Contact lenses manufacturers are anticipated to be hit by a number of disruptions in the production and distribution of contact lens options, resulting in losses from delays in delivery.
DUBAI, UAE / ACCESSWIRE / May 26, 2020 / Eye care professionals are scaling back on their treatment cases amid the global pandemic of COVID-19. The pandemic has adversely impacted market players in terms of financial and operational parameters in the global contact lenses market. However, new technologies for advanced contact lens products before and after the pandemic are major contributors to the growth of the contact lenses market. The market has been projected to surpass a US$ 10 Bn valuation in the forecast period by 2024, states a new FMI report. The reduced demand for contact lenses through the pandemic, is projected to continue through the first half of 2021.
“An increasing number of myopia cases among young children and the elderly has been noticed during the pandemic, which will continue to create significant opportunities for prominent players. Daily wear, soft contact lens variants are gathering traction in market. Further, online sales will help manufacturers to partially mitigate losses incurred during the pandemic,” says the FMI analyst.
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Key Takeaways of Contact Lenses Market Study
- Soft lenses will lead with a strong upsurge in adoption at hospital pharmacies. However, sales of gas permeable lenses are gradually declining.
- Spherical lenses remain popular among end users while multifocal variants are likely to display strong demand growth.
- Offline channels of sales were dominant prior to the COVID-19 pandemic. However, online channels are finding remunerative opportunities during the lockdown.
- North America is a major regional market for contact lenses, owing to the presence of several leading market players, and faster access to tech advances in the field.
Contact Lenses Market – Key Growth Factors
- Excessive viewing of mobile screen devices is increasing the number of treatable vision problems, which is one of the primary factors aiding market growth.
- Innovative discoveries such as drug-eluting lenses are creating lucrative growth opportunities.
- High effectiveness of contact lenses in vision correction applications is a key driver.
- The growing trend of using colored contact lenses for fashion supports the market growth during the forecast period.
Contact Lenses Market – Key Restraints
- The use of contact lenses has been found to increase the risk of spreading coronavirus, as users have been found to touch their faces more.
- Conventional contact lenses have potential side effects of hypoxia-related eye problems, hindering market growth.
Impact of COVID-19 on Contact Lenses Market
The coronavirus pandemic has impacted supply chains and finances of contact lens manufacturers. Consequently, the outbreak has resulted in major delays in new contact lens shipments. This trend is likely to continue through the end of 2020. Further, local governments have sent out guidelines to ophthalmologists about the pandemic to restrict services to only urgent cases, slowing down the market for the short term.
The outbreak has resulted in major disruptions, with as transport issues have hampered supplies. Contact lens users are also more likely to acquire the COVID-19 infection, as users tend to rub their eyes and touch their faces more, which will restrict market growth. The recovery will be driven by easy access to treatment infrastructure after the end of the outbreak.
Competitive Landscape of Contact Lenses Market
Some of the major companies profiled in this FMI report include, but are not limited to Menicon Co. Ltd., CopperVision Inc., Essilor International S.A, SEED Co. Ltd., Johnson & Johnson Vision Care, ZEISS International, Hoya Vision Care Co., Bausch & Lomb Inc., and Alcon. Players in the contact lenses market are primarily investing in new product innovation associated to design to bolster product portfolio.
Explore the full contact lenses market report with 164 illustrative figures, 70 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/askus/rep-gb-10714
More About the Report
This FMI study of 250 pages provides all-inclusive insights on the global contact lenses market. The market analysis is based on product (soft lenses and gas permeable), design (spherical, toric, multifocal, and others), wear (disposable and reusable), and sales channel (online and offline), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Market Report: https://www.futuremarketinsights.com/reports/contact-lenses-market
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SOURCE: Future Market Insights
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