Contact Lenses Market Scope
Market Research Future (MRFR) anticipates that the contact lenses market would procure a CAGR of 5.70% from 2020 to 2027. The contact lenses market size shall presumably reach USD 12,330.46 Million by the end of 2027.
Growth Boosters and Challenges
Corrective lenses are emerging quite popular as these rectify refractive errors and compensate for any type of visual deficiency, like presbyopia, astigmatism, and myopia hypermetropia/hyperopia. Therefore, the soaring cases of visual inaccuracies worldwide is bound to create a favorable business scenario for contact lenses in the future. Meanwhile, sales of soft contact lenses are picking up pace as well, as these are made of flexible and soft plastics like silicone hydrogel that offer eyes easy adaptability as well as comfort. Soft lenses are majorly used to correct ametropia.
Contact lenses can be used to replace spectacles, with more and more consumers progressively opting for these for better vision. Consumer preference for Plano sunglasses has surged as well since these elevate the aesthetic appeal. To accommodate the mounting demand across the globe, major manufacturers are focused on product innovation to improve quality and bolster sales.
Dramatic increase in the number of research & development activities in the optic & optometry fields is witnessed in the global market. Some of the key developments in recent years include soft contact lenses that are integrated with advanced technologies, which enhance their quality and appeal among consumers. The rising popularity of daily disposable contact lenses among consumers is touted to be a great opportunity for the manufacturers in the global market.
Contact Lenses Market Segmentation
Depending on wear type, the contact lenses industry caters to disposable lenses, daily disposable lenses, conventional lenses, and frequent replacement lenses.
Different types of contact lenses generally sold worldwide include therapeutic lenses, corrective lens, and cosmetic and lifestyle-oriented lens. Corrective lenses have secured the lead in the market, with the biggest share of 43.2% in 2018.
Material-based segments are methacrylate hydrogel soft contact lens, gas-permeable contact lens, silicone hydrogel soft contact lens, and others.
Contact lenses are available in a variety of designs, such as multifocal lens, spherical lens, toric lens, and others.
Contact Lenses Market Regional Analysis
The American market has achieved the highest position out of all the regions, mainly due to the booming sales of contact lenses by virtue of mounting burden of eye-related disorders. Soaring popularity of colored and cosmetic lenses, especially among the youth would also add to the market strength in the region. Moreover, companies and researchers in the region explore new technologies to induce product innovations while also focusing on R&D activities. The highest penetration of contact lenses can be seen in the United States, given the surging demand from the media and entertainment industries.
Asia Pacific is on track to attain the fastest growth in the next few years, in response to the growing of eye disorders along with the expanding market for colored lenses. Moreover, with several global multinational firms shifting to emerging countries and setting up their production units, the contact lenses industry is likely to receive a significant boost in the coming years. Surge in the purchasing capacity of the consumers in the region happens to be another major reason for the strong business growth. The market size in China will blossom rapidly in the future, particularly the cosmetic lens segment, considering the rapidly emerging beauty and grooming trends in the county.
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Contact Lenses Market Leading Companies
CooperVision, Inc. (The Cooper Companies Inc.), Bausch Health, Seed Co. Ltd, Menicon Co., Ltd, Novartis AG, Oculus Private Limited, St. Shine Optical Co., Ltd, Neovision Co, Ltd, Hoya Corporation, Johnson & Johnson Services Inc., Camax Optical Corp., are the top contact lens manufacturers in the worldwide market.
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