The growing Contact Lens Market is driven by rising vision disorders -
The Contact Lens Market is a vital market that caters to vision disorders through lens products. Contact lenses are thin plastic discs that fit directly onto the cornea and are used to correct or enhance visual acuity. The increasing prevalence of myopia and other vision issues has driven the demand for contact lenses. The Global Contact Lens Market is estimated to be valued at US$ 6.45 Bn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Contact lenses provide advantages like convenience and cosmetic benefits compared to spectacles. The discreet nature of contact lenses allows for an unhindered field of vision. They are an attractive option for active individuals and those partaking in sports. Easy availability of daily and extended wear lenses has further increased popularity. The market leaders innovate newer biomaterials that are safe, durable and comfortable.
Key players operating in the Contact Lens Market include 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.
The global demand for contact lenses is anticipated to grow owing to the rising prevalence of myopia, especially in Asia Pacific and other developing regions. Favorable demographics with larger proportion of younger population further contributes to market growth. Advancements in material technologies have led to silicone hydrogel lenses that are ultra-breathable and comfortable for extended wear.
Market Key Trends -
One of the major trends in the contact lens market is the rise of E-commerce platforms for purchasing lenses. The internet has made product research and purchase more convenient for consumers. Online retailers offer a wide assortment of lenses from different brands at competitive prices. This has positively impacted the overall sales volumes. Another trend is the growing demand for multifocal contact lenses. These lenses help correct both near and distance vision and are becoming popular among the aging population globally. Manufacturers focusing on developing advanced biomaterials for improving oxygen permeability and comfort of lenses will further accelerate the market growth over the coming years.
Porter's Analysis -
Threat of new entrants: Low barriers to entry and presence of niche players poses a low threat. However, dominance of existing players reduces threat.
Bargaining power of buyers: Buyers have moderate bargaining power due to fragmented demand and availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated inputs and switching costs for buyers and manufacturers.
Threat of new substitutes: Threat from substitutes like spectacles and laser eye surgery is moderate due to customer preference for hassle-free usage of contact lenses.
Competitive rivalry: Intense competition among existing players to gain market share results in high competitive rivalry.
Geographical Regions
North America accounts for the largest share of the global contact lens market in terms of value owing to high awareness levels and high disposable incomes.
Asia Pacific is expected to be the fastest growing region due to rising healthcare expenditures, growing eye care needs, and increasing acceptance of vision correction techniques.
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