The need for vision correction has led to several innovations one of which is that of contact lenses. The chronic nature of vision defects around the world has increased the demand for vision correction devices considerably. Contact lenses are chiefly used for the non-surgical management of various eye diseases. Typically, contact lenses are made from gel-like, water-containing plastics termed as hydrogels which are used to make soft lenses, which are a popular type of contact lenses. The demand for innovation in contact lenses is rising swiftly due to intensifying number of cases related to hypermetropia, myopia, and others around the world.
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The heightened level of comfort and adaptability offered by contact lenses has been a significant motivator to the exceptional growth witnessed in the market. This development has, in turn, prompted an increased level of interest from manufacturers and retailers in the market. Moreover, due to the increasing acceptance of contact lenses, a multitude of advanced products have been introduced by leading market players. The market is anticipated to achieve revenues worth USD 11 Billion while growing at a CAGR of 5.7% in the forecast period. The alteration in the lifestyles of the population is among one of the foremost factors that cause visual inaccuracies generally, this factor has also contributed to the surge in demand for contact lenses. A sharp uptick in the consumption of unhealthy diets and tobacco usage has led to obesity and poor health which in turn has escalated the occurrence of visual disorders. Increasing prevalence of visual inaccuracies and eye disorders, changing the way of life, technological advancements are among the main factors driving the growth of the market across the world. The demand surge for cosmetic lenses can also be attributed to its amplified usage in the entertainment sector coupled with the rising awareness connected to cosmetic enhancement devices in the younger population. Moreover, the mounting market penetration of cosmetic contact lenses owing to their online accessibility together with the regulatory approval for online sales and non-prescription sales of cosmetic contact lenses are also projected to fuel their adoption.
Innovations in the contact lens market such as the introduction of novel “toric lenses” into the market that are specifically designed to rotate in accurate orientation with the cornea for clear vision are boosting the market’s growth substantially. With the rise in cases of astigmatism, the demand for toric cosmetic contact lenses is surging substantially. Another innovation of tinted lenses that grow dark with exposure to the sun has also gained FDA approval recently. Moreover, in Europe, especially in the UK, Plano cosmetic contact lenses have been introduced recently. These contact lenses are biocompatible and are supplied by a registered optometrist or medical practitioner. The combination of these innovations with the market drivers will lead to exceptional progress in the market through the forecast period.
Johnson & Johnson
BAUSCH + LOMB, NEOVISION
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Detailed Regional Analysis:
The regional analysis of the contact lens market consists of regions such as Americas, Middle East, Europe, Africa, APAC and rest of the world. The Americas controls the contact lenses market globally due to the growing population of contact lens wearer, the mounting occurrence of eye-related diseases, and growing adoption of cosmetic lens among the young population. The American contact lenses market is estimated to develop at a CAGR of 5.8 percent through the forecast period. Moreover, the rising cases of cataract and eye diseases owing to diabetic retinopathy and glaucoma have added to the market’s progress in this region. The European region holds the next major market share due to the high acceptance of contact lenses and growing incidence of age-related eye diseases. This region is likely to develop at a CAGR of 6 percent throughout the forecast period. The Asia Pacific region is the most rapidly developing market for the contact lenses and is anticipated to register a CAGR of 6.2 percent all through the forecast period. The market growth is developing at a very speedy pace and has shown the appearance of many companies.
Contact Lenses Market Segmental Analysis:
The contact lenses market globally is segmented on the basis of material, design, and type. The segmentation of the market on the basis of material comprises of methacrylate hydrogel soft contact lens, gas-permeable contact lens, silicone hydrogel soft contact lens, and others. The silicone hydrogel soft contact lens is expected to hold a prime market share of 66.2 percent in the duration of the review period, and it is also projected to develop at a CAGR of 5.61 percent during the forecast period. On the basis of design, the market is segmented into toric, spherical, multifocal, and others. The spherical segment holds the chief market share of 55.1 percent in the forecast period, and it is also anticipated to develop with a rapid CAGR of 5.57percent during the forecast period. The market is segmented on the basis of type, into therapeutic lenses, corrective lens, and cosmetic & lifestyle oriented lens. The corrective lens type holds the maximum market segment of 43.4 percent over the forecast period, and it is also projected to develop at a CAGR of 5.22 percent throughout the forecast period.
Major TOC of Contact Lenses Market Research Report – Forecast to 2023:
1 Report Prologue
2 Executive Summary
3 Market Introduction
4 Research Methodology
5 Market Dynamics
6 Market Factor Analysis
7 Global Contact Lenses Market, by Type
8 Global Contact Lenses Market, by Material
9 Global Contact Lenses Market, by Design
10 Global Contact Lenses Market, by Region
11 Competitive Landscape
12 Company Profiles
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