Press release
Global Contact Lenses Market to be Driven by Rising Therapeutic Applications in the Forecast Period of 2022-2027
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
Historical Market Size (2020): USD 11.8 Billion
Forecast CAGR (2022-2027): 6.9%
The rising incidences of near-sightedness among people who spend a significant amount of time in front of screens are expected to fuel market expansion throughout the forecast period.
The hybrid segment accounts for a major proportion of the market based on material and is expected to develop significantly during the projected period. Hybrid contact lenses have several significant advantages, including improved tear flow facilitation, decreased apical clearance, and less fogging.
These lenses improve oxygen transfer while also providing more comfort and stability. In addition, hybrid contact lenses are gaining popularity among people with uneven corneas and astigmatism. Meanwhile, the gas permeable sector accounts for a significant portion of the market, as it is known to improve vision and allow the eyes to breathe more easily.
Industry Definition and Major Segments
A contact lens is a thin, curved lens that shields the eyes by covering the surface of the tear film. The product is transparent by nature and can be hard or soft. A contact lens is also a small plastic lens that is implanted directly on the surface of the eye to address vision problems.
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On the basis of material, the market is segmented into:
Gas Permeable
Silicone Hydrogel
Hybrid
On the basis of design, the market is divided into:
Spherical Lens
Toric Lens
Multifocal Lens
Others
On the basis of application, the market is classified as:
Corrective
Therapeutic
Cosmetic
Prosthetic
Lifestyle-Oriented
On the basis of distribution channel, the market is divided as:
Eye Care Professionals
Retail
Online
On the basis of region, the market is segmented into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The increased prevalence of myopia, astigmatism, hyperopia, and presbyopia, owing to prolonged exposure of IT professionals, doctors, and others to the gadget screen, is driving the global market for contact lenses. By reducing refractive error and shifting the focus point, contact lenses can help correct myopia.
Because of the rising incidence of corneal and ocular surface illnesses, the market is expected to rise due to the increasing therapeutic applications of the product (OSD). The therapeutic contact lenses help with vision problems and corneal healing. In addition, the increased demand for contact lenses for cosmetic purposes is expected to contribute to market expansion.
Key Market Players
The major players in the market are Alcon Vision LLC, Bausch & Lomb Incorporated, Johnson & Johnson Vision Care Inc., Cooper Vision, Inc., Essilor International S.A., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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