Harsh Narwat
The US contact lenses market is set to reach a record market value by the end of 2028. The increasing number of lens wearers population and individuals with visual impairments, growing eye safety concerns and awareness of disposable lenses, and emerging focus on the optics. Over ~45 million people in America use Contact lenses as of 2022.
STORY OUTLINE
- Pandemic of Covid-19 impacted the industry significantly as the revenue declined and lenses wearing population decreased temporarily.
- Post-pandemic the market is back on track and is estimated to reach a market value of $6.45 Bn in 2028, says a recently published report by Ken Research.
- Leading players in the market Johnson and Johnson and Alcon are investing hugely in the R & D departments to fulfill the increasing demand of the US lenses market.
- According to Ken Research, the increasing cases of eye diseases in the US are one of the major factors behind the remarkable growth of the US contact lenses market.
- Around 3 million Americans are affected by glaucoma and the number is expected to reach 111 million people by the end of 2040.
- In 2021, it was estimated that around 7 million people are suffering from uncorrectable vision acuity loss across the USA. Around 75 % of the population that uses lenses are aged 25 and older.
1. Impact of Covid-19 on the US Contact Lenses Market
- As per the American Academy of Ophthalmology there was around an 80% decrease in ophthalmology visits in August 2020.
- An additional report from Optometry Time Journal 2021 states that the global pandemic of covid-19 decreased the usage of contact lenses in the country from 79 % to 62%.
- Alcon, one of the leading players in the contact lenses market witnessed a decline of 8.5% in its overall revenue in 2020 in comparison to their revenue in 2019
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2. Current Situation the US Contact Lenses Market
- Post-pandemic the US contact lenses market is projected to grow at a positive rate. The CAGR of the US contact lenses market is estimated at 5.3 % between 2023-2028.
- Marker leaders like Copper Companies Inc. increased their R & D expenditure from $92 Mn in 2021 to $110 Mn in 2022. This was done with the motive of improving lens efficiency, exploring new technologies, and adopting modern processes of lens-making.
- Another major player in the industry, Alcon has launched a product named TOTAL30. This is a premium, reusable Toric lens for astigmatism in America and Europe.
- Firms are also planning to introduce the use of AI (Artificial Intelligence) in the manufacturing and development of lenses. This will surely give a boost to the US contact lens market.
Current Scenario in US Lenses Market
3. Growth Drivers of the US Lenses Market
- The major growth drivers of this market are the increasing number of lens wearers population and individuals with visual impairments, growing eye safety concerns and awareness of disposable lenses, and emerging focus on the optics and optometry field development.
- As of 2022, ~16% of adults in the American population wear contact lenses and One-third of them are females. The predominance of conditions like myopia (nearsightedness) and presbyopia (age-related farsightedness) has been on the rise due to variables such as expanded screen time, way of life changes, and a maturing populace.
- Disposable lenses, such as everyday disposable contact lenses, have picked up popularity due to their comfort and diminished chance of eye diseases. As a result, most of the youngsters prefer conventional contact lenses to disposable ones, emphatically affecting the lens market within the US.
- Progressions in optics and optometry have driven the improvement of innovative and improved lens technologies. These progressions incorporate high-definition lenses, anti-glare coatings, and photochromic lenses, among others.
4. Major Players of the US Lenses Market
- Johnson and Johnson vision care Inc, Alcon, the copper companies Inc, Menicon Co., Ltd, Hoya Corporation, Essilor Luxottica, Star Surgical, and Carl Zeis Meditec AG are some of the market leaders of the US Lenses Market.
- Johnson and Johnson vision care Inc is having the largest share of the US eye care market. Not only in America but even worldwide Johnson and Johnson vision care Inc is holding a significant market share.
- Alcon is the second-largest leader in the US lens market due to its vast production and diverse customer base. Currently, the firm holds a large portion of the market. Alcon is aiming to double its customer share by the end of 2028.
Conclusion
In conclusion, the US contact lenses market is balanced for critical development, with an evaluated market esteem of $6.45 billion by 2028. The major growth drivers, such as the expanding number of lens wearers, the rising predominance of eye illnesses, and developing awareness of eye safety and disposable lenses, are fueling this development.
The market experienced a temporary difficulty due to the effect of COVID-19 widespread, but it is presently anticipated to develop at a positive rate post-pandemic. Key players within the industry, like Johnson and Johnson Vision Care Inc and Alcon, are taking key steps to preserve their market authority and capitalize on developing opportunities.
Progressions in innovation, such as AI selection in lens manufacturing, are anticipated to encourage and boost the market's growth. With the nonstop focus on R&D, innovative products, and progressed technologies, the US lens market is on track to meet the expanding request and advancing needs of the populace for vision correction solutions within the coming years.
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Harsh Narwat
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