The global disposable contact lenses market is anticipated to maintain a moderate CAGR of 9.2% over the forecast period. The anticipated revenue for the global market is US$ 6.88 million in 2022 and is expected to reach US$ 16.5 million by the end of 2032.
Over the last 100 years, consumers are using contact lenses to neutralize refractive errors as well as to optimize visual acuity. Contact lenses can be an excellent option for people who are interested in an alternative to glasses or seeking to wear contact lenses during sports activities or festivals. Nowadays, disposable contact lenses are extremely popular. Disposable contact lenses are considered to be an alternative to hard lenses as they tend to be more comfortable, far superior in we arability, and last longer.
Contact lenses are also prescribed by a licensed optometrist to help people how to get the full benefit of contact lenses coupled with reducing the chances of developing visibility problems. The key trend in the market is changing lifestyle needs specifically shifting to a digitally led life. Various research studies show that more than half of all millennials use digital devices more than 9 hours a day. Thus, this shifting in the consumer behavior brings new requirements for the disposable contact lenses owing to constant re-focus on digital devices can lead to eyes dryness, tiredness, and redness. Companies are focusing on addressing these needs and introducing novel disposable contact lenses to deliver the best possible customer experience.
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Reasons for Covering Disposable Contact Lenses Market Title
Expanding trend of color lenses to improve or change eye color, increase in prevalence of visual deficiencies such as astigmatism, presbyopia, myopia, hyperopia coupled with a rise in eye health conscious people as well as accelerating contact lenses industry worldwide are the factors influencing the growth of disposable contact lenses market in the near future.
Additionally, technological advancement such as silicone hydrogel based disposable contact lenses, expanding research and development activities, introduction of novel products with innovative features sharp vision, durability, permeability, lightweight, and others, and growing geriatric population globally are some other factors fueling the growth of disposable contact lenses market during the forecast period. However, side effects associated with disposable contact lenses such as discomfort, dryness, red eyes, eye infections, and others along with government regulations may hamper the growth of disposable contact lenses during the forecast period.
Global Disposable Contact Lenses Market: Key Players
Some of the key players operating in the global disposable contact lenses market are The Cooper Companies, Inc., Novartis International AG, Johnson & Johnson, Bausch Health Companies Inc., Blanchard Lab, ZEISS International, Alcon Company, Hoya Corporation, and others.
In June 2016, Alcon Company introduced two new disposable contact lenses namely ‘Dailies Total1-multifocal’- water gradient daily disposable contact lenses and ‘AIR OPTIX plus HydraGlyde’ to expand its product portfolio. The built-in water gradient new disposable contact lenses deliver comfort to customers even after a full day of wear.
Among design segments, the toric design is expected to expand at a significant CAGR in the disposable contact lenses market during the forecast period owing to its ability to correct astigmatism problems. On the basis of usage, daily disposable contact lenses are booming due to positive patient feedback as they are most comfortable, convenient, and healthiest options for them. Additionally, consumers are demanding for fashion accessories for aesthetic appearance of eyes, expanding digital technology integration, and rise in adoption of contact lenses attributed to increase in demand for disposable contact lenses are some of the leading factors driving the growth of the global disposable contact lenses market.
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Opportunities for Global Disposable Contact Lenses Market Participants
Various prominent players in disposable contact lenses market are entering into developing countries to expand their market footprints and cater to the untapped market coupled with increasing use of cosmetic disposable contact lenses in the entertainment and media industry are the factors due to which disposable contact lenses market revenue is expected to grow at a rapid growth rate, over the forecast period. Moreover, various small and medium-sized contact lenses manufacturers are frequently producing more specialized lenses are also expanding their distribution channel and supply globally which lead to the popularity of contact lenses globalization trend is the primary factor accelerating the growth of the disposable contact lenses market.
Brief Approach to Research
FMI will follow a modelling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the type, application, and distribution channel of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
Key Data Points Covered in the Report
Some of the key data points covered in our report include:
- An overview of the market, including background and evolution
- Macroeconomic factors affecting the market and its potential
- Market dynamics, such as drivers, challenges and trends
- Detailed value chain analysis of the market
- Cost structure of the products and segments covered in the study
- In-depth pricing analysis, by key product segments, regions and by major market participants
- Analysis of supply and demand, such as top producing and consuming geographies, imports/exports and overall trade scenario
- Analysis of the market structure, including a tier-wise categorization of key market participants
- Competitive landscape of the market, including detailed profiles of the top players in this market
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