The European contact lenses market is expected to be worth USD 5.91 billion by 2028 from USD 4.08 billion in 2023, growing at a CAGR of 7.71% during the forecast period.
The growing aging population in Europe is one of the major factors driving the contact lens market in Europe. In addition, factors such as increasing disposable income, a growing patient population suffering from various eye diseases, and rising preference from consumers towards contact lenses are fuelling the growth rate of the European contact lens market. As per the statistics published by the European Blind Union, an estimated 30 million people suffer from vision problems, and 1 in every 30 Europeans has some vision issue.
The incidence of myopia astigmatism is growing substantially in the European region, which is estimated to result in the growth of the contact lens market in Europe. The increasing healthcare expenditure among the European population is a big plus to the growth rate of the regional market. The growing desire from people to use contact lenses instead of spectacles due to their lifestyle changes is expected to boost the sales of contact lenses and result in regional market growth. The growing investments from the key market participants in the R&D of contact lenses to bring new products into the market support regional market growth.
The growth of the European contact lenses market is anticipated to be driven by the growing number of theatrical activities and increasing exposure to blue light while using mobiles and laptops. In addition, the presence of key market participants in the European region and their notable efforts to bring more convenient and comfortable contact lenses to the market are boosting regional market growth. Furthermore, the growing adoption of disposable contact lenses in the European region is another notable attribute fuelling the market's expansion in the European region.
However, side effects associated with using contact lenses, such as eye infections and corneal ulcers, are a key factor hampering the European market growth. In addition, the availability of alternative solutions for contact lenses is another major attribute contributing to the decline in market growth. Furthermore, the growing adoption of corrective treatment methods such as photorefractive keratectomy (PRK) and laser treatments is anticipated to negatively impact European market growth. Furthermore, the scarcity of skilled professionals who have expertise in ophthalmology in the European region is impeding the market growth.
This research report on the European contact lenses market has been segmented & sub-segmented into the following categories:
Europe Contact Lenses Market - By Material:
Europe Contact Lenses Market - By Application:
Europe Contact Lenses Market - By Design:
Europe Contact Lenses Market - By Country:
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 contact lens users in the United Kingdom is very high, 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 lens market in the United Kingdom. As a result, contact lenses have become the strongest, with value growing by 5%. Escalating healthcare expenditure is also one factor that will cause 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 in contact lenses are major contributors 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 also accelerates 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 over 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 daily use of contact lenses are propelling the growth rate of the Italian contact lens 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.
The Europe contact lenses market is expected to be valued at USD 4.08 billion in 2023.
Germany, the United Kingdom, France, and Italy are predicted to account for the major share of the European contact lenses market during the forecast period.
The growing aging population, rising prevalence of vision-related disorders, and lifestyle changes emphasizing aesthetics are driving the growth of the European contact lenses market.
The market experienced disruptions in the supply chain and a temporary decline in demand during the initial phases of the COVID-19 pandemic, but it has shown resilience and is recovering.
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