Contact Lenses Market Scope
Market Research Future (MRFR)’s extensive research on the contact lenses market is anticipated to grow at a CAGR of 5.70% during the forecast period. The study further reveals that the market share could reach USD 12,330.46 Million by 2025.
Growth Inducers and Deterrents
Corrective contact lenses are extremely popular among consumers, given their ability to address refractive errors and improve visual deficiencies, like astigmatism, myopia, hypermetropia/hyperopia, and presbyopia. Consequently, the rise in visual inaccuracies across the globe should ultimately raise the sales of corrective contact lenses, thereby augmenting the market position. On top of this, the demand for soft contact lenses has been picking up speed as well, since these contain soft, flexible plastics such as silicone hydrogel, which provides easy adaptability and comfort to eyes. In short, MRFR experts deem the heightened demand for corrective contact lenses and soft contact lenses to be great opportunities for major brands in the worldwide contact lenses market.
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Strong efforts related to research & development activities in the optometry and optic fields could facilitate contact lenses market growth too. A few important advancements over the years have been the emergence of soft contact lenses integrated with innovative technologies, for improved quality and higher appeal. Meanwhile, daily disposable contact lenses have been enjoying widespread popularity among consumers, which is touted to be a huge opportunity in the next several years.
Contact Lenses Market Segmentation
With respect to wear type, the global industry has been considered for disposable lenses, conventional lenses, frequent replacement lenses, as well as daily disposable lenses.
Contact lenses are sold in various types, some of which are therapeutic lenses, cosmetic and lifestyle-oriented lens, and corrective lens. Corrective lenses segment obtains the highest spot in the contact lenses market, with maximum share of 43.2%, as recorded in 2018.
Material-wise key segments include methacrylate hydrogel soft contact lens, silicone hydrogel soft contact lens, gas-permeable contact lens, and many more.
Contact lenses come in several designs, a few of which include toric lens, spherical lens, multifocal lens, and others.
Contact Lenses Market Regional Analysis
America, by virtue of encouraging sales of corrective contact lenses in conjunction with the alarming rise in eye-related disorders, is currently the global market leader. Colored/cosmetic lenses are especially popular among the youth in the region, adding significantly to the market strength. Besides, companies as well as researchers are frequently exploring new manufacturing technologies for more product innovation while conducting extensive R&D activities. The highest market share for contact lenses is in the United States, thanks to the presence of a thriving media & entertainment sector, which happens to be one of the top end-users.
Asia Pacific will be gaining ground at the fastest pace in the coming years, resulting from the growing cases of eye disorders and the booming sales of colored lenses. Additionally, with numerous international multinational vendors shifting their base to emerging countries in the region, the contact lenses market is extremely likely to thrive in the future.
Contact Lenses Market Leading Companies
Neovision Co, Ltd, Hoya Corporation, Seed Co. Ltd, Menicon Co., Ltd, Johnson & Johnson Services Inc., St. Shine Optical Co., Ltd, Bausch Health, Camax Optical Corp., CooperVision Inc. (The Cooper Companies Inc.), Oculus Private Limited, Novartis AG, are the most significant developers of contact lenses highlighted in the MRFR research study.
Majority of these brands are working diligently on bolstering their worldwide reach by emphasizing on introducing cutting-edge products. These companies use competitive measures including partnerships, acquisition, agreement, and collaborations for a higher business position in the global contact lenses market.
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To cite a reference, in January 2022, Mojo Vision, the augmented reality contact lens manufacturer, teamed up with Adidas and numerous other fitness brands to put forward its advanced data-tracking contact lens in the consumer market. The company further announces USD 45 million funding, which has brought its overall investment to around USD 205 million. The company’s eye-controlled smart contact lenses contain a built-in display that monitors the fitness-based data along with AR graphics.
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