Contact Lenses Market Business Growth | Size, Value Share, Industry Segment and Forecast to 2027

Contact Lenses Market 2022
Market Research Future (MRFR) reveals that the contact lenses market can register a growth rate of 5.70% from 2020 to 2027. The market size is also presumed to touch USD 12,330.46 Million by 2027.

Growth Boosters and Deterrents

Corrective lenses are emerging quite popular as these rectify refractive errors and compensate for any type of visual deficiency, like presbyopia, astigmatism, and myopia hypermetropia/hyperopia. Therefore, the soaring cases of visual inaccuracies worldwide is bound to create a favourable business scenario for contact lenses in the future. Meanwhile, sales of soft contact lenses are picking up pace as well, as these are made of flexible and soft plastics like silicone hydrogel that offer eyes easy adaptability as well as comfort. Soft lenses are majorly used to correct ametropia.

Contact lenses are the perfect alternative to spectacles, with more and more consumers progressively opting for these for better vision. Consumer preference for Plano sunglasses has surged as well since these elevate the aesthetic appeal. To accommodate the mounting demand across the globe, major manufacturers are focused on product innovation to improve quality and bolster sales.

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Key Players

Oculus Private Limited, CooperVision, Inc. (The Cooper Companies Inc.), Neovision Co, Ltd, Seed Co. Ltd, Menicon Co., Ltd, Camax Optical Corp., and St. Shine Optical Co., Ltd, Novartis AG, Hoya Corporation, Johnson & Johnson Services Inc., Bausch Health are the top contact lens manufacturers in the worldwide market.

Segmental Analysis

Depending on wear type, the contact lenses industry caters to disposable lenses, daily disposable lenses, conventional lenses, and frequent replacement lenses.

Different types of contact lenses generally sold worldwide include therapeutic lenses, corrective lens, and cosmetic and lifestyle-oriented lens. Corrective lenses have secured the lead in the market, with the biggest share of 43.2% in 2018.

Material-based segments are methacrylate hydrogel soft contact lens, gas-permeable contact lens, silicone hydrogel soft contact lens, and others.

Contact lenses are available in a variety of designs, such as multifocal lens, spherical lens, toric lens, and others. Multifocal lenses experience massive demand among the consumers, given the provision of multiple prescriptions. Contact lenses of this design find widespread use in treating age-related ophthalmic diseases such as presbyopia. Some of the benefits include higher visual acuity for those that need several prescriptions but all in one lens.

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Regional Analysis:

The regional appraisal of the contact lenses market includes regions such as the Americas, the Middle East, Europe, Asia Pacific, and Africa. The Americas contact lenses market directs the global market due to the mounting occurrence of eye-related diseases, growing users of contact lens, and the increasing approval of cosmetic lens among the youth. The European contact lenses market region holds the next prime market share due to the elevated implementation of contact lenses and collective incidences of age-related eye illnesses. The increasing commonness of eye conditions and budding adoption of contact lens is likely to induce speedy growth in the Asia Pacific regional market. Moreover, the international companies moving to the emerging nations and setting operative set-ups is anticipated to push the progress of the contact lenses market. The Middle Eastern regional market is anticipated to tip the market progress, because of aspects such as emerging healthcare setup, collaborations or arrangements to commercialize contact lenses, healthy medical trip industry, mounting healthcare business, and intensifying knowledge about contact lenses.
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