LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global soft contact lens market is projected to grow to USD 9.55 billion by 2021, at a CAGR of close to 8% over the forecast period.
This research report titled ‘Global Soft Contact Lens Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Soft contact lenses are thin and flexible and made from gel-like, water-containing plastics known as hydrogel. They conform to the shape of the eye and are used as a vision corrective lens. Soft contact lenses are finding rising adoption rates due to their ability to provide clear peripheral vision, their aesthetic appeal, and comfort.|
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Based on product type, the report categorizes the global soft contact lens market into the following segments:
- Daily soft contact lens
- Weekly replacement lens
- Monthly replacement lens
- Other soft contact lenses
The top three revenue-generating product segments in the global soft contact lens market are discussed below:
Daily soft contact lens
“Daily soft contact lens are the most popular products in the market, holding close to 35% of the overall shares. This segment is expected to be the fastest-growing segment, due to the absence of accumulation of lens deposits, and cleaning requirements,” says Amber Chourasia, a lead analyst at Technavio for health and wellness research.
Manufacturers in the soft contact lens market are shifting their focus from manufacturing hard contact lenses to comfortable soft contact lenses. For instance, CooperVision, launched MyDay daily disposable contact lenses made of a new silicone hydrogel material that is only 4.4% silicone, making space for more moisture to the eyes.
Weekly replacement lens
The weekly replacement lenses are more durable than daily disposable lenses. The US is the largest contributor to this market segment and will continue its dominance through the forecast period. The dominance of the US is mainly due to the availability of the lenses in the country combined with the increased awareness about the product. Also, the introduction of new materials in the manufacture of these lenses has led to significant improvements in the safety aspect of these lenses, leading to the growth of the market segment.
Monthly replacement lens
“The global market for monthly replacement lenses is growing slowly, with the market segment nearing saturation. These lenses come across as a very affordable option to consumers looking for vision correction,” says Amber.
Currently, innovation and quality are taking over the product designing process. The launch of new and innovative products is expected to rise the demand for monthly disposable contact lenses. Other advantages of these lenses include their ease of cleaning, affordability, low maintenance, and durability.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Johnson & Johnson
- Valeant Pharmaceuticals
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