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Jul-2019
Global Contact Lenses Market Size to Reach USD 21.67 Bn By 2026
Global Contact Lenses Market Size, Share, Trends, COVID-19 impact and Growth Analysis Report - Segmented By Material, Application, Design, Modality, Distribution Channel and Region – Industry Forecast (2021 to 2026)
How big is the global contact lenses market?
As per the recently published report of Market Data Forecast, the size of the global contact lenses market is forecasted to be worth USD 21.67 billion by 2026 from USD 14.97 billion in 2021, registering a CAGR of 7.68% from 2021 to 2026.
COVID-19 Impact on the global contact lenses market:
With the emergence of the global pandemic, COVID-19, the global contact lenses market had a growth decline during the first half of 2020. The impact of COVID-19 on the market growth was negative in 2020 due to fewer eye care consultations. Moreover, the market may prevail with the normal growth rate in the coming years. According to the Centers for Disease Control and Prevention and the American Academy of Ophthalmology, the initial decrease in ophthalmology consultations was almost 80%. As of mid-June, the total decline in ophthalmology visits in the United States was still 40%. Growing commerce in a pandemic is predicted to promote the growth of contact lenses in the market due to E-commerce through online platforms virtually helping and providing training and instruction by a healthcare expert about how to use and maintain the lenses.
KEY DRIVING FACTORS:
The global contact lenses market is expected to be driven by the proliferation of myopia, rising preference for contact lenses over prescription eyeglasses. Also, the growing geriatric population is associated with visual deficiencies, such as myopia, hypermetropia/hyperopia, presbyopia, and astigmatism, increasing the demand for contact lenses as the growing number of visual inaccuracies is expected to boost the market. Furthermore, an increase in participation in outdoor activities is likely to influence market growth. Additionally, the other significant factors such as increasing disposable income of the individuals, increasing focus on the healthcare concern, and growing incidence of eye injuries and vision-related problems are accelerating the market growth.
Major companies worldwide are conducting research and development activities in optics and optometry, which are expected to provide lucrative growth opportunities for the new market entrants and the launch of advanced products in the market. The demand for contact lenses has risen due to advances such as introducing dynamic soft contact lenses with advanced technology. The market is forming partnerships to create a bright contact lens with a radio-frequency antenna for wireless energy transmission, LED light, and an ultra-thin silicon microprocessor. For the linkages, a thin stretchable film is used.
RESTRAINING FACTORS:
The shortage of skilled professionals and the high costs associated with these products are majorly hampering the growth rate of the global contact lenses market.
Avail sample market brochure of the report @ https://www.marketdataforecast.com/market-reports/contact-lenses-market/request-sample
KEY MARKET INSIGHTS:
- Based on the material, the soft lenses segment dominated the market with a significant market share in 2020. On the other hand, the rigid gas permeable contact lenses segment is most likely to witness a moderate share. In addition, the growing usage of hybrid lenses by patients with myopia and keratoconus is projected to have a favorable influence on contact lens market growth.
- Based on the Application, the corrective contact lenses segment led the contact lenses market in the recent past and is expected to grow at a CAGR of over 6.0% throughout the forecast period.
- Based on the modality, the conventional segment is forecasted to register significant growth from 2021 to 2026. However, the disposable segment is likely to give promising competition during the forecast period. In addition, the rising awareness regarding the benefits of disposable contact lenses is likely to propel market growth.
- Geographically, the North American contact lenses market led the global market and held the largest share in the global market in 2020. Availability of advanced technology, growing focus on healthcare, and penetrative of progressive contact lens are propelling the market growth. The European contact lenses market is predicted to hold a significant share in the global market during the forecast period. Europe has a highly penetrated market in terms of soft lenses. Germany and UK are expected to expand the European regional market growth. The APAC contact lenses market is growing at an aggressive rate. China is anticipated to have a rapid share in the contact lenses market due to the rising adoption. At the same time, the Indian contact lenses market is anticipated to showcase a moderate share and expand the APAC regional market. Improving the healthcare sector, increasing purchasing power of the consumers are most likely influencing the market growth.
- Johnson & Johnson, Bausch & Lomb, Cooper Vision, Hydrogel Vision Corp, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Carl Zeiss AG, CIBA Vision, Essilor International, and Contamac are some of the notable companies operating in the global contact lenses market.
The report can be customized as per requirements; ask for it @ https://www.marketdataforecast.com/market-reports/contact-lenses-market/customization
MARKET SEGMENTATION:
By Material:
- Soft Contact Lenses
- Silicone Hydrogel Lenses
- Rigid Gas Permeable (RGP) Contact Lenses
- Hybrid Contact Lenses
- Polymethyl Methacrylate (PMMA) Contact Lenses
By Application:
- Therapeutic Contact Lenses
- Cosmetic Contact Lenses
- Corrective Contact Lenses
- Prosthetic Contact Lenses
By Design:
- Spherical
- Bifocal
- Orthokeratology
- Toric
By Modality:
- Conventional
- Disposable
- Daily
- Monthly
- Other Disposable Modalities
By Distribution Channel:
- Eye Hospitals and Spectacle stores
- Online
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Johnson & Johnson
- Bausch & Lomb
- CooperVision
- Hydrogel Vision Corp
- Abbott Medical Optics, Inc
- Alcon Laboratories, Inc
- Carl Zeiss AG
- CIBA Vision
- Essilor International
BROWSE REGIONAL REPORTS:
WRITTEN BY: Himani Kathal
Himani Kathal is a management student at RIIM Pune. She worked as a Research Associate (intern) in Market Data Forecast, one of the world’s leading research and consulting for various business domains, individuals and corporate clients
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