Contact Lenses Market Size Worth USD 12,330.46 Million by – GlobeNewswire
July 13, 2021 12:28 ET | Source: Market Research Future Market Research Future
New York, US, July 13, 2021 (GLOBE NEWSWIRE) — Contact Lenses Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Contact Lenses Market Information by Type, Wear Type, Material, Design, and Region – Forecast till 2025”, the market is projected to reach USD 12,330.46 Million by 2025 at 5.70% CAGR.
The market scope in the report offers a detailed framework of the contact lenses market, outlining all the major segments, names of the leading vendors, as well as the anticipated growth rate during the analysis period.
Major Growth Boosters:
Silicone hydrogel or soft lens have an extensive range of applications, as a result of which they contribute majorly to the market growth, as their popularity continues to soar. Soft contact lenses contain soft, flexible plastics like silicone hydrogel that are highly adaptable to eyes and elevate the comfort level. These are used primarily for correcting ametropia while permitting extra oxygen to go via the cornea. This increased oxygen permeability enhances the comfort level by cutting down itching as well as dryness.
Consumers are increasingly looking for alternatives to spectacles, which throws light on contact lenses as the feasible solution. Consumers are also opting for Plano sunglasses that help augment the aesthetic appeal, resulting in bolstered market size. With the soaring demand worldwide, manufacturers are progressively focusing on product innovation to foster sales and consumer reach.
The significant rise in the number of research and development activities in optic & optometry fields is now one of the biggest trends in the global market. innovations including the introduction of dynamic soft contact lenses integrated with the latest technology have raised the appeal of contact lenses among consumers. Also, surging advances in contact lenses with the drug-delivering ability would mean higher market demand in the years to come. An attractive opportunity in the form of rising preference for daily disposable contact lenses should also benefit the global market over the following years.
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Contact Lenses Market Competitive Landscape:
Some of the most important firms in the global market are
Most of these companies aim to widen their geographical reach and introduce newer, more advanced solutions via numerous strategies that include new launches, collaborations, and partnerships. For instance, in January 2021, Alcon, a leader in eye care launched PRECISION1 for Astigmatic patients. PRECISION1 is a disposable contact lens filled with silicone hydrogel and is based on the Water Gradient Technology.
Despite the rampant demand for skilled ophthalmologists in view of the exploding worldwide population, their number has remained abysmal. This is especially evident in several developing countries, such as Brazil and India.
COVID 19 Analysis
The COVID-19 pandemic’s impact on the contact lenses market has been brutal, with manufacturing facilities shut down and product demand witnessing a drop worldwide. With the main focus of healthcare on finding a vaccine for SARS-CoV-2, other areas had to take the backseat.
As a result, most of the major manufacturers like Bausch + Lomb, Johnson and Johnson, and Carl Zeiss Meditec AG, are focusing on changing their marketing strategies to try and adapt to the situation. The key objectives are continuous business operations and reduced financial loss.
Browse In-depth Market Research Report (129 Pages) on Contact Lenses: https://www.marketresearchfuture.com/reports/contact-lenses-market-6210
On the basis of wear type, the global contact lenses market has been classified into daily disposable lenses, disposable lenses, frequent replacement lenses, and conventional lenses.
Various types of contact lenses are available in the market, namely therapeutic lenses, cosmetic and lifestyle-oriented lens as well as corrective lens. The highest share of 43.2% was procured by the corrective lens segment in 2018.
Material-wise, the major segments considered in the market study for contact lenses market include gas-permeable contact lens, methacrylate hydrogel soft contact lens, silicone hydrogel soft contact lens, and more.
Contact lenses come in a variety of designs, including multifocal lens, toric lens, spherical lens, and others. Multifocal lenses are witnessing robust consumer demand owing to their ability to incorporate several prescriptions. These are largely utilized for the treatment of age-related ophthalmic diseases including presbyopia. They provide a host of benefits like better visual acuity for wearers that require numerous prescriptions but in a single lens.
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Contact Lenses Market Regional Insights
The American market is generating highest revenues, as the number of contact lens wearers has boomed significantly over the years. This goes hand in hand with the surging cases of eye-related disorders, combined with the mounting popularity among the youth. The Centers for Disease Control and Prevention says that in 2016, close to 30.9 million contact lens wearers were above 18 years of age in the United States, accounting for more than 15 of the total adult population in the country.
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