Contact Lenses Market Size
The size of the global contact lenses market is estimated to escalate at a CAGR of 7.68% from 2020 to 2025 and will worth USD 20.2 Billion by 2025.
Key market drivers:
Steady growth in the capital income in both developed and developing countries is leveraging the growth rate of the global contact lens market. On-going R & D activities in favor of the end-users are also to propel the demand of the contact lenses market. In addition, the rise in the prevalence to correct vision defects is elevating the growth of the market to the extent. An increasing number of people with myopia across the globe is certain to bolster the demand of this market. Escalating expenditure on ophthalmic products is solely to boost up the growth rate of the market. The rise in awareness over the use of contact lenses through campaigns and digital advertisements is ascribed to set growth opportunities for market growth. Additionally, the growing elderly population is leveling up the demand for the contact lenses market.
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Significant Challenges:
However, a dearth in the number of ophthalmic professionals in hospitals and clinics, especially in rural areas, is slowly hampering the demand of the market. Strict rules and regulations in approving new products by government organizations are also impeding market growth.
Impact of Covid-19 On the Global Contact Lenses Market:
COVID-19 pandemic is showing drastic changes in every sector. The coronavirus disease has spread to many countries in the world and impacted negatively on the economies of those countries. According to the Euro lens Research survey, there is a reduction of contact lens users up to 75% in April 2020 due to lockdown restrictions and decreased supply of daily/weekly wear lenses. The topmost key players have a flattened curve growth rate during this period, with the movement restrictions around. The demand comes to normal post the coronavirus crisis. Adaption of the latest business strategies according to government regulation and the launch of e-commerce stores by market players may propel the demand of the contact lenses market during the COVID-19 outbreak.
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This research report on the global contact lenses market has been segmented & sub-segmented into the following categories:
Contact Lenses Market – By Material:
- Soft Contact Lenses
- Silicone Hydrogel Lenses
- Rigid Gas Permeable (RGP) Contact Lenses
- Hybrid Contact Lenses
- Polymethyl Methacrylate (PMMA) Contact Lenses
Contact Lenses Market – By Application:
- Therapeutic Contact Lenses
- Cosmetic Contact Lenses
- Corrective Contact Lenses
- Prosthetic Contact Lenses
Contact Lenses Market – By Design:
- Spherical
- Bifocal
- Orthokeratology
- Toric
Contact Lenses Market – By Modality:
- Conventional
- Disposable
- Daily
- Monthly
- Other Disposable Modalities
Contact Lenses Market – By Distribution Channel:
- Eye Hospitals and Spectacle stores
- Online
Contact Lenses Market – By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Geographically, North America is one of the leading regions in the global contact lens market. The launch of innovative products with the adoption of advanced technologies in laboratories is majorly accelerating the demand of the market. Constant economic growth is also ascribed to propel the growth rate of the market.
Europe is next to North America in ruling the significant shares of the Market, By owing to increasing incidences of visual inaccuracies in the young population. The growing demand for contact lenses due to its advantages is greatly influencing the demand of the market. Also, spending on the use of contact lenses has been increased with the rise in disposable income in urban areas. The aforementioned factor is also lucratively fuelling the demand of the market.
Asia Pacific is thriving to hit the highest CAGR in the coming years. According to WHO, the number of people with myopia and high myopia in India, China, Japan, and Singapore is very high. It is also estimated that around 4949 million and 925 million people are going to be affected with myopia and high myopia respectively across the globe.
Latin America and the Middle East, and Africa are deemed to show the fastest growth rate in the foreseen years.
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Key Market Participants:
Companies that are playing a dominating role in the global contact lenses market profiled in this report are Johnson & Johnson, Novartis, Bausch & Lomb, Cooper Vision, Hydrogel Vision Corp, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Carl Zeiss AG, CIBA Vision, Essilor International and Contamac.
List of Tables and Figures of the report:
- Global Contact Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Contact Lenses Market, By Material, From 2020 to 2025 (USD Million)
- Global Soft Contact Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Silicone Hydrogel Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Rigid Gas Permeable (RGP) Contact Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Hybrid Contact Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Polymethyl Methacrylate (PMMA) Contact Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Contact Lenses Market, By Application, From 2020 to 2025 (USD Million)
- Global Therapeutic Contact Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Cosmetic Contact Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Corrective Contact Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Prosthetic Contact Lenses Market, By Region, From 2020 to 2025 (USD Million)
- Global Contact Lenses Market, By Design, From 2020 to 2025 (USD Million)
- Global Spherical Market, By Region, From 2020 to 2025 (USD Million)
- Global Bifocal Market, By Region, From 2020 to 2025 (USD Million)
- Global Orthokeratology Market, By Region, From 2020 to 2025 (USD Million)
- Global Toric Market, By Region, From 2020 to 2025 (USD Million)
- Global Contact Lenses Market, By Modality, From 2020 to 2025 (USD Million)
- Global Conventional Market, By Region, From 2020 to 2025 (USD Million)
- Global Disposable Market, By Region, From 2020 to 2025 (USD Million)
- Global Contact Lenses Market, By Distribution Channel, From 2020 to 2025 (USD Million)
- Global Eye Hospitals and Spectacle stores Market, By Region, From 2020 to 2025 (USD Million)
- Global Online Market, By Region, From 2020 to 2025 (USD Million)
- Global Contact Lenses Market, By Disposable, From 2020 to 2025 (USD Million)
- Global Daily Market, By Region, From 2020 to 2025 (USD Million)
- Global Monthly Market, By Region, From 2020 to 2025 (USD Million)
- Global Other Disposable Modalities Market, By Region, From 2020 to 2025 (USD Million)
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Browse Regional Reports:
- North America Contact Lenses Market
- Europe Contact Lenses Market
- Asia Pacific Contact Lenses Market
- Latin America Contact Lenses Market
- MEA Contact Lenses Market
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