Contact Lenses Market to Reach USD 9.89 Billion in 2023 – Market Research Report by xResearch

According to a new market research report “Global Contact Lenses Market”, published by xResearch, global contact lenses market size accounted for USD 7.15 Billion in 2018. Further, the global contact lenses market forecast predicts that the market will reach USD 9.89 in 2023. The global contact lenses market growth is anticipated to be driven by rising prevalence of myopia and increasing inclination of patients towards contact lenses as compared to glasses. Global contact lenses market share accounted for XX% in global eyewear market.

Global contact lenses market research report is analyzed into type, design, product and distribution channel. On the basis of type, the market is segmented into rigid gas permeable contact lenses, soft contanalact lenses and hybrid contact lenses. In 2017, soft contact lenses account for the largest market share in global contact lenses market. Recent developments and innovations, such as drug delivering lenses in the contact lens technology and rising trends of contact lens adoption in various regional markets are expected to impel the growth of global contact lenses market over the forecast period.

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Based on design, the global contact lenses market is segmented into spherical, bifocal, multifocal and toric. The spherical contact lenses market grabbed the major share of global contact lenses market in 2017 and is expected to continue its dominance over the forecast period. Rising prevalence of myopia and hyperopia coupled with growing demand for spherical lenses is impelling the growth of the market.

The global contact market, by product, is segmented into corrective lenses, therapeutic lenses, cosmetic lenses and prosthetic lenses. The corrective contact lenses segment grabbed the largest percentage of global contact lenses market in 2017. Further, corrective contact lenses market is expected to flourish at a CAGR of 8.9% during the forecast period.

On the basis of distribution channel, the market is segmented into online stores and offline stores. In 2017, offline stores accounted for the highest percentage share of the market. Factors such as recommendations of contact lenses manufacturers to visit doctor are driving offline retailing of contact lenses market. However, it is believed that online stores will record significant growth during the forecast period on the account of growing penetration of contact lenses on e-commerce stores. Further, manufacturers are also focusing on omni-retailing strategy which bodes well for the growth of the market.

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The global contact lenses market analysis covers five regions, i.e. North America, Latin America, Europe, Asia Pacific and Middle East & Africa. In 2018, North America was held to account for the largest percentage of market share in global contact lenses market. Increasing prevalence of myopia in U.S. and Canada is believed to uplift the demand for contact lenses during the forecast period. Further, development of advanced and sustainable contact lenses is believed to supplement the growth of the market. Asia Pacific is anticipated to grow at highest CAGR during the forecast period. Countries such as China, India and Japan are witnessing the high demand for contact lenses. This can be attributed to increasing disposable income of the population coupled with growing demand for aesthetic contact lenses.

The major industry players in the market include Alcon Laboratories, Inc., Bausch + Lomb, Carl Zeiss AG, Abbott Medical Optics, Inc., CooperVision, Inc., Essilor International S.A., Johnson & Johnson Vision Care, Inc., SynergEyes, Inc., Hoya Corporation, Seed Co., Ltd. Alliances, mergers, and acquisitions are few of the major global contact lenses market trends being witnessed in the market.

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