Press Release: April 22, 2020
Global Contact Lenses Market was valued US$ 10.98 Bn in 2017 and is expected to reach US$ 19.5 Bn by 2026, at a CAGR of 7.44% during a forecast period.
The contact lenses market is majorly segmented into product, design, technology, usage, material, and region.
Further, contact lenses market based on product includes the rigid gas permeable lens, soft lens, and hybrid lens. Contact lenses market in terms of design is classified into spherical, toric, multifocal, and others. Based on the contact lenses market, technology segment is divided into spin casting, cast molding, and lathe cutting. In terms of usage segment contact lenses market is categorized into medicinal, aroma, and others. Further, contact lenses market based on material includes pharmaceuticals, food & beverages, and personal care.
Based on regions, the global contact lenses market is divided into five main regions are America, Europe, Asia-pacific, Latin America and Middle East & Africa.
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Global Contact Lenses Market
Contact lenses are very sensitive and are included among the safest form for vision correction when proper care is taken. A contact lens is a thin lens located on the surface of the eye. Contact lenses are used for worn out to correct vision, cosmetic, and therapeutic reasons. These lenses are coated with anti-refractive materials, scratch resistance materials, and ultraviolet protection materials to improve the relaxing benefits of lenses, and as a result, offer comfort to the user.
In terms of product, soft lenses are anticipated to dominate the market due to they are made up of materials that are translucent and flexible such as silicone hydrogel. These are high on oxygen permeability as well as on water retention capacity, which makes them extremely comfortable for long wear. Soft lens is used for correcting both near and farsightedness as well as spherical aberration of the eye. Soft contact lenses offer numerous advantages, such as greater flexibility and comfort, as compared to RGP lenses. They are extensively used for ametropia correction as they permit extra oxygen to pass through to the wearer’s cornea.
Based on design, the spherical contact lens is largest design segment in the contact lenses market during the forecast period due to the rising number of vision corrective disorders such as myopia and hyperopia and the growing preferability for contact lens is driving the growth.
The growing aging population base and growing trend among youngsters to enhance their aesthetic appearance are the major factors to drive the demand for contact lenses. Improving economy and growing disposable income are boosting the market growth. The growing focus on the aesthetic look and popularity of color contact lenses in the fashion industry is boosting the demand for the contact lenses products.
The restring factor of the global contact lenses market requires regular office visits for follow-up care, proper handling is difficult as well as require regular monitoring and professional care.
New technologies such as electronic contact lens facilitate the wearers in adjusting the optics for focusing at far, near and intermediate distances, and are expected to open new opportunities during the forecast period.
In terms of region, North America is anticipated to dominate the global contact lenses market during the forecast period due to an increasing number of middle-aged population and senior ophthalmological patients count in North America is expected to drive the growth of contact lenses market in this region. The rise in young generation’s vision problem, the rise in health awareness for eye care, and their self-consciousness for appearance are also expected to drive the growth of the contact lenses market in North America.
Key players operating in the global contact lenses market are Abbott Medical Optics, Alcon Laboratories, Bausch & Lomb, Carl Zeiss, X-Cel Specialty Contacts, Contamac, CooperVision, Eagle Optics, Essilor International, and HOYA CORPORATION.
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Scope of Global Contact Lenses Market:
Global Contact Lenses Market, by Product:
• Rigid gas permeable lens
• Soft lens
• Hybrid lens
Global Contact Lenses Market, by Design:
Global Contact Lenses Market, by Technology:
• Spin Casting
• Cast Molding
• Lathe Cutting
Global Contact Lenses Market by Usage:
Global Contact Lenses Market by Material:
• Silicone Hydrogel
Global Contact Lenses Market, by Region:
• North America
• Middle East & Africa
• Asia Pacific
• Latin America
Key players operating in Global Contact Lenses Market:
• Abbott Medical Optics
• Alcon Laboratories
• Bausch & Lomb
• Carl Zeiss
• X-Cel Specialty Contacts
• Eagle Optics
• Essilor International
• HOYA CORPORATION.
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