Contact Lenses Market Size, Growth and Share 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, Forecast till 2025
Contact Lenses Market Trends and Insights
As per the research conducted by Market Research Future (MRFR), the global contact lenses market size is estimated to record a CAGR of 5.70%, while garnering the market value of USD 12,330 million by 2025. Prolonged exposure of eyes to laptops and mobile phones due to the office work, and increased enthusiasm towards social media can weaken the eyesight, which is projected to be one of the most significant factors driving the global contact lenses market 2020.
The growing demand to eliminate the usage of spectacles and enhance the aesthetic appearance is additionally likely to surge the demand for contact lenses. Moreover, the accelerating demand for daily disposable lenses and cosmetic lenses is anticipated to boost the demand for contact lenses, resultantly underpinning the market expansion.
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On the other hand, eye infections caused due to the usage of contact lenses is predicted to hamper the market growth. However, the ongoing R&D on contact lenses, along with the above-stated factors, are likely to counter the impeding factor during the forecast period.
Contact Lenses Market Segmentation
The segment analysis of the global contact lenses market is done by wear type, type, design, and material.
The wear type-based segments of the global contact lenses market frequent replacement lenses, disposable lenses, and conventional lenses.
The type-based segments of the global contact lens market are therapeutic lenses, corrective lenses, and cosmetic and lifestyle-oriented lenses.
The design-based segments of the global contact lenses market are the toric lens, spherical lens, multifocal lens, and others.
The material-based segments of the global contact lenses market are methacrylate hydrogel soft contact lens, silicone hydrogel soft contact lens, gas-permeable contact lens, and others.
Contact Lenses Market Regional Analysis
Based on the region, the global contact lenses market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
MRFR has predicted that the global contact lenses market size is projected to be dominated by the Americas on account of securing the largest market share during the review period. The increasing prevalence of weak eyesight, and the rising adoption of cosmetic lenses among the youth are recognized to be some of the most significant factors fueling the regional market during the forecast period. The US and Canada are projected to underpin the domination of the Americas during the evaluation period.
Europe is estimated to be a lucrative contact lenses market during the review period due to the increasing eye-related ailments along with the growing demand for lenses. Countries like the UK, Germany, France, and Spain are likely to make significant contribution in boosting the regional market.
The APAC contact lenses market share is anticipated to be the fastest-growing region due to the increasing adoption of contact lenses and the growing ailment associated with eyes. Further, the region is predicted to produce significant demand for cosmetic lenses owing to their recent growing popularity. In addition, the rising investments by the established players in the APAC region is projected to accelerate the market growth.
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The MEA region is predicted to acquire the last position. However, the market is projected to grow substantially during the forecast period owing to the increased awareness about the contact lenses. Further, the agreements to commercialize the contact lenses are anticipated to propel the regional market additionally in the coming period.
Contact Lenses Market Key Players
The renowned players of the global contact lenses market are Neovision Co, Ltd, Novartis AG, Seed Co. Ltd, Oculus Private Limited, Hoya Corporation, Camax Optical Corp., Menicon Co., Ltd, CooperVision, Inc. (The Cooper Companies Inc.), Bausch Health, Johnson & Johnson Services Inc., and St. Shine Optical Co., Ltd.
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