Contact Lenses Market to be Valued USD 19.35 Billion in the Next Five Years
Growing prevalence of ocular
diseases is expected to drive the 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 changing lifestyle
patterns, especially among the youth, has increased the use of colored contact
lenses more as a fashion accessory. Furthermore, the growing influence of
social media has made the generation Z population increasingly adopt and use
colored contact lenses on account of their aesthetic values and features. The
colored contact lenses make eyes appear lighter and enhance or altogether
change their color.
Also,
an increasing demand from entertainment industry is witnessed for stylish
contact lenses which are available in wide range of colors, shades and textures
and make the eyes more attractive. This in turn is expected to positively
influence the market growth over the next few years. Also, an increase in the
research & development activities is witnessed in terms of contact lenses,
the materials used to make contact lenses, their features & functionality,
among others. The companies operating in the contact lens industry are
increasing their R&D expenditure and activities to improve their existing
product portfolio and for developing new products. For instance, Menicon Co.,
Ltd, in August 2020, announced the opening of Menicon Future Device Research
Laboratory in Japan in collaboration with Nagoya Institute of Technology,
Japan. The laboratory aims to design and develop new materials for
manufacturing contact lenses using structural controls and advanced
manufacturing methods.
However,
the lack of trained healthcare professionals (this includes ophthalmologists,
opticians, among others) in certain countries, especially in the developing
world can restrict the market growth over the next few years. Besides, there is
a lot of price variation observed in terms of the contact lenses offered by
branded players and non-branded companies. Every region and country across the
globe have the presence of established contact lens brands and their domestic
players. The contact lenses offered by the domestic players are available at
lower prices or they keep on changing the prices based on the market scenario.
This in turn creates a lot of disparities in pricing in terms of contact lenses
offered by the branded and non-branded players, which adversely impacts the
market growth.
Browse 180 Figures spread
through 233 Pages and an in-depth TOC on "Global
Contact Lenses Market"
https://www.techsciresearch.com/report/contact-lenses-market/4132.html
Global contact lenses
market can be segmented by modality, by design, by material type, by
application, by distribution channel, and by region. The applications
of contact lenses can be fragmented as corrective, therapeutic, cosmetic and
others. The corrective segment is expected to dominate the market with a share
of around 46.14% in 2020 on account of its widespread use in correcting and
treating different vision impairment problems. While therapeutic segment is
expected to grow significantly during forecast period on account of their use
in corneal healing, ocular pain relief, among others. The cosmetic segment will
also witness growth on account of the extensive use of contact lenses for
improving the aesthetic appeal of eyes.
Also, the colored contact lenses are being
majorly used by the young generation and entertainment industry, thereby
supporting the segmental growth. In terms of distribution channel, the market
can be categorized into retail stores, online and hospitals & clinics. The
retail stores segment dominated the market in 2020 on account of the
over-the-counter availability of contact lenses at these stores of different
brands. Additionally, most of the consumers prefer buying the contact lenses
from retail store since they can try the contact lenses before buying and also
understand their features and use. The online segment is expected to witness
significant growth on account of widespread penetration of several e-commerce
platforms which can offer contact lenses online.
Major
players operating in the global contact lenses market include Johnson &
Johnson, CopperVision Inc., Alcon Inc., Bausch Health Companies, Inc., Menicon
Co., Ltd., EssilorLuxottica S.A., Carl Zeiss Meditech AG, Hoya Corporation,
Seed Co., Ltd., Contamac Holdings Limited, X-Cel Specialty Contacts, SynergEyes
Inc., STAAR Surgical Company, Cleriovision, Inc., BenQ Materials Corp, among
others.
Download
Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=4132
Customers
can also request for 10% free customization on this report.
“Asia
Pacific is expected to register the highest growth in the global contact lenses
market on account of a significant increase in the demand for colored contact
lenses has been observed in the region, especially in countries like South
Korea, Japan, China and India. Furthermore, Asia Pacific region with countries
such as Japan and India witness the highest number of cataract surgeries
performed worldwide. This in turn drives the market for intraocular lenses in
the region.” 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.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com/