Contact Lenses Market to be Valued USD 19.35 Billion in the Next Five Years | TechSci Researchby Shipra J. Market Research for Better Business Growth
Growing prevalence of optical disorders, increasing preference for contact lens over prescription eyeglasses and increasing disposable incomes is driving the growth of Global Contact Lenses Market through 2026.
According to TechSci Research report, , the global contact lenses market stood at USD13.73 billion in 2020 and is further anticipated to grow at a CAGR of 6.25% during the forecast period. This can be ascribed to the growing prevalence of various eye problems such as myopia, hypermetropia, astigmatism, presbyopia, among others. Additionally, rise in the number of visual inaccuracies is expected to drive the market growth. However, pandemic affected the growth of this market as people were at home, offices were closed and therefore individuals preferred eyeglasses over contact lenses. Furthermore, limitation of trained ophthalmologists and opticians might hamper the growth of the market. However, due to the existence of regulatory barriers and the shortage of trained ophthalmologists and opticians, the global contact lenses market is likely to get subdued.
Global contact lenses market can be segmented by modality, by design, by material type, by application, by distribution channel, by region. In terms of material type, the market can be segmented into silicon hydrogel, hydrogel, gas permeable contact lenses, and others. Among them, silicon hydrogel contact lenses category is expected to dominate the market through 2026 with a share of around 49.93% since these lenses are comfortable to wear hence more in demand. Additionally, they offer higher oxygen permeability as compared to their counterparts thereby driving the segmental growth. Based on distribution channel, the market is segmented into retail stores, hospital & clinics and online. Among them, the online segment is expected to witness significant growth in the market during the forecast period on account of the associated benefits such as they offer variety of contact lenses to choose from and some of them also offer products at discounted price. Some of these e-commerce sites are also introducing online testing, where one can check the status of their eyes and take professional advice, thereby driving the segmental growth.
Bausch & Lomb, Inc., Essilor International S.A., Johnson & Johnson, CooperVision, Inc., Contamac Holdings Limited, Hoya Corporation, SynergEyes, Inc., X-Cel Specialty Contacts, STAAR Surgical Company, Carl Zeiss Meditec AG, Seed Co., Ltd., Menicon Co., Ltd., Alcon., Inc., UltraVision CLPL, Benq Materials Corporation, among others are some of the leading players operating in global contact lenses market. Product launches and partnerships with suppliers and distributors are some of the strategies that are adopted by the leading players in order to strengthen their product portfolio. For instance, Mark´Ennovy Personalized Care, a European contact lens manufacturer, collaborated with Capricornia Contact Lens Pty. Ltd., a contact lenses distributor and manufacturer. Recently, in August 2020, 2.75 cylinder for Biotrue ONE Day for Astigmatism daily disposable contact lenses were launched by Bausch+Lomb whereas in the same month Menicon announced the opening of the Menicon Future Device Research Laboratory in Japan.
“North America is expected to dominate the global contact lenses market during the forecast period owing to the high per capita disposable income of the population in the region and technological advancements in contact lenses industry. However, Asia-Pacific region is anticipated to undergo fastest growth in the coming years owing to the increasing number of people suffering from various eye disorders. The growing focus of government in developing countries such as India on creating vision care awareness and increasing expenditure on healthcare are some other factors making Asia-Pacific a promising market for contact lens industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
has evaluated the future growth potential of global contact lenses market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global contact lenses market.
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Created on Mar 12th 2021 02:55. Viewed 63 times.