Contact Lens Market Trends, Size Estimation, Research Analysis, Growth Statistics and Global Industry Analysis by 2027

Contact lens market

Contact Lens Market Size, Growth and Trend Analysis by Wear Type, Type, Material and Design, Forecast to 2027

NEW YORK, NEW YORK, UNITED STATES OF AMERICA, January 10, 2022 / – Market overview

the contact lens market is expected to register a CAGR of 5.70% to reach $ 12,330.46 million by 2025. An aging population and unmet demand for lenses in developing countries are two major drivers of the lens industry of contact. With advancements in technology and increasing consumer awareness of eye health, more and more people are having their eyes checked to decide what type of lenses they need. As a result, the global demand for contact lenses is increasing, propelling the contact lens market forward.

Contact lens manufacturers are constantly experimenting with new techniques to create the ideal pair of lenses that meet all of their customers’ needs at an affordable price range. In addition, they aim to make their new designs look better and more comfortable for consumers who use them regularly.

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Contact lenses have grown in popularity in recent years because of their array of benefits that extend beyond vision repair. Nowadays, contact lenses are worn for cosmetic purposes, such as increasing color and decreasing wrinkles and age spots. In addition, there is a growing number of alternatives for people with nearsightedness, farsightedness or astigmatism. So, as the demand for contact lenses increases, producers will have more options to reach consumers, resulting in a lucrative contact lens industry in the future.

The beginnings of COVID-19 have significantly affected global demand for contact lenses. The biggest players in the market have reported a reduction in revenue from glass sales due to the COVID-19 outbreak. Income was much lower during the downtime which was attributed to a decrease in the use of these gadgets. Although there is no evidence linking the use of contact lenses to the transmission of COVID-19, some health organizations have advocated switching to glasses to prevent the spread of the infection.

Segment analysis

The global contact lens market has been categorized by type of usage into daily disposable lenses, disposable lenses, frequently replaced lenses, and traditional lenses.

The global contact lens market has been segmented into three segments: corrective lenses, therapeutic lenses, and cosmetic and lifestyle lenses.

The global contact lens market has been divided by silicone hydrogel soft contact lens material, methacrylate hydrogel soft contact lenses, and gas permeable contact lenses.

The global contact lens market has been segmented into spherical lenses, toric lenses, multifocal lenses, and others on the basis of their design.

Regional overview

The global contact lens market has been segmented into four regions: Americas, Europe, Asia-Pacific, Middle East and Africa.

The Americas are expected to represent the majority of the global contact lens market. The growing population of contact lens wearers, the increasing prevalence of eye disease, the growing adoption of cosmetic lenses among the younger population, and the significant investments by the United States and Canada in research and development are all likely to support dominance of the Americas during the forecast period.

The European market has grown significantly due to the widespread use of contact lenses and an increase in the prevalence of age-related eye diseases in countries such as UK, Germany, France and the ‘Spain.

Asia-Pacific is expected to grow at the fastest pace in the global market, due to the increasing prevalence of eye problems and the increased adoption of contact lenses among young people. In addition, increased investments by major market players in the Asia-Pacific region are expected to fuel the market expansion.

The contact lens market in the Middle East and Africa is expected to grow due to increased awareness of contact lenses, as well as increased collaborations and agreements to market contact lens products.

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Competitive dynamics

Notable market players 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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