The latest report by IMARC Group, titled “Contact Lenses Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global contact lenses market reached a value of US$
7.6 Billion in 2021. Contact lenses are thin, curved films that are worn directly on the cornea to improve vision. These lenses help correct the refractive errors and visual deficiencies, including myopia, hypermetropia, presbyopia, and astigmatism. In addition, contact lenses are considered a safer alternative to eyeglasses they offer a wider field of vision, aiding individuals to see with more clarity. Nowadays, several manufacturers are also launching innovative colored lenses for cosmetic purposes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Contact Lenses Market Trends:
The market is primarily driven by the increasing adoption of contact lenses to correct multiple vision defects. The rising geriatric population that requires visual aids is also escalating the demand for contact lenses. In addition to this, the growing preference for contact lenses to enhance the aesthetic appearance and eye comfort is propelling the market growth. Furthermore, research and development (R&D) activities in the field of optics and optometry and rapid technological advancements are fueling the market growth. For instance, gas permeable lenses permit more oxygen to pass through the cornea, thus reducing dryness and itching. Furthermore, key manufacturers are developing ultraviolet (UV) inhibiting lenses that aim to protect the eyes from sun rays, prevent the cause of cataracts and other eye problems. Looking forward, the market is expected to grow at a CAGR of 6% during the forecast period (2022-2027).
- Based on the material, the market has been segmented into gas permeable, silicone hydrogel, hybrid, and others.
- On the basis of the design, the market has been classified into spherical, toric, multifocal, and others.
- The market has been categorized based on the usage into daily disposable, disposable, frequently replacement, and traditional.
- On the basis of the application, the market has been segregated into corrective, therapeutic, cosmetic, prosthetic, and lifestyle-oriented.
- Based on the distribution channel, the market has been segmented into e-commerce, eye care practitioners, and retail stores.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Alton Vision LLC, Bausch & Lomb Incorporated, Carl Zeiss AG, Contamac Holdings Limited, EssilorLuxottica SA, Hoya Corporation, Johnson & Johnson Services, Inc., Menicon Co. Limited, SEED Co. Limited, SynergEyes Inc., and Cooper Companies Inc.
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