The global contact lenses market size is projected to reach USD 12.05 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period. However, the market was worth USD 8.35 billion in 2018. This information is published in a recent report by Fortune Business Insights, titled, “Contact Lenses Market Size, Share & Industry Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multi-Focal, and Spherical), By Distribution Channel (Retail Stores, Online Stores, and Ophthalmologists), and Regional Forecast, 2019-2026.” As per the report, rising per capita healthcare expenditure and increasing incidence of astigmatism and myopia are expected to affect the market positively.
What Does the Report Contain?
- In-depth information regarding all the possible segments, including modality, design, distribution channel, and region.
- Elaborate analysis of several insights, namely, contact lenses market trends, opportunities, growth drivers, and hindrances.
- Latest industry developments, such as new product launches, mergers, acquisitions, partnerships, and agreements.
Rising Prevalence of Ocular Disorders to Augment Market Growth
The World Health Organization (WHO) stated that approximately 1.7 million people are affected by presbyopia and around 153 million people reside with uncorrected refractive errors around the world. A rising prevalence of presbyopia worldwide is one of the main factors propeling the contact lenses market growth in the coming years. Also, many people are affected by ocular disorders, which in turn, is expected to boost growth of the market.
Spherical Segment to Dominate the Market Backed by High Prescriptions
In terms of design, the market is segregated into spherical, multifocal, and toric. Out of these, the spherical segment had generated 65.8% contact lenses market share in 2018 and was in the leading position. It occurred because these lenses are highly recommended by doctors for correcting ocular disorders. The toric segment, on the other hand, is anticipated to showcase considerable growth owing to its possession of numerous advantages, such as greater lens-to-lens reproducibility, easier fitting protocol, and better stabilization design. Lastly, the multifocal segment would expand at faster pace in the near future due to growing awareness and increasing new product launches.
Asia Pacific to Exhibit Rapid Growth Fueled by Rising Disposable Income
The contact lenses market can be geographically grouped into the Middle East & Africa, North America, Asia Pacific, Latin America, and Europe. Out of them, North America is set to dominate the market during the forecast period. It was valued at USD 2.75 billion in 2018. This growth is attributed to the rising usage of contact lenses amongst the masses as well as increasing prevalence of presbyopia. The Centers for Disease Control and Prevention (CDC) mentioned that in the U.S., around 45 million people use contact lenses.
Asia Pacific, on the other hand, is expected to remain in the second position owing to gradual inclination of the masses to disposable contact lenses from reusable contact lenses. Also, various market players are launching novel products day by day in this region. It is also giving rise to market growth. The region is projected to experience rapid growth in the coming years owing to the rising trend of wearing contact lenses amongst the youngsters for correcting vision errors. Moreover, the increasing awareness programs regarding the benefits of using contact lenses, rising disposable income, and availability of lenses on online platforms would also contribute to the demand for contact lenses in this region.
Bausch & Lomb Unveils Ultra Multifocal for Astigmatism Contact Lenses
June 2019: Bausch & Lomb Incorporated, an eye health products company, headquartered in New York, announced the launch of its Bausch + Lomb Ultra contact lenses. It is a multifocal lens for astigmatism. The new silicon hydrogel lens was initially created for those affected by both presbyopia and astigmatism. It blends the company’s stability of OpticAlign toric design with its unique 3-Zone Progressive multifocal design to offer professionals and patients an innovative technology.
Fortune Business Insights lists out some of the renowned companies operating in the contact lenses market. They are as follows:
- HOYA Corporation
- Bausch & Lomb Incorporated
- Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.)
- ZEISS International
- Alcon Vision LLC
- Other key market players
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Epidemiology of Ocular Disease – For Key Countries/Key Regions
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Key Trends in Contact Lenses Market
- Technological Advancements in Contact Lenses
- Global Contact Lenses Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Modality
- Market Analysis, Insights and Forecast – By Design
- Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Stores
- Online Stores
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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