The growth of the contact lens market is due to the increasing prevalence of optical disorders, increasing tendency to enhance aesthetics, and increasing disposable incomes. As of 2017, according to WHO estimates, age-related macular degeneration (AMD) ranked third among the global causes of visual impairment, with the prevalence of blindness being 8.7%. It is the primary cause of visual deficiency in industrialized countries. Additionally, an emerging important cause of visual impairment in the developed regions of the world is uncorrected refractive errors.
- Due to increasing life expectancy, particularly in the developed regions of the world, the number of people with cataracts is anticipated to grow. Consequently, cataract is an important cause of low vision in both developed and developing countries.
- A higher disposable income translates to greater spending in all areas of personal expense. The increasing disposable income in the developed countries is promoting the purchase of low-priority commodities, specifically those pertaining to cosmetics. Consequently, increasing disposable income in developed countries is a driver for the growth of the contact lens market.
Key Market Trends
Corrective Contact Lenses are Expected to Exhibit the Fastest Growth Rate over the Forecast Period
Corrective lenses refer to lenses that have been made specifically to match the wearer's defects of vision. The purpose of the corrective lens is to correct or improve the vision of people with nearsightedness (myopia), farsightedness (hyperopia), presbyopia, and astigmatism.
With increasing awareness about vision impairment conditions and available vision correction solutions, the demand for these devices is increasing. Even in the developed regions of the world, the trend seems to be still increasing due to growing vision correction, due to factors like the growing geriatric population. For instance, according to the 2017–18 National Health Survey (NHS) of Australia, the percentage of the population with visual impairment has been increasing over the years in Australia. This is expected to help the growth of the market.
North America is Expected to Dominate the Market Over the Forecast Period
The United States and Canada have developed and well-structured healthcare systems. These systems also encourage research and development. These policies encourage global players to enter the United States and Canada. As a result, these countries enjoy the presence of many global market players. Moreover, Mexico has the advantage of having many developed nations in its vicinity. This allows many companies to penetrate the Mexican market, boosting growth in the country as well. Thus, overall, the North American region is a highly attractive and stable region for the growth of companies and consumers in relation to the contact lenses market
The contact lenses market is highly competitive and consists of several major players. The presence of major market players, such as Essilor International SA, Novartis AG, Bausch Health Companies Inc., Zeiss Group, and The Cooper Companies are, in turn, increasing the overall competitive rivalry of the market. With moderate sustainable competitive advantage through innovative products and low competition between online and offline companies, moderate competitive rivalry is observed in this market.
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