Contact Lenses Market Overview
Contact lenses have been used to correct astigmatism, improve night vision, and even allow patients to view infrared light for cosmetic and medicinal purposes. The contact lens market is predicted to grow at a 5.70 percent CAGR, reaching USD 12,330.46 million during the forecast period.
The contact lens market is predicted to rise due to an aging population and unmet demand for lenses in developing countries. The usage of contact lenses for cosmetic purposes, such as boosting color, will make the contact lenses business attractive in the future.
Contact Lenses Market Segmental Analysis
The contact lenses market includes disposable lenses, frequent replacement lenses, daily disposable lenses, and conventional lenses by wear type. The contact lenses market includes toric, spherical, and multifocal lenses by design. By material, the contact lenses market includes methacrylate hydrogel soft contact lenses, silicone hydrogel soft contact lenses, and gas-permeable contact lenses. The contact lenses market includes therapeutic, corrective, cosmetic, and lifestyle-oriented lenses by type.
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Contact Lenses Market Regional Analysis
The North American market conquered the global market due to the increasing patient group suffering from refractive errors, increased patient awareness of vision correction treatment, and industry competitors’ increased focus on strategic alliances and collaborations. The European market had the second-largest share of the worldwide market. This is due to the huge customer pool suffering from myopia and presbyopia, as well as the increased use of advanced goods in the region and regulatory approvals for innovative lenses. On the other hand, the Asia Pacific market is predicted to develop at the fastest rate over the forecast period. The increased prevalence of visual impairment in the region and enhanced diagnostic procedures for ocular disorders at the in-house laboratories of ophthalmologists’ clinics and hospitals are propelling the market in Asian countries forward. Furthermore, intensifying disposable income in the region’s emerging economies creates favorable conditions for market expansion.
Contact Lenses Market Competitive Analysis
Unique socio-economic issues are expected to impact the global contact lenses market during the projected period. Incorporating digitalized processes into organizations is expected to boost the industry shortly. In light of the current circumstances produced by the worldwide pandemic, organizations can intensify their responsiveness and crisis response significantly in the next years. The market is expected to enter a resurgent era of growth soon. The market is also expected to make substantial advancements in sectors like AI design and distributed cloud, where major digital expenditures are expected. The stimulating influence of analytics on corporate value is expected to drive creativity and more strategic strategies before long. In the future years, the influence of automation is expected to trickle down to practically every aspect of business operations, fostering the global market growth. The market players’ future strategies are expected to benefit from the consistent increase in bottom-line performance.
The central contenders in the contact lenses market are Novartis AG, CooperVision, Inc. (The Cooper Companies Inc.), Camax Optical Corp., Bausch Health, Neovision Co, Ltd, Seed Co. Ltd, Hoya Corporation, Johnson & Johnson Services Inc., Menicon Co., Ltd, Oculus Private Limited, and St. Shine Optical Co., Ltd.
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Contact Lenses Market News
The FDA has authorized Johnson & Johnson Vision Care’s Acuvue Theravision with Ketotifen disposable contact lenses. According to the manufacturer, each lens is made of etafilcon A material and includes 19 mcg of the antihistamine ketotifen. These are the first FDA-approved drug-eluting contact lenses already accessible to patients in Japan and Canada. Acuvue Theravision with Ketotifen daily disposable lenses are “indicated for the prevention of ocular itch due to allergic conjunctivitis and provide vision correction in patients who do not have red eyes, are suitable for contact lens wear, and have less than 1.00 D of astigmatism,” according to the company.
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