Market Research Future published a study report on Contact Lenses Market. This report studies the global market size, industry status and forecast, competition landscape and growth opportunity.
Contact lenses are a lightweight, cosmetic or medical device that is worn directly over the cornea of one’s eyes. Similar to eyeglasses, contact lenses help correct the refractive errors by adding or subtracting the focus power to the cornea and lens of the eyes. It has various benefits for the wearers, including its ability to enhance the appearance and practicality. With eye-related issues being extremely common these days, a striking 24 million people wear contact lenses in the United States alone. When used with proper care and supervision, the lenses provide a highly safe and effective method of correcting an individual’s vision. Many people prefer wearing contact lenses as opposed to spectacles due to a number of reasons; contact lenses do not steam up, they are much more suitable for sports or any other physical activities and provide a wider field of vision. The lenses vary in terms of wear time, construction material, replacement schedule, and design.
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The global Contact Lenses market is projected to strikingly increase from USD 7.9 Billion in 2017 to USD 11 Billion by 2023 with a CAGR of 5.70%. Contact lenses have become a highly popular medical device over the years, and the market is only slated to expand further in the forthcoming years. The growing acceptance of contact lenses has led to an influx of manufacturers into the market who are time and again developing multiple categories of lenses. This, in turn, is widening the product range and aiding the market expansion. Contact Lenses are even recommended for non-surgical management of numerous eye-related diseases. The factors as mentioned above are most likely to shape the course of the global contact lenses market and steer its growth trajectory.
Segmentation
The global Contact Lenses market is segmented into four key segments for improved understanding of the same:
By type, the market includes Therapeutic Lenses, Cosmetic & Lifestyle Lenses, Corrective Lenses, and others. Expected to grow with a CAGR of 5.22%, the corrective lenses segment is at present the dominant player among the various other product types.
By material, the market includes Gas-Permeable Contact Lens, Silicone Hydrogel Soft Contact Lens, Methacrylate Hydrogel Soft Contact Lens, and others. Silicone Hydrogel Soft Contact Lens holds more than 66% of the market share.
By design, the market comprises Toric, Spherical, Multifocal, and others. Spherical design lenses spearhead more than half of the market. The market is expected to grow further due to the widespread prevalence of myopia and other refractive vision errors.
Regional Analysis
The geographical market segmentation of the global Contact Lenses market is divided into five major regions of the world: Europe, Asia-Pacific, North America, the Middle East & Africa, and Latin America.
The Americas hold a dominant portion of the market share primarily due to the increasing population of consumers using contact lenses, rapid implementation of cosmetic lenses among the youth, and growing eye-related issues.
Europe comes second in the market share standings due to its established healthcare sector and increased expenditure in healthcare. Another contributor to the market during the forecast period is the substantial research & development investments by private and government organizations.
The Asia-Pacific region is anticipated to be the fastest growing market, with an expected CAGR of 6.2% during the assessment period.
Competitive Analysis
Some of the prominent players in the global Contact Lenses market are CooperVision, Inc., CLEARLAB SG PTE, Seed Co. Ltd, Menicon Co., Ltd, BAUSCH + LOMB, NEOVISION CO, LTD, Johnson & Johnson, CAMAX OPTICAL CORP, St. Shine Optical Co., Ltd., Novartis AG, LTD, Oculus Private Limited, Hoya Corporation, and Bescon Co., Ltd.
Jan 24th, 2019, Bruder Healthcare announced the introduction of its latest product, Eyeleve, the first compress that is medically proven to make your eyes feel more comfortable to wear contact lenses for a longer duration of time. It stabilizes the ocular surface to curb down dryness and thus stretches your comfortable wear time of contact lenses.
Feb 19th, 2019, Johnson & Johnson Vision has partnered with TerraCycle, waste management experts, to launch the ACUVUE Contact Lens Recycle Programme. The first of its kind, nation-wide free programme that allows consumers to recycle their contact lenses with ease.
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