The global contact lenses market size is projected to reach USD 10.2 billion by 2025 from USD 7.4 billion in 2020, at a CAGR of 6.7%
NEW YORK, Oct. 12, 2020 /PRNewswire/ -- The global contact lenses market size is projected to reach USD 10.2 billion by 2025 from USD 7.4 billion in 2020, at a CAGR of 6.7%. Market growth is driven mainly by the growing prevalence of myopia, increasing preference for contact lenses over prescription eyeglasses, and the ever-increasing geriatric population worldwide. The untapped emerging markets are expected to provide growth opportunities for players in the contact lenses market.
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Low maintenance and easy wearability to drive the growth of daily wear contact lenses
The contact lenses market, by usage, is segmented into daily wear, extended wear, and traditional contact lenses.The daily wear contact lenses segment dominated the market in 2019.
The large share of this segment can be attributed to their advantages—easy wearability, no requirement of lens cleaning (in the case of disposable daily wear contact lenses), and no requirement of overnight wear. These contact lenses do not have the issue of day-to-day accumulation of lens deposits and are more affordable than other types of contact lenses.
Increasing prevalence of myopia to drive the growth of conventional contact lenses in 2019
Based on application, the contact lenses market is segmented into conventional, orthokeratology (Ortho-k), and decorative contact lenses.The conventional lenses segment accounted for the largest share of contact lenses.
The increasing prevalence of myopia, the rising geriatric population, and the growing preference for contact lenses over eyeglasses drive the growth of the conventional contact lenses market.
Retail stores are the largest distribution channel segment in the contact lenses market in 2019
Based on the distribution channel, the contact lenses market is segmented into retail stores, hospitals & clinics, and e-commerce.In 2019, retail stores accounted for the largest share of the contact lenses market, followed by hospitals & clinics and e-commerce.
The large share of retail stores can be attributed to rising disposable income and the demand for cosmetic contact lenses. Moreover, these stores dispense OTC daily wear disposable contact lenses, resulting in a higher sales volume.
North America dominated the contact lenses market in 2019
The global contact lenses market has been segmented into five regional segments—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.In 2019, North America accounted for the largest share of the contact lenses market.
The rising prevalence of age-related eye diseases, increasing healthcare expenditure, rising disposable income, and technological advancements in contact lenses and related products are driving the growth of the contact lenses market in North America.
The break-down of primary participants is as mentioned below:
• By Company Type - Tier 1: 34.5%, Tier 2: 40.0%, and Tier 3: 25.5%
• By Designation - C-level: 34.5%, Director-level: 45.5%, and Others: 20.0%
• By Region - North America: 27.3%, Europe: 25.5%, Asia Pacific: 29.0%, RoW:18.2%
Research Coverage:
The report analyses the contact lenses market and aims at estimating the market size and future growth potential of various market segments based on products, distribution channels, and regions. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights into:
• Market Penetration: Comprehensive information on the product portfolios of the top players in the contact lenses market. The report analyzes this market by product type, distribution channel, and region
• Market Development: Comprehensive information on the lucrative emerging markets, by-products, distribution channel, and region
• Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the contact lenses market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the contact lenses market
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