The global contact lens market is expected to reach USD 11 Bn at a CAGR of 5.70% by the end of the forecast period of 2018–2023, projects Market Research Future (MRFR) in a detailed study. The global contact lenses market was valued at USD 7.9 Bn in 2017.
The upsurge in the incidence rate of visual problems and eye disorders are one of the prime reasons stimulating the growth of the global contact lenses market. Visual inaccuracies such as myopia, hyperopia, astigmatism, and presbyopia have become very common, and in all such eyesight issues, spectacles are generally recommended for overcoming them. However, reusable contact lenses have become the choice of most consumers with eyesight problems due to self-consciousness about appearance. This has raised the adoption of contact lenses.
Contact lenses are flexible, move with the eyeball, and allow a natural field of view and reduced distortions. They are ideal for athletes and persons involved in sports activities. Various advancements made in bausch and lomb coloured contact lenses have resulted in the development of improved versions of contact lenses such as multi-focal lenses, toric lenses, and others. Improvements in term of design and functionality have made them more viable which has increased the adoption of contact lenses. The notable players in the global contact lenses market include Neovision Co. Ltd., CooperVision, Johnson & Johnson, Bausch+Lomb, St. Shine Optical Co. Ltd., CAMAC Optical Corp., Seed Co. Ltd., Bescon Co. Ltd., Oculus Private Limited, Hoya Corporation, Clearlab SG PTE Ltd., Novartis, and Menicon Co. Ltd.
On the other hand, the market growth might be deterred by complications associated with contact lenses and consumer inclination towards spectacles. Besides, the emergence of LASIK, a corrective procedure for eye disorders has gained immense traction among consumers which is likely to impede the growth of the global contact lenses market over the forecast period. Meanwhile, increasing demand for cosmetic contact lenses is anticipated to offer growth opportunities to the global contact lenses market.
The global contact lenses market has been segmented based on type, material, and design.
By type, the global contact lenses market has been segmented into corrective lenses, therapeutic lenses, and cosmetic & lifestyle-oriented lenses. The corrective lenses segment is the largest as well as the fastest growing segment which is expected to expand at a CAGR of 5.22% over the forecast period.
By material, the global contact lenses market has been segmented into silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others. The silicone hydrogel soft contact lens segment accounts for almost 66% share of the global market. The growth of the segment can be attributed to the suitability of prolonged use and high adoption rate for correction of astigmatism.
By design, the global contact lenses market has been segmented into spherical lens, toric lens, multi-focus lens, and others. The spherical lens segment accounts for almost 50% share of the global market and is the largest segment. However, the multifocal segment is expected to be the fastest growing segment over the forecast period.
By region, the global contact lenses market has been segmented into North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa (MEA).
North America accounts for the lion’s share of the global market, driven by the growing incidence of eye disorders in the region. The rise in a number of old and middle age populace who are more susceptible to eye disorders further stimulate the growth of the market. The presence of key players in the region who are engaged in rigorous product development and launches also augment the growth of the market.
Europe is the second largest market for contact lenses which is expected to exhibit healthy growth over the forecast period. High investment in R&D activities and new product approvals are initiating growth in the region. Well spread awareness, and key players are focusing on market expansion in the region acts as a plus for the growth of the market.
APAC is expected to showcase impressive growth over the forecast period. The region has large unmet needs among the massively populated countries in the region which provide ample opportunities for market expansion. To capitalize on the available growth opportunities and the availability of a cheap skilled workforce, lower operating cost and abundance of raw materials, key players are shifting their production base in the region. This has resulted in the availability of cost-competitive varieties of contact lenses which has further intensified the growth of the APAC contact lenses market.
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