The Global Contact Lenses Market is expected to register a CAGR of 5.70% to reach USD 12,330.46 Million by 2025.
A contact lens is a thin curved lens, worn on the surface of the eyeball by people with compromised vision. The global contact lenses market is expected to exhibit lucrative growth during the forecast period. Some of the major factors characterizing the market growth are the increasing prevalence of visual impairments and eye disorders, and technological advancements in the field of ophthalmology. However, the side-effects associated with the usage of contact lenses is anticipated to limit the market growth over the forecast period.
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Market Dynamics
Contact lenses are normally thin plastic-like lenses, that are worn on the surface of the eyeball to improve vision. Contact lenses are medical devices regulated by the US Food and Drug Administration (FDA), however, cosmetic and prescription contact lenses require to be prescribed The increasing adoption of contact lenses for correction of multiple vision defects including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia is likely to drive the growth of the global contact lenses market during the forecast period. For instance, according to the International Myopia Institute, the occurrence of myopia is growing rapidly and by 2050 almost 50% global population is expected to be myopic. Moreover, changing lifestyle, and technological advancements are also anticipated to fuel the demand for contact lenses across the world, thereby supporting the market growth.
Segmentation
On the basis of wear type, global contact lenses market has been classified into daily disposable lenses, disposable lenses, frequent replacement lenses, and conventional lenses.
The global contact lenses market based on type has been divided into the corrective lens, therapeutic lenses, and cosmetic and lifestyle-oriented lens. The corrective lens segment held a share of 43.2% in 2018.
The global contact lenses market, by material, has been segregated into silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others.
By design, the market has been classified as spherical lens, toric lens, multifocal lens, and others.
Regional Analysis
The global contact lenses market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas dominates the global contact lenses market owing to the increasing population of contact lens wearers, growing prevalence of eye-related diseases, and the rising popularity of cosmetic lens among the youth. According to the Centers for Disease Control and Prevention, in 2015, an approximate of 40.9 million contact lens wearers in the US was 18 years or older, which accounted about 16.7% of the US adult population.
The European region holds the second-largest market share owing to the high adoption of contact lenses and increasing occurrences of age-related eye diseases. This region is expected to grow at a CAGR of 6.02% during the forecast period of 2019 to 2025.
Asia-Pacific is estimated to be the fastest-growing region in the global market due to the rising prevalence of eye disorders and growing adoption of contact lens among the youth. Additionally, multinational companies moving towards the developing nations and setting operational set-ups, this is likely to drive 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. The Middle East is projected to lead the market growth, attributing to factors such as increasing partnerships or agreements to commercialize contact lenses, developing healthcare infrastructure, flourishing medical tourism, growing healthcare industry, and rising awareness about contact lenses.
Key Players
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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