Contact Lens Market valuation of USD 18.1 Billion by the end of 2023 as compared to USD 9.4 billion in 2015

The global market for contact lenses is estimated to reach a market valuation of USD 18.1 Billion by the end of 2023 as compared to USD 9.4 billion in 2015. With rising safety concerns regarding the quality of contact lenses among the contact lens manufacturers along with their research and development activities to achieve the same are expected to boost the growth of contact lens market around the globe.

The contact lens market has been segmented by technology into spin casting, cast molding and lathe cutting, out of which, the spin casting segment is anticipated to dominate the overall market of contact lenses. Eyes are considered as one of the most sensitive part of a human body which is one the main reason that is motivating the key players of the contact lens market to provide better safety solutions.

Further, government initiatives to provide eye exams and glasses to people who are suffering from vision disorders in underdeveloped countries combined with training the local people to become eye care professionals where eye care is limited and almost non-existent is playing a major role behind the expansion of Contact Lens Market.

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In the regional segment, North America contact lens market is estimated to hold the largest consumer base owing to large pool of young and middle aged consumers with ophthalmic issues. Further, the growing awareness and rise in personal disposable income are some of the factors that are driving the growth of contact lens market in Asia-Pacific.

Wide Range of Contact Lenses Reflect Significant Opportunities

The growth of contact lens market is driven by their use in media & entertainment industry with special effect contact lenses to develop various looks such as vampire, anime etc. and their consumption by young generation driven by fashion trends combined with emerging e-commerce companies with lucrative deals and wide range availability of contact lenses.

However, lack of professional eye care and safety concerns associated with the use of contact lenses are some of the factors that might deter the growth of contact lenses market in upcoming years.

The report titled "Contact Lens Market: Global Demand, Growth Analysis & Opportunity Outlook 2023" delivers detailed overview of the contact lens market in terms of market segmentation by product, by design, by technology and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.

This report also provides the existing competitive scenario of some of the key players of the contact lens market which includes company profiling:

Novartis International AG,

Menicon Group,

STAAR Surgical,

Carl Zeiss AG,

SynergEyes Inc.,

Abbott Medical Optics Inc.,

Essilor International,

Valeant Pharmaceuticals and Bausch & Lomb.

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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Contact Lens market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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