Contact Lenses Market Overview
The contact lenses market is expected to reach USD 12,330.46 Million by 2025 at register a CAGR of 5.70%, says Market Research Future (MRFR). Corrective lenses are emerging quite popular as these rectify refractive errors and compensate for any type of visual deficiency, like presbyopia, astigmatism, and myopia hypermetropia/hyperopia. Therefore, the soaring cases of visual inaccuracies worldwide is bound to create a favorable business scenario for contact lenses in the future. Meanwhile, sales of soft contact lenses are picking up pace as well, as these are made of flexible and soft plastics like silicone hydrogel that offer eyes easy adaptability as well as comfort. Soft lenses are majorly used to correct ametropia.
Dramatic increase in the number of research & development activities in the optic & optometry fields is witnessed in the global contact lenses market. Some of the key developments in recent years include soft contact lenses that are integrated with advanced technologies, which enhance their quality and appeal among consumers. The rising popularity of daily disposable contact lenses among consumers is touted to be a great opportunity for the manufacturers in the global contact lenses market.
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Contact lenses have grown in popularity in recent years due to their spectrum of benefits that extend beyond vision repair. Nowadays, contact lenses are worn for cosmetic purposes, such as increasing color and diminishing wrinkles and age spots. Additionally, there are an expanding number of alternatives for those who are near sighted, farsighted, or astigmatic. Thus, as demand for contact lenses increases, producers will have more options to reach consumers, resulting in a lucrative contact lenses industry in the future.
COVID-19’s debut greatly harmed global demand for contact lenses. The market’s largest players reported a reduction in revenue from lens sales as a result of the COVID-19 outbreak. Revenues were much lower during the shutdown time, which was attributed to decreased utilisation of these gadgets. Although there was no evidence linking contact lens use to the transmission of COVID-19, some healthcare organisations advocated switching to spectacles to avoid infection spread.
Contact Lenses Market Segmental Analysis
The worldwide c has been categorised according to use type into daily disposable lenses, disposable lenses, frequently replaced lenses, and traditional lenses.
The global contact lenses market has been segmented into three segments: corrective lenses, therapeutic lenses, and cosmetic and lifestyle lenses.
The worldwide contact lenses market has been split by material into silicone hydrogel soft contact lenses, methacrylate hydrogel soft contact lenses, and gas-permeable contact lenses.
The worldwide contact lenses market has been segmented into spherical lens, toric lens, multifocal lens, and others based on design.
Contact Lenses Market Regional Overview
The American contact lenses market has achieved the highest position out of all the regions, mainly due to the booming sales of contact lenses by virtue of mounting burden of eye-related disorders. Soaring popularity of colored and cosmetic lenses, especially among the youth would also add to the market strength in the region. Moreover, companies and researchers in the region explore new technologies to induce product innovations while also focusing on R&D activities. The highest penetration of contact lenses can be seen in the United States, given the surging demand from the media and entertainment industries.
Europe will remain the second highest gainer all through the analysis timeframe, thanks to the vast population of contact lens wearers and the surging cases of age-related eye disorders. As
Asia Pacific is on track to attain the fastest growth in the next few years, in response to the growing of eye disorders along with the expanding contact lenses market for colored lenses. Moreover, with several global multinational firms shifting to emerging countries and setting up their production units, the contact lenses industry is likely to receive a significant boost in the coming years. Surge in the purchasing capacity of the consumers in the region happens to be another major reason for the strong business growth. The market size in China will blossom rapidly in the future, particularly the cosmetic lens segment, considering the rapidly emerging beauty and grooming trends in the county.
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Contact Lenses Market Competitive Dynamics
The notable players of the contact lenses market are Johnson & Johnson Services Inc., Novartis AG, CooperVision, Inc. (The Cooper Companies Inc.), Bausch Health, Neovision Co, Ltd, Seed Co. Ltd, Hoya Corporation, Menicon Co., Ltd, Oculus Private Limited, Camax Optical Corp., and St. Shine Optical Co., Ltd.
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