The European Contact Lenses Market size is expected to be worth USD 5.50 billion by 2027 from USD 3.79 billion in 2022, growing at a CAGR of 7.71% during the forecast period.
A few of the key insights from this report:
The rising senior population suffering from a variety of eyesight problems, rising disposable incomes as well as an increase in the frequency of eye injuries and vision-related illnesses, and a shift in consumer preference for contact lenses with appealing colors, tints, and textures for enhancing eye appearance are propelling the contact lenses market in the European region. As per the statistics published by European Blind Union, an estimated 30 million people in Europe are suffering from vision problems, and 1 in every 30 Europeans has some sort of vision issue.
Myopia and astigmatism are becoming more common eye problems. Their fast development among children and rising per capita healthcare spending is anticipated to favor the market growth in this region. People are moving from spectacles to contacts as their lifestyles change, and the need for new lenses grows. The market has seen a considerable increase in R&D efforts in the field of optics and optometry. Contact lenses provide therapeutic benefits by establishing a mechanical barrier between the cornea and the external environment, hydrating the corneal epithelium, speeding wound healing, and relieving pain. As a result of many company innovations and customer demand, the area is a very appealing and stable location for company and consumer growth in the contact lens market in the European region.
Consumer interest in cosmetic contact lenses is moving in Europe due to increased theatrical activities, a rise in the number of customers with visual distortion, and the launch of advanced contact lenses. The presence of many key market participants located in Europe and the developing and introducing of new goods to the public is further supporting the contact lens market in Europe. Furthermore, growing demand for cosmetic lenses and expanding population purchasing power are projected to fuel expansion. The growing popularity of Plano sunglasses to increase visual attractiveness and the necessity to remove the use of spectacles is driving the contact lens industry forward. Over the forecast period, rising advances in contact lenses with drug-delivery capabilities are likely to fuel market demand. The market's development opportunities are expected to be boosted by increased demand for daily disposable contact lenses.
However, the growth of the contact lenses market in Europe is expected to be hampered by the increased adverse effects of contact lenses, including eye infections and corneal ulcers, and increasing adoption of other ophthalmic devices and corrective treatments like photorefractive keratectomy (PRK) and laser. Furthermore, in the future years, a scarcity of ophthalmologists and regulatory hurdles are likely to stifle Europe's contact lens market growth to some extent.
This research report on the European contact lenses market has been segmented & sub-segmented into the following categories:
The UK Contact Lenses market rose and accounted for a market share of 23% in the European market in 2020. According to the Association of Contact Lens Manufacturers (ACLM), the UK Contact Lenses market increased by 4% and made 292 million Euros in 2018. An estimated 789 million contact lens sales happened in the United Kingdom alone. The number of users of contact lenses is very high in the United Kingdom, majorly attributing the growth to the market. Nearly 3.6 million adults use contact lenses in the United Kingdom, which is 8.7% of the UK's adult population. The growing aging population further drives the contact lenses market in the United Kingdom. As a result, contact lenses have become the strongest, with value growing by 5%. Escalating expenditure on healthcare is also one of the factors for the market to grow tremendously.
The German contact lenses market is expected to be the second leading regional market in the European market following the UK during the forecast period. The contact lenses market in Germany is estimated to showcase a promising CAGR during the forecast period. Growing awareness among people about age-related health issues and standard increases for the usage of contact lenses are majorly contributing to this regional market. In Germany, raising awareness about age-related diseases and the prevalence of contact lenses are significant factors. In addition, the tendency of people to wear a quality type of device is also expanding the market.
France is a developed country in the European region. Therefore, increasing knowledge of contact lenses through digital advertisements is also one factor accelerating France's contact lens market growth. In addition, awareness about contact lenses and shifting towards contact lenses rather than prescribed sunglasses are forcing the market to grow effectively.
In Spain, the increasing trend of wearing contact lenses, especially in adults, is accelerating the demand for the market. As a result, the contact lenses market in Spain is predicted to display a moderate CAGR during the forecast period. The growing prevalence of contact lenses than spectacles is the primary factor in attracting market growth. In addition, the increasing economy in the past few years and creating awareness through digital advertisements further elevates the Spain Contact Lenses Market.
Increasing investment in the research and development sector and using contact lenses daily are propelling the growth rate of the Italian Contact Lenses Market. Therefore, the availability of contact lenses has to be increased to expand the market.
KEY MARKET PLAYERS:
A few promising companies in the Europe Contact Lenses market are Johnson & Johnson, Bausch & Lomb, CooperVision, Hydrogel Vision Corp, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Carl Zeiss AG, CIBA Vision, Essilor International, and Contamac.
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