Contact Lenses Market to depict appreciable growth prospects over 2020-2025

Changing lifestyle patterns of the consumers coupled with emerging fashion trends to enhance the aesthetic appearance will positively influence global contact lenses market share in the coming years. Advancing technologies have helped develop innovative products such as colored and decorative lenses. Supporting product adoption are demographic factors such as increasing urbanization, aging population and the rise in cases of diabetes worldwide which cause eye problems.

A considerable increase in the number of visual alignments and chronic eye diseases across the globe is influencing consumers to adopt contact lenses in their daily lives. Cosmetic contact lenses are have gained widespread popularity over the years especially by the younger population.

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These are effective for changing eye color and appearance and are also widely used in several therapeutic applications like masking disfigured eyes. They are extensively used in the film and entertainment industry. Moreover, these may be available with corrective power or just for superficial purposes.

Booming e-commerce sector

Access to contact lens is a crucial factor impacting the demand and sales of the productions. The emergence of the e-commerce industry is a major factor supporting the sale of contact lenses on its platform. Many people in both developed and developing nations are switching to online shopping to meet their demands due to the wide availability of products at considerably lower prices.

Reportedly, during the fourth quarter of 2019, the total e-commerce sales recorded in the U.S. stood at USD 158 billion, showcasing a 2.6% increase from the third quarter. Many leading contact lens brands are allowing direct purchase from their website and other e-commerce companies like Amazon are also facilitating the indirect sale of the products on their website platform.

Regional growth drivers of contact lenses market are

• North America
• Rising prevalence of eyesight disorders along with increasing consumer spending
• Europe
• Rising preference for branded contact lenses
• Asia Pacific
• Rising contact lenses consumption in several regional countries including China, Japan and South Korea
• Latin America
• Increasing popularity of contact lens in the region
• MEA
• High preference for cosmetic contact lenses

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Emergence of smart contact lenses

Contact Lenses companies are constantly aiming at improving their product offerings with the changing consumer demands to attract potential customers along with maximizing its profits. Key contact lenses market players include Bausch Health Companies, Hoya Corporation, Carl Zeiss Beteiligungs GmbH, Johnson & Johnson and Novartis AG, among various others.

Consumers across the globe are demanding products with superior quality which is stimulating companies to increasingly invest in the research and development of innovative smart lenses. Technological advancements have given rise to smart contact lens, which is a vision-based technology that lets the user explore virtual and augmented reality through camera technologies.

Japanese multinational conglomerate Sony Corporation has reportedly applied for a patent for a smart contact lens that carries the ability to convert eye movement into electric power which can be controlled through the blinking of the eyes.

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This release was published on openPR.