January 07, 2020
According to the latest study titled ‘Contact Lenses Market Size By Type (RGP, Soft Contact, Hybrid Contact), By Material (Hydrogel, Polymers), By Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores), By Design (Spherical, Toric, Bifocal And Multifocal), By Product (Corrective, Therapeutic, Cosmetic [Colored, Circle], Prosthetic), By Usage (Daily Disposable, Weekly Disposable, Monthly Disposable, Annual) Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Spain, Italy, Switzerland, Nordic Countries, Belgium, Luxembourg, Ireland, Poland, Russia, China, India, Japan, South Korea, Thailand, Indonesia, Malaysia, Vietnam, Taiwan, Singapore, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE, Egypt, Tunisia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available at MarketStudyReport.com, the global contact lenses market is projected to amass US $14 billion with an estimated shipping of 1300 million units by the year 2025.
Rising prevalence of vision related disorders is promoting the adoption of corrective lenses. This factor coupled with increasing geriatric population and improving disposable incomes is propelling the growth of contact lenses market. Evolving fashion trends, along with the ease of shopping online using mobiles and internet will further augment the market outlook.
As per type, hybrid lenses market segment is presumed to register a growth rate of 5% during 2019-2025, owing to its ability to offer stable vision to users with presbyopia and astigmatism. The product provides combined features of both soft and RGP (rigid gas permeable) lenses including comfort and higher clarity.
Based on the material, hydrogel contact lenses segment will account for 80% market share by the year 2025, claims the report. Rising popularity of the material can be attributed to its ability to offer high oxygen permeability, prevent hypoxia, and safety for extended wear.
Speaking of the design, spherical contact lenses market segment is expected to grow with a rate of 7% over the forecast period, pertaining to surging occurrence of presbyopia, myopia, and hyperopia.
Elaborating on the product array, corrective lenses segment recorded 40% market share in 2018, on account of increasing cases of vision defects. These lenses correct the refractive disorders like hypermetropia and presbyopia to improve vision. Higher per capita income, along with rising consumer preference towards contact lenses will fuel the segmental growth over the projected timeline.
In terms of usage, daily disposable contact lenses segment is anticipated to grow with a CAGR of 7% during 2019-2025, as these lenses offer the benefits of hygiene and convenience. Daily disposable lenses do not need cleaning as there is no accumulation of daily deposits.
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Considering the regional landscape, North America contact lenses market held 30% share in 2018. The regional growth is credited to rising prevalence of vision ailments and numerous awareness activities carried out by market players to raise cognizance regarding these defects.
The key players functioning in contact lenses market include UltraVision CLPL, SynergEyes, Inc., Novartis AG, Menicon, Johnson & Johnson Vision Care, Hoya Corp., Essilor International S.A., CooperVision, Contamac, Conforma Laboratories, Inc., Carl Zeiss Beteiligungs GmbH, Blanchard Contact Lenses, and Bausch + Lomb, Inc.
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