New York, July 5 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Contact Lenses Market – Growth, Trends, Impact of COVID-19 and Forecasts (2022 – 2027)” – https://www .reportlinker.com/ p06290941/?utm_source=GNW
Moreover, the market might prevail with normal growth rate in the near future. For example, according to the Centers for Disease Control and Prevention and the American Academy of Ophthalmology in August 2020, it is estimated that there was an initial decrease of almost 80% in ophthalmology visits, and by mid-June, there was still a cumulative decrease in ophthalmology visits of 40% in the United States. According to an article published by Optometry Times Journal in January 2021, the emergence of COVID-19 in 2020 led to an increase in abandonment of contact lenses among new and established users and the main factor behind this was to avoid contact lenses. touching the face and eyes due to the concern of SARS-CoV-2 virus infection and this has led to the decrease in demand for contact lenses during COVID-19 times
The growth of the contact lens market is attributed to the increasing prevalence of optical disorders, the growing trend to improve aesthetics, and the increase in disposable income. According to the World Health Organization, in 2019 it was estimated that around 2.2 billion people suffered from visual impairment or blindness. Similarly, according to the article published in The Lancet Global Health 2020, in 2020 an estimated 43-3 million people were blind, of which 23-9 million were women. In addition, an estimated 295 million people have moderate to severe visual impairment, of which 258 million have mild visual impairment. Moreover, according to the same source, 610 million people will be blind by 2050, 474 million will have moderate to severe visual impairment, 360 million will have mild visual impairment and 866 million will have uncorrected presbyopia.
In addition, an important emerging cause of visual impairment in developed regions of the world is uncorrected refractive errors. The increase in the geriatric population further aggravates the prevalence of ophthalmic disorders; the main causes of visual impairment are uncorrected refractive errors and cataracts, and most people with visual impairment are over 50 years old.
According to the BrightFocus Foundation’s June 2021 report, glaucoma affects more than three million Americans, with open-angle glaucoma being the most common, affecting 2.7 million people aged 40 and older. Furthermore, according to the same source, glaucoma affects more than 80 million people worldwide in 2020, and the number is expected to reach more than 111 million by 2040, which shows an increasing burden of glaucoma in the world and, therefore, the contact lens market is expected to grow as Glaucoma is one of the leading causes of vision loss worldwide.
The field of optometry and optics has observed a significant increase in research and development activities related to the market studied. Some of the recent advancements regarding the market studied such as the development of dynamic soft contact lenses with advanced technology has propelled the growth of contact lenses globally. For example, in August 2020, Bausch + Lomb launched Bausch + Lomb Infuse silicone hydrogel (SiHy) daily disposable contact lenses. Infuse lenses feature next-generation material infused with ProBalance technology to help reduce symptoms of contact lens dryness and help maintain ocular surface homeostasis.
Increasing product launches and developments have increased the adoption of contact lenses. For example, in March 2019, Alcon Vision LLC launched the AcrySof IQ PanOptix Trifocal IOL in the United States, which can be used for intermediate, distance, and near vision. Moreover, the growing trend in the development of contact lenses with drug delivery capabilities is further expected to boost the market demand over the forecast period. However, factors such as availability of alternative techniques and complications associated with lenses are likely to hinder the growth of the market.
Main market trends
Corrective contact lenses are expected to show significant growth rate over the forecast period
Corrective lenses are lenses specially designed to match the wearer’s vision defects. The purpose of corrective lenses is to improve or correct the vision of people with farsightedness (farsightedness), nearsightedness (myopia), presbyopia and astigmatism.
As reported by the International Agency for the Prevention of Blindness, in 2020 an estimated 157 million people worldwide suffered from significant visual impairment due to uncorrected refractive errors affecting distance and near vision. 3 million people with blindness. In addition, the same source reported that worldwide more than 500 million people lived without adequate correction of functional presbyopia in 2020. According to the International Institute of Myopia, in 2020, approximately 30% of the world’s population suffered of myopia and it is estimated that by the year 2050, approximately 50% of the world’s population will be myopic. The same source reported that the most prevalent regions for myopia include East and Southeast Asia where countries like South Korea, Taiwan, Singapore, China and Japan where the prevalence of myopia myopia varies between 80 and 90%. The Indian Journal of Ophthalmology had published a report in May 2019 which states that India and China account for 50% of global visual impairment and blindness due to uncorrected refractive errors.
With the vision correction solutions available and the growing awareness of visually impaired conditions, the demand for these devices is increasing. Even in developed parts of the world, the trend still seems to be on the rise due to increasing vision correction due to factors such as the growing geriatric population. For example, according to a survey by Vision 2020 Australia, National Disability Services (NDS) and the Australian Blindness Forum (ABF) in 2020, there are over 575,000 people in Australia who are blind or partially sighted, with over 70 % over 65 and over 66,000 people who are blind, the percentage of the population with visual impairment has increased in recent years in Australia. This is expected to contribute to the growth of the market.
North America is expected to dominate the market over the forecast period
For contact lenses specifically during COVID-19, with limited social interaction and travel restrictions, the reduction in typical use occasions has resulted in decreased contact lens wear. The United States and Canada have developed well-structured healthcare systems. These systems also encourage research and development. Favorable government policies encourage global market players to enter the United States and Canada. As a result, these countries have the presence of numerous players in the global market.
Additionally, an increase in the number of visual inaccuracies is expected to drive the growth of the regional market. For example, according to statistics published by the National Eye Institute, 2019, about 1.3 million Americans are blind and 2.9 million have low vision, and about 2.2 million Americans will be blind and about 5 million of Americans will have low vision by 2030. As a result, an increase in eye disorders will lead to an increasing demand for contact lenses. Furthermore, according to the article titled “Census shows high prevalence of pediatric myopia in the United States” published in May 2022 using an odds ratio of 2.61 between urban and rural areas and data from the 2020 U.S. census, researchers estimated a total of 19,512,708 children. with myopia and a national prevalence of 36.1%. Such prevalence of myopia is expected to drive the growth of the market
Growing product innovation also bodes well for the growth of the regional market. For example, in 2019, Bausch + Lomb announced the US launch of Bausch + Lomb ULTRA Multifocal for Astigmatism contact lenses. In 2020, Alcon Canada strengthened its strong contact lens portfolio in Canada by launching its innovative PRECISION1 daily disposable silicone hydrogel (SiHy) contact lenses. Thus, with several developments by businesses and customer demand, the North American region is a very attractive and stable region for the growth of businesses and consumers in the contact lens market.
The contact lens market is highly competitive and consists of several major players. The presence of major players in the market, such as Essilor International SA, Bausch Health Companies Inc., Zeiss Group, and The Cooper Companies, in turn increases the overall competitive rivalry of the market. With moderate sustainable competitive advantage through innovative products and low competition between online and offline businesses, moderate competitive rivalry is observed in this market. Market players are entering into long-term partnerships with vendors and distributors to gain a competitive edge and expand their product portfolios and geographic presence.
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