- On the basis of material, the soft contact lens market is segmented into PMMA, hybrid and silicone hydrogel.
- On the basis of application, the soft contact lens market is segmented into orthokeratology and decorative lenses.
- Based on end users, the soft contact lens market is segmented into hospital, e-commercial stores, ophthalmic diagnoses center, and others.
- The soft contact lens market is also segmented on the basis of usage into daily disposable, weekly disposable, monthly disposable and annual.
Soft Contact Lens Market Country Level Analysis
The soft contact lens market is analyzes and market size insights and trends are provided by product type, design, material, application, end users and usage as referenced above.
The countries covered in the soft contact lens market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the soft contact lens market owing to the rising awareness regarding vision-related diseases within the region in the forecast period of 2022 to 2029. Asia-Pacific region, on the other hand, is expected to score the highest CAGR owing to the rising of eye disorders in population along with high geriatric population within the region in the above-mentioned forecast period.
The country section of the soft contact lens market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Soft Contact Lens Market Share Analysis
The soft contact lens market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to soft contact lens market.
Some of the major players operating in the soft contact lens market report are Johnson & Johnson Services, Inc., Bausch & Lomb Incorporated, CooperVision, Alcon, Biomedics., PCE Automation Ltd., BibleOpteq, ECPlaza Network Inc., ZEISS International, Contamac, Menicon Co., Ltd., SEED Co., Limited., Essilor, and HOYA Corporation., among others.
Recent Developments
- In August 2020, The Bausch + Lomb Infuse silicone hydrogel (SiHy) daily disposable contact lens was introduced by Bausch + Lomb. The Infuse lenses are made of a next-generation material that has been infused with ProBalance Technology to help reduce contact lens dryness symptoms and maintain ocular surface homeostasis.
- In In January 2021, Alcon introduced PRECISION1 astigmatism contact lenses. PRECISION1 for astigmatism was created using DAILIES TOTAL1's Water Gradient Technology for a stable lens-wearing experience.
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