What? When? Why?
Latest Happenings in Business World
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)
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.
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:
The report can be customized as per requirements; ask for it @ https://www.marketdataforecast.com/market-reports/contact-lenses-market/customization
By Distribution Channel:
KEY MARKET LEADERS PROFILED IN THIS REPORT:
BROWSE REGIONAL REPORTS: