Contact Lenses Market 2021
Market Research Future (MRFR) reveals that the contact lenses market can register a growth rate of 5.70% from 2020 to 2027. The market size is also presumed to touch USD 12,330.46 Million by 2027.
Growth Boosters and Deterrents
Corrective lenses are emerging quite popular as these rectify refractive errors and compensate for any type of visual deficiency, like presbyopia, astigmatism, and myopia hypermetropia/hyperopia. Therefore, the soaring cases of visual inaccuracies worldwide is bound to create a favorable business scenario for contact lenses in the future. Meanwhile, sales of soft contact lenses are picking up pace as well, as these are made of flexible and soft plastics like silicone hydrogel that offer eyes easy adaptability as well as comfort. Soft lenses are majorly used to correct ametropia.
Contact lenses are the perfect alternative to spectacles, with more and more consumers progressively opting for these for better vision. Consumer preference for Plano sunglasses has surged as well since these elevate the aesthetic appeal. To accommodate the mounting demand across the globe, major manufacturers are focused on product innovation to improve quality and bolster sales.
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Major Key Players:
Novartis AG, Neovision Co, Ltd, Seed Co. Ltd, Hoya Corporation, Oculus Private Limited, Camax Optical Corp., CooperVision, Inc. (The Cooper Companies Inc.), Menicon Co., Ltd, Bausch Health, Johnson & Johnson Services Inc., St. Shine Optical Co., Ltd.
Segment Analysis
Depending on wear type, the contact lenses industry caters to disposable lenses, daily disposable lenses, conventional lenses, and frequent replacement lenses.
Different types of contact lenses generally sold worldwide include therapeutic lenses, corrective lens, and cosmetic and lifestyle-oriented lens. Corrective lenses have secured the lead in the market, with the biggest share of 43.2% in 2018.
Material-based segments are methacrylate hydrogel soft contact lens, gas-permeable contact lens, silicone hydrogel soft contact lens, and others.
Contact lenses are available in a variety of designs, such as multifocal lens, spherical lens, toric lens, and others. Multifocal lenses experience massive demand among the consumers, given the provision of multiple prescriptions. Contact lenses of this design find widespread use in treating age-related ophthalmic diseases such as presbyopia. Some of the benefits include higher visual acuity for those that need several prescriptions but all in one lens.
Regional Analysis
The global contact lenses market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is likely to hold the largest share of the global contact lenses market. The rising population of people who wear contact lens, increasing prevalence of eye-related diseases, and growing adoption of cosmetic lens among the younger population, and high funding toward R&D in the US and Canada are likely to support the dominance of the Americas during the forecast period.
The Europe market established substantial growth in the market owing to the high adoption of contact lenses and increasing occurrences of age-related eye diseases in countries such as the UK, Germany, France, and Spain.
Asia-Pacific is estimated to be the fastest growing region in the global market due to the increasing prevalence of eye disorders and rising adoption of contact lens among the youth. Additionally, rising investments by major players in the market in Asia-Pacific region is likely to drive the growth of the market.
The contact lenses market in the Middle East & Africa is expected to grow due to the rising awareness about contact lenses coupled increasing collaborations and agreements to commercialize contact lenses products.
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