Global Contact Lenses Market Research Report 2020, Size, Share, Growth, Future Trends and Industry Analysis by Wear Type (Daily Disposable Lenses, Disposable Lenses, Frequent Replacement Lenses and Conventional Lenses), by Type (Corrective Lens, Therapeutic Lenses and Cosmetic and Lifestyle Oriented Lens), by Material (Silicone Hydrogel Soft Contact Lens, Methacrylate Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens and others), by Design (Spherical Lens, Toric Lens, Multifocal Lens and others) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) – Forecast till 2025
Contact Lenses Market Overview
Global Contact Lenses Market is expected to register a CAGR of 5.70% to reach USD 12,330.46 Million by 2025, According to Market Research Future (MRFR)
Global contact lenses market is growing rapidly due to the growing refractive issues related to the eyesight among people. The prevalence of disorders such as myopia, hyperopia, astigmatism, and presbyopia, are increasing pervasively over the past few years, due to the rising vitamin A deficiency and accident cases.
Moreover, a general notion among people that wearing spectacles might impact their appearance negatively, accelerate market growth. Other reasons that are not only encouraging people to opt for contact lenses but are also increasing their popularity include the flexibility that contact licenses offer. Unlike, spectacles, these lenses move with the eyeballs, allowing a natural field of view and reducing distortions, considerably.
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Besides, contact lenses do not fog up or get splattered by mud or rain, thus making an excellent choice for sports and other physical activities.
Technological advances have brought about many novel innovations in terms of design and functionality of the product, making it more viable than ever. Additionally, social and cultural factors such as the influence of media, fashion & film industry, and peer pressure for appearance & beauty, etc. substantiate the market demand. Rising global economy fosters the market growth, excellently, enabling access to the quality of life by increasing the purchasing power of consumers.
Conversely, the high cost of contact lenses compared to spectacles hinders the growth of the market, restricting the sales. Nevertheless, rapidly dropping prices of contact lenses over recent years, alongside the massive demand from the fashion industries, would support the market growth to a great extent.
Global Contact Lenses Market – Competitive Analysis
Highly competitive, the contact lenses market appears to be fragmented owing to the presence of several well-established players. Strategic initiatives such as partnership, acquisition, expansion, collaboration, and product/ technology launch, remain the key strategies of market players to achieve competitive advantage.
Contact Lenses Industry/Innovation/Related News:
December 17, 2019 — 1-800 Contacts (the US), a leading online contact lens retailer, announced entering into a definitive written agreement to acquire a revolutionary start-up in Israel – 6over6 vision to support its expansion through cutting-edge optical technology focused on consumer accessibility and transforming the global vision care industry. 6over6 develops a Smartphone-based healthcare platform that offers mobile vision tests.
The deal is likely to close before the end of December 2019. The acquisition would allow 1-800 Contacts to deliver simple and affordable eye care solutions to its customers on an even larger scale, alongside the development of future solutions that will transform the global vision care market.
Contact Lenses Market Major Players:
Players leading the global contact lenses market include
- Novartis AG
- CooperVision Inc. (The Cooper Companies Inc.)
- Johnson & Johnson Services Inc.
- Bausch Health
- Seed Co. Ltd
- Neovision Co. Ltd
- Hoya Corporation
- Oculus Private Limited
- Menicon Co. Ltd.
- St. Shine Optical Co. Ltd.
- Camax Optical Corp.
Contact Lenses Market – Segments
The report is segmented into five main dynamics to widen the scope of understanding,
Global Contact Lenses Market, by Wear Type
- Daily Disposable Lenses
- Disposable Lenses
- Frequent Replacement Lenses
- Conventional Lenses
Global Contact Lenses Market, by Type
- Corrective Lens
- Therapeutic Lenses
- Cosmetic and Lifestyle Oriented Lens
Global Contact Lenses Market, by Material
- Silicone Hydrogel Soft Contact Lens
- Methacrylate Hydrogel Soft Contact Lens
- Gas-Permeable Contact Lens
Global Contact Lenses Market, by Design
- Spherical Lens
- Toric Lens
- Multifocal Lens
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Contact Lenses Market – Geographical Analysis
North America dominates the global contact lenses market. The significant market share of the region attributes to the growing vision problems and other eye diseases & disorders that can affect the eyesight. Moreover, increasing numbers of middle age populace and the rising vision problems in youngsters who are self-consciousness about their appearance support the regional market growth.
Furthermore, growing numbers of product launches alongside the presence of the leading players and their expansion strategies are estimated to act as a significant driving force for the growth of the contact lenses market in North America.
Europe stands second in the global contact lenses market, heading with a considerable increase in R&D activities and new product approvals. Moreover, rising rates of eyesight disorders and other eye diseases, alongside the growing number of middle-aged populations, foster regional market growth. The increasing focus of major market players to expand their business in the region drives enormous sales in the regional market. Growing with the well-spread awareness about eye care, the European contact lenses market is projected to register a 6.02% CAGR during the forecast period
The contact lenses market in the Asia Pacific region is growing briskly. Growing incidences of ocular diseases alongside, the availability of a range of cost-completive verities of contact lenses are driving the regional market growth. Large untapped needs among the hugely populated countries such as India and China, along with the spreading awareness about eye care, are anticipated to fuel the growth of the APAC contact lenses market, attracting many market players.
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