Contact Lenses Market Size to Reach Revenues of over $12 Billion by 2025 - Arizton

CHICAGO, Sept. 10, 2020 /PRNewswire/ -- The global contact lenses market is expected to grow at a CAGR of around 5% during the period 2019−2025.

Key Highlights Offered in the Report:  

1. Contact lenses constitute an essential component of the global vision care market. The market will post an incremental growth of more than $3 billion due to growing adoption of contact lenses for restoring multiple vision dysfunctions by 2025.
2. The growing focus on improving aesthetic appearance is encouraging many young people, models, celebrities, and working professionals to use both plano and prescription colored contact lenses.
3. The online distribution channel will become one of the prominent channels of purchase among the contact lens wearers. Vendors, retailers, and e-commerce companies need to focus on establishing an online channel for the sales of a wide range of contact lenses.
4. The sudden outbreak of COVID-19 pandemic is likely to have an adverse impact on the growth of contact lenses market as the usage pattern of contact lens wearers slightly changed due to increase in work from home options for many employees across the world. This will continue until the end of 2020 and will result in decline in 2020 YoY growth rate.
5. Though North America is accounting for larger share in the global contact lenses market, it will lag behind APAC as the latter is likely to post higher incremental growth of around $1.2 billion than North America.
6. Daily disposable silicone hydrogel contact lenses are gaining widespread acceptance especially among younger adults. As a result of increased demand, the market is likely to post the highest absolute growth during the forecast period.
7. The market will witness continued growth in the toric contact lenses segment. However, it is the multifocal contact lenses segment which will grow at a faster rate among all types of contact lens designs.

Key Offerings:

• Market Size & Forecast by Revenue | 2019−2025
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by material, design, usability, application, distribution, and geography
• Competitive Landscape – 4 key vendors and 18 other vendors

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Contact Lenses Market – Segmentation

• They are advance soft lens material, which is aimed at increasing oxygen permeability (increased comfort, longer wear and better eye health), wettability (better comfort) and clinical performance of contact lenses. Hence, the presence of these benefits is likely to drive the growth of the segment.
• Increase in the prevalence of vision corrective disorders such as myopia and hyperopia and the high preference for contact lenses for vision correction are driving the segment. Key players are offering a diverse range of spherical design, which feature specialized technology that improves optical comfort along with provision of vision correction.
• Changing lifestyle and increasing environmental pollutions increase the number of eye disorders such as refractive error, cataract, and glaucoma. The increase in the diabetic population contributes to the rise of eye disorders such as glaucoma, retinopathy, cataracts, and temporary blurring of vision. All these factors will propel the demand for corrective contact lenses.

Contact Lenses Market by Distribution 

• Retail Stores
• Hospitals & Clinics
• Online Stores

Contact Lenses Market by Material

• Silicone Hydrogel
• Hydrogel
• Gas-permeable
• Others

Contact Lenses Market by Design

• Spherical
• Toric
• Multifocal

Contact Lenses Market by Usability 

• Daily Disposable
• Frequently Replacement

Contact Lenses Market by Application

• Corrective
• Therapeutic
• Healthcare
• Cosmetic

Contact Lenses Market – Dynamics

Contact lens technology has significantly expanded in the last few decades. In recent years, contact lens manufacturers have introduced innovative contact lens designs, featuring advanced technology and lens materials, which offer the utmost optical comfortability and provide crystal clear vision and high permeability. The advancements in biosensors and microfabrication technologies have led to the advent of digital or smart contact lenses, which hold the potential to diagnose, monitor, and treat a wide range of diseases. These types of lenses are still in the nascent stage of development and are being highly tapped owing to their huge potential in the foreseeable future.

Key Drivers and Trends fueling Market Growth:

• Paradigm Shift Towards Premium Priced and Cosmetic Contact Lenses
• Rise in E-Commerce as a Preferred Distribution Channel
• Increased Target Population Coupled with Aged Patient Demographics
• Increasing Demand for Contact Lenses in Emerging Markets

Contact Lenses Market – Geography

North America, especially the US, is a dominant market in the global contact lenses market. Further, a large proportion of the patient pool with refractive vision disorders, ocular ailments, and high preference for cosmetic lenses with better access to eye care services and a strong presence of major market players are some of the key factors that contribute to the regions high market share. The region will retain its overall market dominance by the end of the forecast period.

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Contact Lenses Market by Geography

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• APAC
• China
• Japan
• South Korea
• Australia
• India
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• Turkey
• UAE

Prominent Vendors  

• Johnson & Johnson
• Alcon
• The Cooper Companies
• Bausch & Lomb

Other Prominent Vendors 

• CARL ZEISS
• Essilor International
• Hoya
• Menicon
• SynergEyes
• UltraVision CLPL
• Ginko International
• Shine Optical
• Visioneering Technologies
• Sensimed
• BenQ Materials
• Contamac
• Clerio Vision
• NeoVision
• CAMAX OPTICAL
• SEED
• INTEROJO
• ZEISS

Explore our healthcare & lifesciences profile to know more about the industry.

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SOURCE Arizton Advisory & Intelligence