DUBLIN--(BUSINESS WIRE)--The "Disposable Contact Lenses Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Disposable Contact Lenses Market was valued at USD 7.98 billion in 2023, and is expected to reach USD 13.45 billion by 2029, rising at a CAGR of 9.09%
The global disposable contact lenses market report includes exclusive data on 19 vendors. The market is highly fragmented, and some major companies dominate it; however, new entrants have significant growth opportunities. Though the market is dominated by major players, many investigational and small companies are coming into existence with innovative disposable contact lenses and associated technologies.
Alcon, Bausch + Lomb, Johnson & Johnson, and The Cooper Companies are some leading companies accounting for the major market share in the global disposable contact lenses market. These vendors are continuously expanding with acquisitions of small vendors and are expected to dominate the market with continued engagement in advanced solutions.
APAC accounted for the second-largest market share & shows the highest growth in the global disposable contact lenses market. With the increase in myopia, especially in Asia, the region is seeing a continued rise in the use of contact lenses. The increasing prevalence of myopia, presbyopia, astigmatism, and associated management strategies have raised the prospect of various interventions, including contact lens approaches in the region. In APAC, high-income countries have the highest myopia prevalence, and by 2050, it is expected to reach 66.5%, followed by East and Southeast Asian countries, which is paving the way for market growth.
MARKET TRENDS & DRIVERS
Advancements in Disposable Contact Lenses
The disposable contact lens industry is evolving rapidly regarding technological advancement, the material used, and design. The development of silicon hydrogel material significantly transformed the overall disposable contact lens market, and the development of multifocal disposable contact lens design are some leading advancements that transformed the market growth. However, in recent years, new developments have been registered in the market that offer potential market growth opportunities. Some recent developments include the development of drug-eluting disposable contact lenses and smart contact lenses.
Beauty & Fashion Trends and Disposable Colour Cosmetic Lens
Globally, the rapidly evolving beauty and fashion trend attracts a significant young and adult population. In addition, the COVID-19 pandemic significantly improved knowledge and awareness about these trends and delivered significant opportunities for premium price and color cosmetic contact lenses. In addition, the increasing use of smartphones, social media applications, and the internet are significantly driving this trend.
It creates scope for color and cosmetic disposable contact lenses. Every country has its own beauty and fashion preferences and trends, and eye appearance is considered a major factor. With the increasing availability of color-disposable contact lenses, the market witnessed significant revenue growth opportunities in the post-pandemic era.
Increase in Target Patient Population and Number of Eye Diseases
Disposable contact lenses are commonly used to treat near-sightedness, myopia, hyperopia, astigmatisms, and presbyopia. In addition, disposable contact lenses are clinically proven to support UV protection from blue light and drug eye conditions. Around 2.2 billion people will globally have near or distant vision impairment due to uncorrected refractive errors and cataracts in 2023. More than 1 billion cases of vision impairment could have been prevented if diagnosed.
Apart from that, 130 million cases of unaddressed refractive error, around 70 to 100 million cataract cases, and 10 million glaucoma cases are in demand for eye care solutions. Cataracts, glaucoma, and diabetic retinopathy are some of the severe eye conditions that cannot be directly treated with disposable contact lenses. However, their use can decrease their impact and reduce their progression toward vision impairment and vision loss.
INDUSTRY RESTRAINTS
Side Effects Associated with Disposable Contact Lens
Disposable Contact Lenses have been widely used recently, and their popularity drives the market growth. However, the complications associated with disposable contact lenses hampered the market growth. Some of the severe complications are corneal neovascularization, Corneal abrasions, and infectious keratitis. Corneal Neovascularization, in which contact lenses reduce the transmission of the oxygen that the cornea receives from the eye surface, is known as hypoxia. It can lead to swelling of the cornea.
So, it increases blood vessel growth due to the shortage of oxygen transmission. This is called neovascularization. It resulted in the blood vessels growing into the eye center, which might cause vision loss. Corneal Abrasion is one more severe disadvantage of contact lenses associated with poorly fitting contact lenses. During lens insertion and removal time, contact lenses can cause painful scratches on the cornea. In this situation, a person can go to the hospital and take suggestions from professionals. Infectious Keratitis is the most serious complication experienced among contact lens users; it is a cornea infection known as a Corneal Ulcer.
SEGMENTATION INSIGHTS
INSIGHTS BY USAGE TYPE
The global disposable contact lenses market by usage type is segmented into daily disposable or dailies and frequent replacement/ planned or extended wear. The daily disposable or dailies dominate with the largest market share in 2023. Daily disposable contact lenses are the most preferred choice among global consumers. These contact lens pairs are thinner and are usually more comfortable and breathable. The properties of high oxygen transmission to the eye cornea accelerate its usage. Daily disposable contact lenses are mostly preferred by new users and young consumers, who are major targeted populations for disposable contact lenses. Daily disposable contact lenses are rapidly growing with the evolving beauty and fashion trends worldwide. Furthermore, the increasing popularity of daily disposable contact lenses for teenagers and adults in Hollywood and Bollywood actresses/actors shows great attention to these trends that majorly support segmental growth.
INSIGHTS BY MATERIAL
The global disposable contact lenses market by material is categorized into silicone and hydrogels. The silicone hydrogel accounted for the largest market share. Using silicone hydrogel-based disposable contact lenses helps reduce the tradeoff between oxygen permeability and wettability. The combination of silicone and hydrogel supports increased oxygen permeability with a low volume of water.
It has become a major choice among disposable contact lens manufacturers. Silicone hydrogel in disposable contact lenses generally improves comfort and allows longer wear (as per the eye professionals). Silicone hydrogels eliminate side effects and injuries such as red eyes, swollen cornea, and blurred vision. Due to this, prescriptions for silicone hydrogel-based disposable contact lenses increased in recent years.
INSIGHTS BY APPLICATION
The global disposable contact lenses market by application is segmented into corrective, therapeutics, and cosmetic. The cosmetic segment shows significant growth, with the fastest-growing CAGR of 10.24% during the forecast period. The segment is rapidly growing as beauty and fashion trends evolve rapidly globally.
The growing number of smartphone users, e-commerce channels for shopping experiences, social media, and internet users are widely influenced by disposable color contact lenses. Color disposable contact lenses have become more popular among celebrities, sportspeople, film industry actors/actresses, and social media influencers, helping the segment grow.
INSIGHTS BY DESIGN
Based on the design, the spherical segment holds the largest global disposable contact lenses market share, accounting for over 63% in 2023. The increased prevalence of various eye diseases drives the demand for diagnosis and effective treatments. Around 1 billion people in the global population suffer from eye diseases.
The rising prevalence of these conditions is accelerating the demand for disposable contact lenses. Spherical contact lenses provide constant curvature and power across the lens surface, which helps to decrease blurred vision, help to increase and improve depth perception, provide vision care, and enhance contrast sensitivity. Spherical disposable contact lenses help spread light across the lens surface equally, effectively managing vision impairment conditions. The available potential patient population with myopia, presbyopia, and hyperopia fuels the segmental growth.
INSIGHTS BY DISTRIBUTION CHANNEL
Based on the distribution channel, the online stores show significant growth, with the fastest-growing CAGR during the forecast period. According to the Vision Council Report 2022, online sales channels are the fastest-growing distribution channels for contact lenses due to the high acceptance of these distribution channels by the targeted adult population worldwide. Different brands are available in online stores with affordable prices, which widely influences the selection of online stores for contact lenses.
Overall, information about contact lenses is available on online sales channels. One-fifth of contact lens wearers buy their contact lenses online, and one-fifth of consumers use internet search as a window to shop for contact lenses, thus helping segmental growth.
KEY QUESTIONS ANSWERED
- What are the key drivers of the global disposable contact lenses market?
- How big is the global disposable contact lenses market?
- Which region shows the highest growth in the global disposable contact lenses market?
- What is the growth rate of the global disposable contact lenses market?
- Who are the major players in the global disposable contact lenses market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 156 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $7.98 Billion |
| Forecasted Market Value (USD) by 2029 | $13.45 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
RECENT VENDORS ACTIVITIES
- In 2024, one of the leading companies in disposable contact lenses, Bausch & Lomb, introduced INFUSE - for Astigmatism daily disposable contact lenses that help treat astigmatism blurred vision, and dryness conditions.
Key Vendors
- Alcon
- Bausch + Lomb
- Johnson & Johnson
- The Cooper Companies
Other Prominent Vendors
- Ben Q Material
- Carl Zeiss
- MAXVUE VISION GROUP
- St. Shine Optical Co Ltd.
- Menicon Co. Ltd
- HOYA Corporation
- Ultravision
- Visioneering Technologies, Inc.
- Sensimed
- Aqualens
- SEED Co., Ltd.
- Clerio Vision
- Interejo Co. Ltd.
- Hubble
- Visco Vision
For more information about this report visit https://www.researchandmarkets.com/r/p9g5
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