DUBLIN--(BUSINESS WIRE)--The "Global Contact Lens Market (By Segments, Materials, Design, Modality, Region), Key Technologies, Key Players Analysis, Recent Developments - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global contact lenses market is predicted to reach nearly US$ 13 Billion by 2025
Contact lenses are continuously gaining increased importance and adoption due to the high prevalence of various eye-related disorders such as myopia, presbyopia, astigmatism, and other forms of vision disorders. The use of lenses offers varied medical and lifestyle-related benefits. Some of the therapeutic benefits of using lenses are corneal protection, for post-surgical conditions, and for corneal pain relief and healing. The growing focus on the aesthetic look and popularity of colored contact lenses in the fashion industry will further boost the demand for contact lenses products.
The factors such as an aging population coupled with the increasing prevalence of eye-related disorders, technological advancements, growing awareness, growing disposable incomes, and increasing preference for contact lenses over prescription eyeglasses to enhance aesthetics fuels the growth of global contact lenses market. Although these factors are expected to drive the contact lenses market growth, elements such as the high cost and dearth of skilled ophthalmologists are projected to hamper the growth of the market.
By Segments - Global Contact Lens Market and Forecast
- On the basis of segmentation, corrective contact lens dominates the global contact lens market, followed by therapeutic contact lenses.
- Therapeutic contact lenses are known to increase the speed of re-epithelization, reduce the discomfort of the patient and also possess some therapeutic and clinical effects.
- Cosmetic lens captured nearly 10% share of the contact lenses market in 2018.
- Prosthetic and Lifestyle-oriented segment is also gaining popularity in the global contact lens market.
By Materials - Global Contact Lens Market and Forecast
- Silicone hydrogel soft contact lenses captured the highest share of the overall contact lens market.
- In 2018, methacrylate hydrogels were reportedly used in around 20% of fits.
- Hybrid contact lens segment is expected to maintain stable growth over the forecast period.
- The gas permeable contact lens segment is anticipated to expand at a significant rate due to the rise in the incidence rate of corneal irregularities and astigmatism.
- Polymethyl Methacrylate (PMMA) held the lowest share of the overall contact lens market.
By Design - Global Contact Lens Market and Forecast
- In 2018, Spherical design accounted for the highest share of the overall contact lenses market.
- Toric soft contact lenses have different powers in different meridians of the lens to correct astigmatism as well as nearsightedness or farsightedness.
- Multifocal is the fastest growing design segment of the contact lens market.
By Modality - Global Contact Lens Market and Forecast
- By modality, monthly disposable is the most preferred contact lenses.
- The daily disposable contact lens market is likely to see the highest growth during the forecast period.
- The weekly replacement lenses are more durable than daily disposable lenses.
- The annual disposable lens is the least preferred segment and thus accounted for the least share of the overall contact lens market.
By Region - Global Contact Lens Market and Forecast
- In terms of region, the global contact lens market is dominated by North America.
- In North America, the United States captured the highest share of the total contact lens market in 2018.
- Europe represents a major market for contact lenses, owing to rising chronic eye diseases among the geriatric population.
- In Europe, the United Kingdom and Germany are the major markets for contact lenses.
- There are around 3.6 Million contact lens wearers in the UK.
- In Italy, around 6% of the population wear contact lenses.
- Asia Pacific is anticipated to grow at the fastest rate over the forecast period due to the presence of untapped opportunities in emerging economies such as China and India.
- In Asia Pacific, Japan captured the highest share of the global contact lens market, followed by China.
Global Contact Lens Market - Company Analysis
- Alcon, Inc.
- Bausch Health Companies Inc.
- CooperVision, Inc
- Johnson & Johnson Services, Inc.
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