Contact Lenses Market to be Valued USD 19.35 Billion in the Next Five Years
Growing prevalence of
optical disorders, increasing preference for contact lens over prescription
eyeglasses and increasing disposable incomes is driving the growth of Global
Contact Lenses Market through 2026.
According
to TechSci Research report, “Global
Contact Lenses Market By Modality (Reusable,
v/s Disposable), By Design (Spherical, Toric, Multifocal & Others), By
Material Type (Silicon hydrogel, Hydrogel, Gas Permeable & others), By
Application (Corrective, Therapeutic, Cosmetic & others), By Distribution
(Retail Stores, Hospitals & Clinics, Online,) By Region, Competition,
Forecast & Opportunities, 2026”, the global contact lenses
market stood at USD13.73 billion in 2020 and is
further anticipated to grow at a CAGR of 6.25% during the forecast period. This
can be ascribed to the growing prevalence of various eye problems such as
myopia, hypermetropia, astigmatism, presbyopia, among others. Additionally, rise
in the number of visual inaccuracies is expected to drive the market growth. However,
pandemic affected the growth of this market as people were at home, offices
were closed and therefore individuals preferred eyeglasses over contact lenses.
Furthermore, limitation of trained ophthalmologists and opticians might hamper
the growth of the market. However, due to the existence of regulatory barriers
and the shortage of trained ophthalmologists and opticians, the global contact
lenses market is likely to get subdued.
Browse 156 Figures spread through 110 Pages and an in-depth TOC on " Global
Contact Lenses Market"
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Global contact lenses
market can be segmented by modality, by design, by material type, by application,
by distribution channel, by region. In terms of material type, the
market can be segmented into silicon hydrogel, hydrogel, gas permeable contact
lenses, and others. Among them, silicon hydrogel contact lenses category is expected
to dominate the market through 2026 with a share of around 49.93% since these
lenses are comfortable to wear hence more in demand. Additionally, they offer
higher oxygen permeability as compared to their counterparts thereby driving
the segmental growth. Based on distribution channel, the market is segmented
into retail stores, hospital & clinics and online. Among them, the online
segment is expected to witness significant growth in the market during the
forecast period on account of the associated benefits such as they offer
variety of contact lenses to choose from and some of them also offer products
at discounted price. Some of these e-commerce sites are also introducing online
testing, where one can check the status of their eyes and take professional
advice, thereby driving the segmental growth.
Bausch & Lomb, Inc., Essilor International S.A.,
Johnson & Johnson, CooperVision, Inc., Contamac Holdings Limited, Hoya
Corporation, SynergEyes, Inc., X-Cel Specialty Contacts, STAAR Surgical
Company, Carl Zeiss Meditec AG, Seed Co., Ltd., Menicon Co., Ltd., Alcon., Inc.,
UltraVision CLPL, Benq Materials Corporation, among others are
some of the leading players operating in global contact lenses market. Product
launches and partnerships with suppliers and distributors are some of the
strategies that are adopted by the leading players in order to strengthen their
product portfolio. For instance, Mark´Ennovy Personalized Care, a European
contact lens manufacturer, collaborated with Capricornia Contact Lens Pty.
Ltd., a contact lenses distributor and manufacturer. Recently, in August 2020,
2.75 cylinder for Biotrue ONE Day for Astigmatism daily disposable contact
lenses were launched by Bausch+Lomb whereas in the same month Menicon announced
the opening of the Menicon Future Device Research Laboratory in Japan.
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“North
America is expected to dominate the global contact lenses market during the
forecast period owing to the high per capita disposable income of the
population in the region and technological advancements in contact lenses
industry. However, Asia-Pacific region is anticipated to undergo fastest growth
in the coming years owing to the increasing number of people suffering from
various eye disorders. The growing focus of government in developing countries
such as India on creating vision care awareness and increasing expenditure on
healthcare are some other factors making Asia-Pacific a promising market for
contact lens industry.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
Global Contact Lenses
Market By Modality (Reusable, v/s Disposable), By Design (Spherical, Toric,
Multifocal & Others), By Material Type (Silicon hydrogel, Hydrogel, Gas
Permeable & others), By Application (Corrective, Therapeutic, Cosmetic
& others), By Distribution (Retail Stores, Hospitals & Clinics,
Online,) By Region, Competition, Forecast & Opportunities, 2026, has evaluated the future growth
potential of global contact lenses market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global contact lenses market.
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