Based on data by Market Research Future, this report on Contact lenses Market delivers a succinct analysis on industry size, regional growth and revenue forecasts for the upcoming years.
According to Market Research Future (MRFR), the global contact lenses market size is projected to increase to USD 12,330.46 MN by 2025. In its recent contact lenses market analysis, MRFR asserts that the market would register approximately 5.70% CAGR during the assessment period (2016 – 2025).
The global Contact lenses Market Size witnesses a constant rise in terms of size and revenues. The market growth attributes to growing refractive issues related to eyesight among people. Besides, the growing prevalence of disorders such as myopia, hyperopia, astigmatism, and presbyopia drive the growth of the market. Over recent years, these disorders are prevailing at a rapid pace, mainly due to the rising cases of vitamin A deficiency and accidents.
Also, a general notion among people that wearing spectacles might negatively affect their appearance escalates the market growth to furthered height.
The flexibility that contact licenses offer is a key driving force that not only encourages preference but also increases the popularity of contact lenses among people.
Unlike spectacles, contact lenses move with eyeballs, which allows a natural field of view and considerably reduces distortions.
Moreover, contact lenses do not fog up or get splattered by mud or rain, which makes them excellent for sports and other physical activities. Contact lenses have evolved dramatically with increasing technological advances. Technological innovations have significantly improved functionalities of contact lenses, making it more viable than ever. Furthermore, socio-cultural factors like the influence of fashion, media & film industry, and peer pressure substantiate the market demand exponentially.
The rising global economy is a key factor in boosting the market growth, increasing consumer purchasing power, and quality of life.
On the other hand, contact lenses are considerably expensive than spectacles. The high cost is a significant growth restraining factor for the contact lenses market. However, the good news is that with technological innovations, contact lenses are becoming cheaper day by day. These rapidly dropping prices of contact lenses would act as a major tailwind for the market growth throughout the anticipated period. Also, massive demand from the fashion industries would increase contact lenses market share.
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Contact Lenses Market – Segmentations
The report is segmented into five dynamics;
By Wear Type : Disposable Lenses, Daily Disposable Lenses, Conventional Lenses, and Frequent Replacement Lenses.
By Type : Therapeutic Lenses, Corrective Lens, and Cosmetic & Lifestyle Oriented Lenses.
By Material : Methacrylate Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens, Silicone Hydrogel Soft Contact Lens, and others.
By Design : Toric Lens, Spherical Lens, Multifocal Lens, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Contact Lenses Market – Regional Analysis
North America leads the global contact lenses market. Market share attributes to the growing vision problems and other eyesight affecting diseases & disorders. Moreover, increasing the mid-age populace and rising vision problems in youngsters support regional market growth. Eyesight problems usually arise with the growing age. Youngsters in the region are more self-conscious about their appearance.
Besides, the presence of major industry players in the region, along with their expansion strategies and product launches, is a significant driving force for the market growth. The North American contact lenses market is estimated to retain its leading position in the global market throughout the assessment period.
Europe accounts for the second-largest share in the global contact lenses market. Market growth is driven by rising R&D activities and new product approvals. Also, prevailing eyesight-related disorders and other eye diseases, along with the growing number of middle-aged populations, foster the growth of the market in the region.
The increasing focus of industry leaders to expand their business in Europe drives market sales. Furthermore, well-spread awareness about eye care drives the regional market growth excellently. The European contact lenses market is assessed to grow further at 6.02% CAGR during the forecast period.
The Asia Pacific contact lenses market is becoming a promising market, growing rapidly. Factors such as increasing occurrences of ocular diseases and the increasing availability of cost-completive contact lenses ranges drive the regional market growth. Besides, large untapped markets and unmet clinical needs among demographics demonstrate huge growth potential.
Highly populated countries India and China, with the spreading awareness about eye care, fuel the growth of the market, attracting global players. The APAC contact lenses market is projected to grow significantly over the review period.
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Global Contact Lenses Market – Competitive Analysis
The contact lenses market appears highly competitive and fragmented due to the presence of several well-established players. To gain a larger competitive share, industry leaders incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/ technology launch. They make substantial investments to drive R&D to develop technologically advanced contact lenses and expand their global footprint.
Major Players:
Leaders of the global contact lenses market include Novartis AG, CooperVision, Inc., Bausch Health, Johnson & Johnson Services Inc., Seed Co. Ltd, Hoya Corporation, Neovision Co, Ltd, Oculus Private Limited, Menicon Co., Ltd, Camax Optical Corp., and St. Shine Optical Co., Ltd., among others.
Industry/Innovation/Related News:
June 03, 2020 — ABB Optical Group, LLC (the US), a leading optical products, services, and business solutions provider, announced its distribution services in Canada. ABB is a leading provider of optical products and business solutions in the eyecare industry. It is a leading authorized distributor of all major soft contact lens manufacturers and the industry’s foremost manufacturer of custom soft and gas-permeable contact lenses in America.
Now, ABB has commenced the distribution of contact lenses to Canadian eyecare professionals. It brings distribution services of the four major soft contact lens manufacturers to Canadian ECPs. Offering them access to the extensively consolidated inventory in Canada, ABB would enable them to ship directly to patients’ homes. This Single-source distribution would allow ECPs to improve efficiencies in their practice, leading to improved patient care, satisfaction, and retention.
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