Increasing Prevalence Of The Eye Disorders Is Likely To Drive The Contact Lenses Market

The research report "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-Global/Region/Country Forecast to 2028." Contact lenses market size was valued at USD 10,303.6 million in 2021 and is anticipated to reach USD 14,790.7 million by 2028 growing at a CAGR rate of 5.3% during the forthcoming years 2022-2028.

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Growing adoption of the new treatment options by the patient is impelling the Contact Lenses Market
Vision problems including astigmatism, presbyopia and hypermetropia are repaired with the use of contact lenses. In order to provide optimum therapeutic experience and comfort to the user, anti-refractive materials, ultraviolet protection and scratch resistant materials are coated on contact lenses. Depending on how contact lenses are used, they are categorized into class II or class III medical devices by the US FDA. The FDA categorizes regular use contact lenses as a class II medical device as they may put users in danger if they are not used as per the instructions given by the physician. Increasing number of cases of visual errors is fuelling the contact lens industry.

There are a few factors which are likely to boost the contact lens market growth over the forecast period such as growing geriatric population as well as increasing prevalence of the eye disorders. Increasing tendency to change the lenses is also expected to impel the market growth. Moreover, technological developments also contribute towards the market growth. Another important factor fuelling the market growth is the adoption of the novel treatment options by the patient. On the other hand, risks associated with the lenses use like corneal ulcers and eye infection are likely to hinder the market growth. Another factor hampering the market growth is the less consciousness amid the patients.

North America accounted for major share in the Contact Lenses Market:
On the basis of regional analysis, global contact lenses market is classified into major regions such as Europe, Asia Pacific, Latin America, North America, Middle East and Africa. Among these regions, North America is leading the market because of the increasing prevalence of eye disorders in this region. There were nearly more than 30 million people who were using the contact lenses in the year 2015 according to the Centers for Disease Control and Prevention (CDC). Another major factor anticipated to boost the North America market is the growing consciousness amid the patients about the novel treatment options. Asia Pacific market is also anticipated to witness significant growth over the forecast period due to the increasing awareness among the patient pool.

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Competitive Analysis Contact Lenses Market:
Major players working in the contact lenses market are Alcon Laboratories, Abbott Medical Optics, CooperVision, Bausch & Lomb, CIBA Vision, Hoya Corp, Carl Zeiss and Johnson & Johnson.

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