Global contact lenses market is projected to accrue around US $18.9 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the global contact lenses market size is primarily propelled by the rising need to enhance aesthetic appearance, especially amid youth population. Ongoing technological development of product materials and introduction of a variety of colored or decorative contact lenses, further enhances the demand for these lenses. Also, the burgeoning incidences of visual imparities like myopia, hyperopia, astigmatism, and presbyopia are fueling the market growth for contact lenses.
According to a 2015 estimate by the World Health Organization, around 1.9 billion people around the world were affected by myopia, and the number is likely to exceed 2 billion by the year 2020. This would further result in a significant rise in the demand for contact lenses during the predicted period, claims the report.
The manufacturers and vendors of contact lenses are intrigued by the high profit margins offered by the sale of these lenses, thus enhancing manufacturing and distribution network. Technological enhancements are expected to endow manufacturers with new opportunities.
Speaking of the product landscape, the global contact lenses market is segmented into RGP (Rigid Gas Permeable) lens, soft lens, and hybrid lens. In the year 2017, the RGP lenses segment was had a market valuation of over US $800 million, owing to the high oxygen permeability, sharp vision, cost-effectiveness, and high durability of these lenses. The report cites that the hybrid lens segment is likely to substantial growth, since it is a combination of both RGP and soft lenses and offers both comfort and visual clarity. Segmental growth is further fueled by the increasing demand from people suffering from conditions such as astigmatism and keratoconus.
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Based on the type of design, the global market is bifurcated into spherical lenses, multifocal lenses, toric lenses, and others. While, based on the usage outlook, the global market comprises corrective lens, cosmetic lens, therapeutic lens, lifestyle-oriented lens, and prosthetics lens. According to the findings of the report, the corrective lenses segment is growing at over 6.2 percent CAGR, and its considerable demand is credited to its diverse applications. The cosmetic lens segment, on the other hand, is slated to witness huge growth over the estimated timeframe.
Based on the findings of the report, North America holds the biggest market fragment, given the surging geriatric population and the presence of improved vision care facilities. Furthermore, the Asia Pacific market is foreseen to expand at a high CAGR, owing to higher awareness about contact lenses among people, coupled with their amplifying potential of healthcare spending.
The worldwide contact lenses market is endowed with a highly competitive market scenario, with the key players such as Essilor International S.A., Abbott Medical Optics Inc., Hoya Corporation, Carl Zeiss AG, Alcon Laboratories Inc., Bausch + Lomb Incorporated, Johnson & Johnson Vision Care Inc., CooperVision Inc., Medennium, and Contamac U.S. Inc. These companies employ strategies like long-term partnerships with other market leaders in the supply chain, to augment their geographical footprint. For instance, Essilor acquired Vision Direct Group Ltd. in the year 2016, in a bid to bolster its online retailing business presence.