Contact lenses manufacturers are optimizing supply chains and flexibility in operations to sustain production and ensure stock availability during the covid-19 pandemic.
DUBAI, UAE / ACCESSWIRE / July 29, 2020 / The contact lenses market is projected to surpass a valuation of US$ 8 Bn by 2020. The covid-19 outbreak has resulted in governments issuing social distancing guidelines in addition to encouraging the postponement of elective medical services, such as contact lens prescriptions. Also, heath concerns for workers in contract lens production and distribution facilities will moderately impact the global contact lenses market in the short term.
"The rising incidences of chronic eye ailments and a growing number of children afflicted by myopia are key factors aiding the adoption of contact lenses. Demographic factors such as an expanding population of geriatrics and diabetics will sustain market operations through and after the coronavirus crisis," states the FMI analyst.
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Contact Lenses Market- Critical Takeaways
- Hybrid contact lenses account for approximately half of global revenue owing to rising incidences of presbyopia and astigmatism.
- Hydrogel is a popular, fast growing material for contact lenses, supported by higher oxygen permeability.
- North America is a prominent market for contact lenses aided by a higher patient awareness level about eyecare preventable blindness issues.
Contact Lenses Market- Drivers
- Higher consumer spending power, coupled with rising incidences of ophthalmologic ailments is a key growth driver.
- Growing consumer bias towards branded and cosmetic contact lenses boosts adoption rates.
Contact Lenses Market- Restraints
- Substantial differentiation in cost between products from branded and unbranded players hinders market growth.
- Rising popularity of technologically advanced eye correction surgeries is hurting the demand for contact lenses.
Coronavirus Impact on Contact lenses Market
A substantial portion of global contact lenses production occurs in China. Numerous factory facilities continue to stay closed in the region during the coronavirus pandemic, which will impact supplies in the market for the near term. Other producers have had to run at limited operational capacity to comply with social distancing guidelines. Optimizing supply chains to maintain inventory stocks are critical to market players the world over. Telehealth facilities are also increasingly gaining importance for remote contact lens prescription services.
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Manufacturers in the contact lenses market are largely investing in research and tech improvements for customization as per user needs. For instance, Johnson & Johnson are currently testing augmented reality technology for potential consumers to test out colored contact lenses. Menicon Co. Ltd., CooperVision Inc., Essilor International S.A., Johnson & Johnson Vision Care Inc., SEED Co. Ltd., Hoya Vision Care Co., ZEISS International, Bausch & Lomb Inc., and BenQ Materials Corp. are some of the leading contact lenses market players.
About the Study
The study offers readers a comprehensive assessment of the contact lenses market. Global, regional and national-level analysis of the latest trends influencing the contact lenses market is covered in this FMI report. The study provides insights according to product (soft lenses and gas permeable lenses), design (spherical, toric, multifocal, and others), wear (disposable and reusable), and sales channel (online and offline) in seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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