July 02, 2020
As per the report titled ‘Global Contact Lens Market – Analysis By Material, Wear Type, Design, By Region, By Country (2020 Edition): Market Insight, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global contact lens market was valued at USD 15.8 billion in the year 2019, and is anticipated to record remunerative growth over 2020-2025.
Escalating diabetic cases, increasing geriatric population, and constant R&D by marketeers are expected to enhance the remuneration for global contact lens market. Additionally, sedentary way of life, increasing pervasiveness of ophthalmic diseases, and continuous use of digital flat screens that may damage the eyes are slated to add significant traction to the market growth. Furthermore, growing investments, technical enhancements, coupled with burgeoning demand for healthcare products is slated to propel the market growth. However, global contact lens market is expected to witness a major downfall owing to the outbreak of COVID-19, which has resulted in imposition of lockdown in various countries, curbing the movement of non-essential goods.
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Based on material type, the silicone hydrogel segment is slated to dominate the market owing to its ability to enhance oxygen permeability, which makes them perfect for customized contact lenses.
Based on regional landscape, America is expected to hold the majority fragment of the market owing to high prevalence of astigmatism coupled with rising healthcare awareness. Also, countries such as India, Indonesia, Vietnam, and Brazil are anticipated to offer substantial growth as they offer abundant opportunities for companies to expand their business.
Major companies operating in global contact lens market are SynergEyes Inc., Johnson & Johnson, Bausch Health, Cooper Companies Inc., Alcon, HOYA CORPORATION, SEED Co. Ltd., Carl Zeiss AG, and EssilorLuxottica S.A. among others.