Contact Lenses Market is Determined to Grow at a CAGR of 5.7% by 2023
Market Synopsis:
Rising prevalence of eye disorders has led to an increase in demand for contact lenses, especially in the urban areas. A study conducted recently by Market Research Future has asserted that the Global Contact Lenses Market is expected to mark a CAGR of 5.70% across the projection period 2018 to 2023. The assessment further highlights that the global market’s valuation is anticipated to grow from USD 7.9 Billion in 2017 to USD 11 Bn by 2023.
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Increasing disposable income has led to a shift in preferences to contact lenses over spectacles. This, in turn, is projected to proliferate the contact lenses market over the next couple of years. Also, technological innovations for offering more comfort to the users is expected to boost the expansion of the market in the years to come. However, on the flip side, some contact lenses can’t be wearing for a long period as it causes discomfort. This, in turn, is poised to undermine the proliferation of the contact lenses market in the forthcoming years.
Competitive Dashboard:
The key players participating in the global Contact lenses market profiled in this MRFR report for a detailed share analysis are Johnson & Johnson, CooperVision, Novartis, and Bausch+Lomb. Other market players studied in the report are Oculus Private Limited, Bescon Co. Ltd., St. Shine Optical Co. Ltd, Neovision Co. Ltd., Hoya Corporation, CAMAC Optical Corp., Seed Co. Ltd., Menicon Co. Ltd., and Clearlab SG PTE Ltd.
Market Segmentation:
By type, the global contact lenses market is segmented into therapeutic lenses, corrective lenses, and cosmetic & lifestyle oriented lenses. Among these, the corrective lenses segment is, at present, leading the growth of the market. It is anticipated to retain its prominent position over the next few years, reflecting a relatively higher CAGR of 5.22% during the assessment period. Factors such as the rising burden of eye disorders, rising geriatric population, increasing prevalence of geriatric eye diseases, etc. are expected to drive the expansion of the segment in the foreseeable future.
By material, the contact lenses market has been segmented into methacrylate hydrogel soft contact lens, gas-permeable contact lens, silicone hydrogel soft contact lens, and others. The silicone hydrogel soft contact lens segment is projected to account for over 60% of the market share by the end of the review period. The growth can be accredited to factors such as longer life span and high adoption for correcting astigmatism.
On the basis of design, the global contact lenses market has been segmented into toric lens, spherical lens, multi-focus lens, and others. Among these, the spherical lens segment is expected to account for more than 50% of the market share in the forthcoming years. The development of the segment is likely to be led by increasing cases of myopia and other refractive vision errors. In addition, the multifocal segment is prognosticated to expand at a comparatively higher CAGR across the projection period.
Regional Analysis:
The global contact lenses market, for a detailed geographical assessment, has been segmented into five major geographies - Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa (MEA). Americas is leading the growth of the market currently and is anticipated to maintain its stand at the forefront position through the review period. Increasing demand for cosmetic lenses is a major factor expected to influence the expansion of the contact lenses market in the region in the upcoming years. In addition, the increasing burden of eye-related diseases is anticipated to expedite market growth over 2023. In the region., Meanwhile, Asia Pacific is poised to register the highest CAGR of 6.2% over the forecast period.
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