At a CAGR of 7.8%, Global Bandage Contact Lenses Market is projected to expand to reach Valuation Of US$ 9.25 BN by 2031 – Medgadget
September 13th, 2021 Releases
Rise in prevalence of eye disorders, increase in the number of vision correction surgeries, aging population across the world, and surge in applications of bandage contact lenses in the treatment of eye disorders are the major factors expected to drive the global bandage contact lenses market during the forecast period.
North America held major share of the global bandage contact lenses market in 2020, due to the high demand for bandage contact lenses in the region. Additionally, technological advancements drive the demand for bandage contact lenses, which is expected to augment the market in the region.
The bandage contact lenses market in Asia Pacific is likely to expand at a high CAGR of 8.2% from 2021 to 2031. Increase in incidence of eye diseases in Asia Pacific, especially in China, Singapore, Indonesia, and other countries in Southeast Asia, and rise in healthcare expenditure are expected to fuel the growth of the market in Asia Pacific from 2021 to 2031.
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According to the report, the global bandage contact lenses market was valued over US$ 4.1 Bn in 2020 and is projected to expand at a CAGR of 7.8% from 2021 to 2031. A bandage contact lens protects diseased or an injured cornea due to the rubbing of the blinking eyelids, thereby allowing it to heal. The bandage lens often makes the eye feel more comfortable. The lens has no focusing power. A bandage contact lens does not improve vision.
As information concerning the COVID-19 disease continues to evolve, patients are seeking guidance from eye care practitioners for efficient eye care measures. In order to meet the needs of patients, companies in the bandage contact lenses market are maintaining continuous supply chains to support ophthalmologists during the ongoing pandemic. As such, there is a lack of evidence to indicate increased risk of contracting coronavirus through contact lenses (CL).
Patients are expected to experience an irregular supply of bandage contact lenses (BCLs) due to logistics and shipment delays in not only high-income countries, but also in low- and middle-income countries. Companies in the bandage contact lenses market are adopting contingency planning to predict future outcomes in cases of continued volatile demand sentiments.
Bandage Contact Lenses Market: Overview
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Bandage Contact Lenses Market: Key Segments
Growth Strategies of Key Players
Key players operating in the global bandage contact lenses market are Advanced Vision Technologies, Alcon Inc., Bausch & Lomb (Bausch Health Companies Inc.), Clearlab SG Pte. Ltd., CooperVision (The Cooper Companies, Inc.), Excellent Hi-Care Pvt. Ltd. Johnson & Johnson, Metro Optics, UltraVision CLPL, and (X-Cel Specialty Contacts) Walman Optical. These companies engage in the development of bandage contact lenses in order to expand product offerings and customer base.
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Global Bandage Contact Lenses Market: Segmentation
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