Contact Lenses Market Insights and Trends
The Global Contact Lenses Market size is poised to mature a CAGR of 5.70% to reach USD 12.33 billion by 2025. During the prognosis period, the global contact lenses market is expected to see lucrative expansion. The rising prevalence of vision impairments and eye conditions and technical developments in the field of ophthalmology are some of the major factors characterizing the growth of the industry. In addition, changing habits and technical developments are also anticipated to fuel the worldwide demand for contact lenses, thus facilitating the growth of the industry. It is also anticipated that growing advancements in contact lenses with drug delivery capabilities would fuel consumer demand over the projected period. Growing demand for replacement contact lenses on a regular basis is expected to create potential contact lenses industry growth opportunities.
It is expected that untapped developing contact lenses market will create growth prospects for players in the market for contact lenses. The industry has seen a major growth in R&D investment in the field of optics and optometry. The contact lenses market has been propelled by advances such as the introduction of dynamic soft contact lenses combined with advanced technologies.
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The lack of ophthalmologists and regulatory hurdles, on the other hand, are expected to threaten demand development in the coming years to some degree. In addition, it is expected that the side effects associated with the use of contact lenses will hinder demand development over the projected period.
Contact Lenses Market Segment
The worldwide contact lenses market has been categorized into regular disposable lenses, disposable lenses, periodic replacement lenses, and traditional lenses based on wear type.
Corrective lenses, therapeutic lenses, and aesthetic and lifestyle-oriented lenses have been categorized into the global contact lens industry depending on form. In 2018, the corrective lens category held a share of 43.2%. By material, the global contact lenses market has been divided into soft contact lenses for silicone hydrogel, soft contact lenses for methacrylate hydrogel, gas-permeable contact lenses, and others.
The industry was categorized by nature as spherical lens, toric lens, multifocal lens, and others.
Contact Lenses Market Regional Assessment
The region-based global contact lenses market has been classified into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Owing to the growing population of contact lens wearers, the growing incidence of eye-related disorders and the increasing acceptance of cosmetic lenses among young people, the Americas dominates the global contact lens industry. About 40.9 million contact lens wearers in the US were 18 years or older in 2015, according to the Centers for Disease Control and Prevention, accounting for approximately 16.7 percent of the US adult population.
Leading to the growing use of contact lenses and rising instances of age-related eye disorders, the European region has the second-largest market share. During the 2019 to 2025 forecast period, this area is projected to rise at a CAGR of 6.02 percent.
Leading to the developing prevalence of eye disorders and the increasing acceptance of contact lenses by young people, Asia-Pacific is expected to be the fastest growing region in the global market. In addition, global corporations heading into developed countries and setting up organizational set-ups are expected to fuel contact lenses market growth.
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A moderate demand growth trend from 2019 to 2025 is projected to be seen in the contact lenses market in the Middle East & Africa. Business growth in the Middle East is expected to be powered by factors such as expanded collaborations or contact lenses marketing arrangements, the advancement of healthcare facilities, booming medical tourism, the rising healthcare industry and increasing knowledge of co-operation.
Contact Lenses Market Competitive Dashboard
The prominent players in the global 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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