Contact Lenses Market Size Is Projected to Reach USD 12.3 Billion By 2025

Contact Lenses Market Size, Growth and Share Analysis By Wear Type (Daily Disposable Lenses, Disposable Lenses, Frequent Replacement Lenses and Conventional Lenses), Type (Corrective Lens, Therapeutic Lenses and Cosmetic and Lifestyle Oriented Lens), Material (Silicone Hydrogel Soft Contact Lens, Methacrylate Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens and others), Design (Spherical Lens, Toric Lens, Multifocal Lens) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2025

Contact Lenses Market Analysis

The Global Contact Lenses Market size is expected to exhibit a strong 5.7% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The global contact lenses market is expected to reach a valuation of USD 12.3 billion by 2025. The research report profiles the global contact lenses market in great detail and provides readers with a comprehensive overview of the market. The market’s historical growth trajectory, present conditions, and future growth prospects are studied in the report.

The report provides a comprehensive overview of the market’s historical growth trajectory by detailing the historical stats regarding the market. Future projections are based on the detailed historical stats offered in the report. Based on this platform, future projections for the contact lenses market’s growth trajectory over the forecast period are provided in the report. The report also profiles the leading players in the global contact lenses market and gives readers a comprehensive analysis of the leading players in the global contact lenses market. The report also profiles the major drivers and restraints affecting the global contact lenses market. The factors making the market tick and those holding the market back are studied in detail in the report. The impact of the COVID-19 pandemic on the contact lenses market is also assessed in the report.

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The global contact lenses market is mainly driven by the growing preference of consumers to contact lenses over spectacles. Spectacles affect an individual’s appearance in a major way, leading to many eye patients preferring contact lenses over spectacles. Spectacles can also be cumbersome and problematic to manage, whereas contact lenses are easy to maintain once they are put in place. This has also driven the demand for contact lenses. However, rising awareness about the side effects of contact lenses and their disadvantages such as their delicate nature has been a major restraint on the market.

Rising technological advancement in contact lenses is likely to be a major driver for the global contact lenses market over the forecast period. Technological advancement has resulted in contact lenses that are thin and nonintrusive. This is likely to be a major driver for the contact lenses market, as contact lenses can become bothersome for many consumers due to constantly being in contact with eyes, which are a highly delicate organ.

Contact Lenses Market Competitive Leaderboard:

Leading players in the global contact lenses market include St. Shine Optical Co. Ltd., Camax Optical Corp., Oculus Pvt. Ltd., Menicon Co. Ltd., Hoya Corporation, Seed Co. Ltd., Neovision Co. Ltd., Bausch Health, CooperVision Inc., Novartis AG, and Johnson & Johnson Services Inc.

In March 2018, CooperVision launched MyDay toric daily disposable contact lenses. With this launch, the company expanded its contact lenses portfolio.

In May 2018, Alcon (a Novartis division) launched the AIR OPTIX COLORS gemstone collection of contact lenses.

In September 2017, Johnson & Johnson Services Inc. acquired Sightbox, Inc., a privately held company that developed a subscription vision care service that connects consumers with eye care professionals and supplies contact lenses.

In July 2016, Alcon launched Dailies Total1 Multifocal contact lenses, which provide a seamless visual experience offering an alternative to bifocals or reading glasses.

Contact Lenses Market Segmentation:

On the basis of wear type, the global contact lenses market has been segmented into daily disposable lenses, disposable lenses, frequent replacement lenses, and conventional lenses.

The global contact lenses market has been divided based on type into corrective lenses, therapeutic lenses, and cosmetic and lifestyle-oriented lens. The corrective lens segment held a dominant market share of 43.2% in 2018.

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The global contact lenses market, by material, has been segregated into silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others.

By design, the market has been classified as spherical lens, toric lens, multifocal lens, and others.

Contact Lenses Market Regional Analysis:

The Americas dominate the global contact lenses market and accounted for 36.7% of the market in 2018. Europe holds the second largest share in the market, while Asia Pacific is expected to exhibit the fastest growth over the forecast period.

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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