DUBLIN--(BUSINESS WIRE)--The "Contact Lenses Market by Usage (Daily Wear, Extended Wear), Design (Monovision, Spherical, Multifocal, Toric), Material (PMMA, Hybrid, Silicone Hydrogel), Application (Orthokeratology, Decorative Lens), Distribution Channel, Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The contact lenses market is projected to reach USD 10.16 billion in 2025 at a CAGR of 6.7% from 2020-2025.
Market growth is driven mainly by the growing prevalence of myopia, increasing preference for contact lenses over prescription eyeglasses, and the ever-increasing geriatric population worldwide. The untapped emerging markets are expected to provide growth opportunities for players in the contact lenses market.
Low maintenance and easy wearability to drive the growth of daily wear contact lenses
The contact lenses market, by usage, is segmented into daily wear, extended wear, and traditional contact lenses. The daily wear contact lenses segment dominated the market in 2019. The large share of this segment can be attributed to their advantages - easy wearability, no requirement of lens cleaning (in the case of disposable daily wear contact lenses), and no requirement of overnight wear. These contact lenses do not have the issue of day-to-day accumulation of lens deposits and are more affordable than other types of contact lenses.
Increasing prevalence of myopia to drive the growth of conventional contact lenses in 2019
Based on application, the contact lenses market is segmented into conventional, orthokeratology (Ortho-k), and decorative contact lenses. The conventional lenses segment accounted for the largest share of contact lenses. The increasing prevalence of myopia, the rising geriatric population, and the growing preference for contact lenses over eyeglasses drive the growth of the conventional contact lenses market.
Retail stores are the largest distribution channel segment in the contact lenses market in 2019
Based on the distribution channel, the contact lenses market is segmented into retail stores, hospitals & clinics, and e-commerce. In 2019, retail stores accounted for the largest share of the contact lenses market, followed by hospitals & clinics and e-commerce. The large share of retail stores can be attributed to rising disposable income and the demand for cosmetic contact lenses. Moreover, these stores dispense OTC daily wear disposable contact lenses, resulting in a higher sales volume.
North America dominated the contact lenses market in 2019
The global contact lenses market has been segmented into five regional segments - North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of the contact lenses market. The rising prevalence of age-related eye diseases, increasing healthcare expenditure, rising disposable income, and technological advancements in contact lenses and related products are driving the growth of the contact lenses market in North America.
- Growing Prevalence of Myopia
- Growing Geriatric Population
- Increasing Preference for Contact Lenses Over Prescription Eyeglasses
- Impact Analysis
- Untapped Emerging Markets
- Impact Analysis
- Shortage of Ophthalmologists
- Impact Analysis
- Johnson & Johnson
- The Cooper Companies
- Bausch + Lomb
- Carl Zeiss Meditec Ag
- Hoya Corporation
- Benq Materials Corporation
- Conforma Laboratories
- Freshlady Contact Lenses
- ABB Optical Group
- X-Cel Specialty Contacts
- St. Shine Optical
- Neo Vision
- Camax Optical Corporation
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