Contact Lenses Market Insight
Coronavirus claims and restrictions have led the businesses under various industries to slow down their growth pace, transactions, and more, which resulted in many losses and cause low revenue generation. Nevertheless, as the months went by, many businesses came back on its track and recovering at a speedy level. Out of other businesses is Global Contact Lenses Market 2020. Market Research Future brought the spotlight on all the details of the market and revealed that at a CAGR of 5.70%, the contact lenses market would generate revenue of USD 12,330.46 Million. The growth aspects are expected from the year 2016– 2025.
Contact Lenses Boomers & Decliners
The incidence of refractive errors is on the rise worldwide among both men and women. Rising digital screen time, accompanying the surged use of computers, Smartphones & tablets is playing a pivotal role in myopia development. With the COVID 19 pandemic showing no signs of receding schools the world over have adopted digital teaching methods, online classes & digital notes, as well as homework, have augmented the regular screen time of a child by beyond 4 to 5 hours per day. Thus, amplified digital screen viewing increases the risk of myopia among younger children with developing the structure of the eye, which would surge the market demand contact lenses.
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From the reports, MRFR has found that a public health crisis of evolving proportions, treatment for myopia & presbyopia will observe rising demand. Risks of surgical intervention have motivated preference for eyeglasses & contact lenses. At the same, contact lenses will also receive a higher preference in the future owing to aesthetic benefits & improved vision. Pediatric contact lenses are budding in popularity on the back of enhanced awareness & knowledge about the proper usage. Under these circumstances, contact lens solutions will witness a corresponding rise in demand.
Furthermore, demographic factors such as growing urbanization, aging population, and rise in diabetic incidences are anticipated to fuel market growth primarily. Consumers’ preference for high-quality products is also enabling companies to invest more and more in the research & development of innovative smart contact lenses. Thus, growing disposable income and an increase in the standard of living enable the young population to wear cosmetic contact lenses. Growing investments in logistics & warehouses facilities, coupled with the expansion in the whole e-commerce business, are also facilitating the rising product demand over the forecast timeframe.
Contact Lenses Market Segment Review
From the segment of type viewpoint, the global contact lenses market has included disposable lenses, daily disposable lenses, conventional lenses, and frequent replacement lenses.
From the type segment, the contact lenses market has included therapeutic lenses, corrective lenses, and cosmetic and lifestyle-oriented lens. Among these, the corrective lens segment occupied a share of 43.2% in the year 2018.
The contact lenses market, by material segment, has included gas-permeable contact lens, methacrylate hydrogel soft contact lens, silicone hydrogel soft contact lens, and more.
By the segment of design, the contact lenses market has classified into the multifocal lens, toric lens, spherical lens, and others.
Contact Lenses Market Regional Framework
The report suggests that the Americas lead the global contact lenses market in support of the rising population of contact lens wearers, the rising popularity of cosmetic lenses among the youth, and the growing prevalence of eye-related diseases. As per the Centers for Disease Control and Prevention, in the year 2015, approximately 40.9 million contact lens wearers in the US were used by 18 years or older, which accounted for around 16.7% of the US adult population.
The European region occupies the second-largest contact lenses market share owing to the sky-scraping adoption of contact lenses and escalating occurrences of age-related eye diseases. This region is thus expected to expand at a CAGR of 6.02% during the assessment period of 2019 to 2025.
Asia-Pacific is also to be the fastest-growing region in the global contact lenses market owing to the mounting prevalence of eye disorders and the growing adoption of contact lens among the youth. In fact, multinational companies are moving towards the developing nations and setting operational set-ups, which is possible to force the growth of the market.
The contact lenses market in the Middle East & Africa is expected to witness a modest market growth rate from 2019 to 2025 attributing to factors such as escalating partnerships or agreements to commercialize contact lenses, developing advanced healthcare infrastructure, mounting healthcare industry, as well as raising awareness about contact lenses.
Contact Lenses Market Vendors Landscape
The prominent vendors in the global contact lenses market are Novartis AG, CooperVision, Inc. (The Cooper Companies Inc.), Johnson & Johnson Services Inc., Neovision Co, Ltd, Bausch Health, Menicon Co., Ltd, Hoya Corporation, Camax Optical Corp., Oculus Private Limited, and St. Shine Optical Co., Ltd.
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