Contact Lens Market: Mutual Fund Investment Opportunities

The global contact lens market is valued at around $8 billion and is expected to grow to $10-16 billion by 2030, driven by factors such as the rise in visual impairments, an aging population, and increased awareness about eye health. The market is segmented by product type, design, material, application, and distribution channel, with retail stores being the largest distribution channel in 2019. Major players in the industry include Johnson & Johnson, CooperVision, Alcon, and Carl Zeiss Meditec. The Asia Pacific region is expected to experience the highest growth due to technological advancements and an increasing elderly population.

Soft contact lenses

The global contact lens market is growing, and was valued at $7.9 billion in 2022. It is expected to reach $12.6 billion by the end of 2031. Soft lenses are gaining popularity within this market, as they are comfortable and available in many options.

Some of the major companies operating in the contact lens market include Johnson & Johnson Vision, Essilor International, Alcon Vision, CooperVision, and Bausch & Lomb Incorporated.

Corrective contact lenses

The global contact lens market, which includes corrective, therapeutic, and cosmetic lenses, was valued at US$7.9 billion in 2022 and is expected to reach US$12.6 billion by 2031, growing at a CAGR of 5.5% from 2023 to 2031. This growth is attributed to the rise in visual impairments, increased awareness of eye health, and changing lifestyle and fashion trends.

Ortho-K lenses, short for orthokeratology, are a specific type of corrective contact lens worth noting. These lenses are gas-permeable and designed to reshape the cornea. Patients wear Ortho-K lenses overnight, and in the morning, they can enjoy clear vision throughout the day without the need for glasses or daytime contacts. Ortho-K lenses have been effective in treating various eye conditions and are especially beneficial for children as they offer a non-surgical alternative to LASIK surgery.

Daily disposable contact lenses

Some popular brands offering daily disposable contact lenses include Acuvue, BioTrue, Clariti, and DAILIES. These brands provide options for individuals with astigmatism, presbyopia, and other vision correction needs.

The global contact lens market, including daily disposable lenses, is expected to grow significantly. The market was valued at US$7.9 billion in 2022 and is projected to reach US$12.6 billion by 2031, with a compound annual growth rate (CAGR) of 5.5%. The rise in visual impairments, the aging population, increased awareness of eye health, and changing fashion trends are expected to drive market growth.

Toric contact lenses

When choosing toric contact lenses, it is essential to consult an eye doctor for a proper prescription and fitting. The unique orientation of toric lenses means they need to stay on the eye in the correct way, and manufacturers design them with features such as lens truncation and ballasting to help keep them in place. Fitting is critical for toric contacts to ensure clear vision and comfort.

Some popular brands offering toric contact lenses include Acuvue, Biofinity, Avaira Vitality, MyDay, clariti, and Air Optix. These lenses can be purchased from various retailers, including ContactsDirect and Hubble Contacts, which offer a subscription service for convenient and regular deliveries.

Overall, toric contact lenses are a safe and effective solution for individuals with astigmatism, providing clear and comfortable vision. With the variety of options available, it is important to consult an eye doctor to determine the most suitable type and brand for one's specific needs.

Multifocal contact lenses

There are two main types of multifocal contact lens designs. The first and most common type features a set of concentric circles with lens powers prescribed for various viewing distances. The second type is a blended design, which keeps both the near and distance prescriptions close to the centre of the eye, mimicking natural vision by correcting specific points of aberration in the eyes.

Some advantages of multifocal lenses include better visual acuity across a range of distances, a less abrupt switch between prescriptions, and the ability to see in most conditions without extra eyewear. However, there are also some drawbacks. Multifocal lenses may be more difficult to adjust to due to the different viewing experience, and they may also cause nighttime glare and hazy or shadowy vision during the adjustment period. Additionally, the increased complexity in design makes them more expensive than other types of contact lenses.

Some well-known brands offering multifocal contact lenses include Biofinity, clariti, MyDay, Air Optix, Acuvue, Dailies, and Biotrue.

Frequently asked questions