Contact Lenses Market Analysis
Global Contact Lenses Market size is expected to reach USD 12,330.46 Million at a 5.70% CAGR by 2025, says Market Research Future (MRFR). The prevalence of eyesight disorders, such as myopia, astigmatism, hyperopia, and presbyopia, is growing continuously. Besides, vitamin A deficiency and accident cases are rising profusely over the past few years. Also, contact lenses do not fog up or get splattered by mud or rain, which notably increases their usages in sports and other physical activities. Advances in technologies have brought about many novel innovations in terms of design and functionalities of contact lenses. Some of these innovations include smart contact lenses that overlay information without obscuring the view and therapeutic contact lens that delivers preservative-free bimatoprost to the eye to treat glaucoma.
The Global Contact Lenses Market size is growing rapidly. Market growth mainly attributes to the growing eyesight refractive issues among people. Besides, the huge popularity of contact lenses is the key driving force behind the growth of the market. Unlike spectacles, lenses can move with the eyeballs, which allow a natural field of view and considerably reduces distortions. This is a key reason, which increases not only the adoption but also the popularity of contact lenses.
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Moreover, the rising global economy excellently fosters the contact lenses market share, enabling access to the quality of life by increasing consumers’ purchasing power.On the other hand, the costs of contact lenses, which are slightly on a higher side than spectacles, restrict market growth. Nevertheless, rapidly dropping prices of contact lenses, alongside the massive demand from the fashion industries, would support the market growth throughout the estimated period.
Such eyesight disorders create huge market demand. Moreover, a general belief among people that wearing spectacles affects their appearance escalates the market growth to further height. Additionally, socio-cultural factors, such as the influence of media, fashion & film industry, and peer pressure for appearance & beauty, etc. substantiate contact lenses market size.
Contact Lenses Market Segmentation
By Wear Type, the contact lenses market is segmented into Disposable Lenses, Daily Disposable Lenses, Conventional Lenses, and Frequent Replacement Lenses.
By Material, the contact lenses market is segmented into Methacrylate Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens, Silicone Hydrogel Soft Contact Lens, and others.
By Type, the contact lenses market is segmented into Therapeutic Lenses, Corrective Lens, and Cosmetic & Lifestyle Oriented Lenses.
By Design, the contact lenses market is segmented into Toric Lens, Multifocal Lens, Spherical Lens, and others.
Contact Lenses Market Competitive Analysis
The contact lenses market appears highly competitive, with many well-established players forming a competitive landscape. To gain a larger competitive share, acquisition, collaboration, expansions, and product/ technology launch remain key strategies of market players.
Johnson & Johnson Services Inc., Novartis AG, CooperVision, Inc., Bausch Health, Seed Co. Ltd., Hoya Corporation, Neovision Co, Ltd., Oculus Private Limited, St. Shine Optical Co., Ltd., Menicon Co., Ltd., and Camax Optical Corp, are some of the players active in the market.
Contact Lenses Market Regional Analysis
North America leads the global contact lenses market. The significant market share attributes to prevailing vision problems and eye diseases & disorders affecting the eyesight. Besides, the presence of many key industry players and middle age populaces boost the growth of the market.
There is significant self-consciousness about appearance among overall demographics. Moreover, vision problems in youngsters push market growth further. Furthermore, growing numbers of product launches and expansion strategies adopted by market players are estimated increasing contact lenses market size in North America.
Europe accounts for the second-largest contact lenses market share. The market is predominantly driven by the considerable increase in R&D and rising product approvals in the region. Moreover, increasing rates of eyesight disorders and diseases, alongside the growing number of middle-aged populations in the region, foster the growth of the market.
Additionally, the increasing focus of various key market players to expand their business in this region drives market sales enormously. The European contact lenses market is estimated to grow further at a CAGR of 6.02% during the assessment period.
The Asia Pacific contact lenses market is rapidly emerging as a profitable market globally. Factors such as the growing incidences of ocular diseases and availability of a range of cost-completive contact lenses drive the regional market growth. Also, rapid economic growth in the region, alongside the improving lifestyles of demographics, fuels the growth of the APAC contact lenses market. Large untapped needs and spreading awareness about eye care in populous countries such as India and China, attract many market players.
Bausch + Lomb (the US), a leading global eye health business, announced receiving the Chinese National Medical Products Administration approval for its BAUSCH + LOMB ULTRA® monthly silicone hydrogel contact lenses. These contact lenses featuring MOISTURESEAL® technology that maintains 95% of lens moisture for over 16 hours are available in China now.
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