Contact Lenses Market | Ongoing Trends and Recent Developments | Major Key Players like Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), Carl Zeiss Meditech AG (Germany)

Growing prevalence of myopia, growing geriatric population, and increasing preference for contact lens over prescription eyeglasses are the major factors driving the growth of this Contact Lenses Market. On the other hand, the shortage of trained ophthalmologists and regulatory barriers in the market are some of the factors restraining the market growth. The report analyzes the global market by product type (including model, design, material, color variation, and application), distribution channel, and region.

What the Contact Lenses Market Looks Like?

Predicted to grow at a CAGR of 4.9% during the forecast period, the Global Contact Lenses Market is estimated to reach USD 9.2 Billion by the end of 2023. In 2017, North America accounted for the largest share of the market.

Based on the design, the Contact Lenses Market is categorized into spherical, toric, multifocal/bifocal, monovision, and cosmetic contact lenses. The multifocal/bifocal contact lenses are estimated to grow at the fastest rate during the forecast period. Multifocal/bifocal contact lenses have better visual acuity for a range of distances and the ability to clear the vision of patients without the need for extra eyeglasses, which in turns expected to increase its adoption rate in near future, and further propel the market growth.

Based on the distribution channel, the Contact Lenses Market is segmented into retail stores, e-commerce, and hospitals & clinics. The E-commerce segment will grow at the highest CAGR during 2016-2023. The growth in this segment is mainly driven by the growing trend of online purchases. Availability of multi-brand contact lenses at relatively lower prices and ease of purchasing are some of the factors driving greater consumer preference towards online purchases, resulting in high growth of the e-commerce segment as compared to other distribution channels.

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What Drives the Contact Lenses Market?

The growth of the global market for Contact Lenses is primarily influenced by the following factors:

• Rising cases of chronic diseases
• Increased number of surgeries performed across the globe
• Increased cases of infections acquired in hospitals
• Growing aging population

Geographical growth scenario of Contact Lenses Market:

North America accounted for the largest share of the market in 2017, followed by Asia Pacific and Europe. This region will continue to dominate the market till 2023. The presence of a highly developed healthcare system, rising geriatric population, increasing incidence of refractive errors, quick adoption of new innovative products, and a large number of contact lenses manufacturing companies in this region are the major factors responsible for the largest share of North America in the Contact Lenses Market.

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Leading market players and strategies adopted:

The prominent players in the Contact Lenses Market are Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), and Bausch + Lomb (US). Some of the other key players in this market are Carl Zeiss Meditech AG (Germany), HOYA Corporation (Japan), Essilor Group (France), SEED Co., Ltd. (Japan), Menicon Co., Ltd. (Japan), and BenQ Materials Corporation (Taiwan).

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