Contact Lenses Market share forecast to witness considerable growth from 2021 to 2029 | Abbott Medical Optics (AMO) (Johnson & Johnson, Services, Inc., Alcon Management S. A., Bausch & Lomb Incorporated

Contact Lenses Market Snapshot:

The contact lenses market is expected to grow with a CAGR of 5.5% during the forecast period.
A contact lens is a thin, curved lens placed directly on the corner of the eye. The mechanism is the same as a pair of spectacles to adjust the focusing power by correcting refractive errors to the eye's cornea and lens. The lens is clear; however, it is commonly given the slightest tinge of color to create them easier for wearers to handle. The United States Food and Drug Administration (U.S. FDA) considers contact lenses as medical devices, irrespective of the purpose the wearer uses them.

The contact lenses market is primarily driven by the soaring incidents of visual deficiencies, such as myopia, hypermetropia/hyperopia, presbyopia, and astigmatism globally. Young kids using mobile phones and tablets close to their eyes can damage the eyesight at an early stage. As per the WHO, globally, 1 billion people have a vision impairment, which includes moderate or severe distance vision impairment or blindness due to unaddressed refractive error, cataract, glaucoma, corneal opacities, diabetic retinopathy, and trachoma. Moreover, in high-income countries, diseases such as diabetic retinopathy, glaucoma, and age-related macular degeneration are common causes leading to causes of vision impairment.

Age-related macular degeneration (AMD) is an eye disorder linked with aging and results in damaging sharp and central vision. The function of the central vision is to assist a person with a clear view of the objects for conducting the primary tasks, such as reading and driving. Also, AMD is the leading cause of long-lasting impairment among elderly people aged more than 65 years. According to the U.S. Department of Health & Human Services, it is estimated that 1.8 million Americans aged 40 and older are affected by AMD. The estimated number of people suffering from AMD will reach 2.95 million in 2020.

Asia-Pacific is estimated to be the fast-growing region due to the increasingly high incidence of visual inaccuracies. The key market players are tapping the market to coup up with the increased demand for the use of contact lenses among the population. Moreover, the increasing adoption of cosmetic lenses, coupled with growing fashion trends, are driving the growth of the market.

Daily wear is expected to remain the dominant segment during the forecast period. The rising consumer preference for daily wear lenses, mainly because of the comfort level it provides to the wearer, drives the segment growth. These lenses are considered healthier options by most users as they do not cause any type of allergy to the user with sensitive eyes. Eye care professionals are also prescribing daily wear lenses as they help avoid problems associated with longer lens replacements.

The hybrid lens material offers patients with sharper vision as it is associated with a gas permeable central zone, together with the comfort of a soft lens. Hybrids are more comfortable, exhibit better centration, and are more stable. Compared to soft lenses, hybrids are uniquely indicated when the quality of vision is affected by residual high-order aberrations or when tonic soft contact lenses fail to provide stable vision. The therapeutic segment, on the other handholds the largest market share, as they are useful in a variety of ocular surface diseases. These lenses are mainly used to relieve pain, protect the ocular surface, promote corneal healing and epithelial regeneration, seal a leaking corneal wound, and deliver ophthalmic drugs on the ocular surface.

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The Major Prominent Players Covered in this Report:
Abbott Medical Optics (AMO) (Johnson & Johnson Services, Inc.
Alcon Management S. A.
Bausch & Lomb Incorporated 
ZEISS International(Germany)
Contamac
CooperVision
Essilor(France)
HOYA Corporation. (Japan)
Medennium
SEED Co., Ltd. (Japan)

By Usage
Daily Wear
Extended Wear

By Design
Multifocal
Spherical
Toric
Others

By Material
Gas Permeable
Silicon Hydrogel
Hybrid

By Application
Therapeutic
Corrective
Cosmetic

By Distribution Channel
Eye-Care Professionals
E-Commerce
Retail

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Contact Lenses in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Contact Lenses market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Contact Lenses and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Contact Lenses. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Key Questions Answered in The Report:
What will the Contact Lenses market growth rate?
What are the key factors driving the global Contact Lenses market?
Who are the key manufacturers in the Contact Lenses market space?
What are the market opportunities, market risk, and market overview of the Contact Lenses market?
What are sales, revenue, and price analysis of top manufacturers of the Contact Lenses market?
Who are the distributors, traders, and dealers of the Contact Lenses market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Contact Lenses Industry?
What are sales, revenue, and price analysis by regions of Contact Lenses industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Recent Developments
In April 2019, Johnson & Johnson Vision announced the launch of its first-of-a-kind new contact lenses, ACUVUE OASYS, with transitions. The lenses feature a light intelligent technology, dispersed across the material in the form of trillions of photochromic molecules. The lenses, which also provide vision correction, help the eyes adjust to darkness or brightness better than they would do independently.

CooperVision'sMiSight contact lens is designed for children ages 8 to 12. It is designed to slow the progression of myopia and has received the Food and Drug Administration (FDA) approval

Key Contact Lenses Market Trends:
- The report identifies, determines, and forecasts the Global Contact Lenses Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Contact Lenses Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Contact Lenses Market.

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