Contact Lenses Market Analysis with COVID-19 Strategic Trends and Forecast to 2027

Precision Business Insights published a research report on "Contact Lenses Market by type (soft lens, rigid gas permeable (RPG) lens, hybrid lens), by design (spherical, bifocal, multifocal, toric), by usage (daily disposable, weekly disposable, monthly disposable, annual disposable), by product (corrective, therapeutic, cosmetic, prosthetic), by distribution channel (hospitals, ophthalmic diagnoses center, others) and geography (North America, Latin America, Europe, Asia Pacific and Middle East and Africa) – global/region/country forecast to 2027."

Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on "Contact lenses market by type, design, usage, product, distribution channel and geography – global/region/country forecast to 2027"

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The global contact lens market was valued at US$ 11,930.8 million in 2020 and is expected to increase at a high CAGR between 2021 and 2027. Contact lenses market growth is due to the rise in usage preference of lens over glasses, it provides more vision and comfort when compared to glasses. An increasing number of eye diseases and geriatric population leads to a rise in the growth of the contact lenses market. Technological advancements in contact lenses type like soft lenses, rigid lens and hybrid lenses led to an increase in the adoption of contact lenses. The soft contact lens has high demand compared to other lenses as they are easily adjustable, it provides clear vision and more comfort. The daily disposable contact lens market occupies a major share as reduces the risk of eye infections when compared to monthly lenses thus consumers and manufacturers are shifting towards it. However, eye infections by the usage of contact lenses, less awareness of people and also safety in the risk of spread of COVID-19 by not taking proper hygiene care to lenses hampers the growth of the contact lenses market.

Impact of COVID-19 Medical Alert System Market:

In addition, the report discusses the implications of COVID-19, including the industry's initial response and strategies for ensuring business continuity in the coming years.

Silicone hydrogel lenses material based contact lenses have a significant market share (approximately 60%) in the material type based segment. Based on design, the multifocal contact lenses are expected to register highest CAGR value 5.6% during the forecast period. The contact lenses market geographically segmented into North America, Latin America, Europe, Asia Pacific, and the Middle and Africa. North America's contact lens market is witnessing a major share in the global market due to the increase in the prevalence of eye diseases. Asia Pacific market is expected to grow followed by North America due to growing awareness, technological changes, and adoption of contact lens as they provide more comfort to consumers. The usage of contact lenses in this region is increased in cosmetics which impacts the growth of the market. Retail industries occupy a major share in the distribution channel in all the regions.

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Contact lenses market competitive landscape analysis, Alcon recently launched PRECISION1 daily disposable contact lens for Astigmatism a common vision problem and to bring awareness among people they started a patient support program. CooperVision acquired Blanchard Contact Lenses which has a great market share in the North American region and sponsored GlobalEyes, a podcast that provides information for eyecare practitioners about trends in the market. Bausch & Lomb launched a multifocal toric contact lens for better vision. Johnson & Johnson introduced Acuvue Oasys multifocal contact lens with pupil optimized design for presbyopia disease. HOYA Corporation in china established a new joint venture along with GeMax.

Key market players covered in this report are Alcon Laboratories, Abbott Medical Optics, CooperVision, Bausch & Lomb, CIBA Vision, Hoya Corp, Carl Zeiss and Johnson & Johnson

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