Contact Lenses Market Overview and Trends
The Global Contact Lenses Market share is expected to reach USD 12,330.46 million at a 5.70% CAGR between 2019-2025, as per the recent Market Research Future (MRFR) report. A contact lens, simply put, is a thin plastic lens that is placed directly on the eyeball to correct the vision. Conventional lenses, frequent replacement lenses, disposable lenses, and daily disposable lenses, among others are the different contact lenses available in the market.
Numerous factors are adding to the global contact lenses market growth. These factors, according to the recent MRFR report, include increasing adoption of contact lenses to correct various vision defects, rising prevalence of chronic eye diseases, increasing incidence of myopia in children, rising prevalence of diabetes, and growing urbanization. The increasing popularity of contact lenses as a fashion accessory, rising geriatric population, and increasing use of mobile phones, laptops, and other gadgets are also adding market growth.
On the contrary, the high cost of contact lenses and lack of trained ophthalmologists may limit the global contact lenses market growth over the forecast period.
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Contact Lenses Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the global contact lenses market based on wear type, type, material, and design.
By wear type, the global contact lenses market is segmented into conventional lenses, frequent replacement lenses, disposable lenses, and daily disposable lenses. Of these, daily disposable lenses will lead the market over the forecast period for greater comfort.
By type, the global contact lenses market is segmented into cosmetic & lifestyle-oriented lens, therapeutic lens, and corrective lens. Of these, corrective lens will dominate the market over the forecast period.
By material, the global contact lenses market is segmented into gas-permeable contact lens, silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, and others. Of these, the silicone hydrogel soft contact lens will have the largest share in the market over the forecast period.
By design, the global contact lenses market is segmented into multifocal lens, toric lens, spherical lens, and others. Of these, multifocal lens will have a major share in the market over the forecast period.
Contact Lenses Market Regional Analysis
By region, the global contact lenses market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), and the Middle East & Africa. Of these, the Americas will command the largest share in the market during the forecast period. Factors adding to the contact lenses market in the region include the growing popularity of cosmetic lens, especially among the youth, rising incidence of eye-related diseases, and increasing population of contact lens wearers.
The global contact lenses market in Europe will hold the second-largest share over the forecast period for the rising occurrence of age-related eye diseases and increasing use of contact lenses. It is likely to grow at a 6.02% CAGR.
The global contact lenses market in the APAC region is predicted to grow at a fast pace over the forecast period. Factors adding to the contact lenses market in the region include increasing adoption of contact lens and rising cases of eye disorders.
The global contact lenses market in the MEA will have modest growth over the forecast period. The Middle East will dominate the market for increasing awareness about contact lenses, the growing healthcare industry, flourishing medical tourism, developing healthcare infrastructure, and increasing agreements or partnerships to commercialize lenses.
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Contact Lenses Market Key Players
Eminent players profiled in the global contact lenses market report include St. Shine Optical Co., Ltd, Camax Optical Corp., Oculus Private Limited, Menicon Co., Ltd, Hoya Corporation, Seed Co. Ltd, Neovision Co, Ltd, Bausch Health, CooperVision, Inc. (The Cooper Companies Inc.), Novartis AG, and Johnson & Johnson Services Inc.
Contact Lenses Industry News
Mojo Vision is developing Mojo Lens, the world’s first-ever true smart contact lens. It will have a built-in display that will offer people the timely and useful information they require sans losing focus on the world and people around them or looking at a screen.
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