"Increasing Prevalence of Visual Impairment and Eye Disorders, Changing Lifestyle and Technological Advancements are Expected to Boost the Growth of the Global Contact Lenses Market at a CAGR of 5.70% During the Forecast Period of 2019 to 2025 :"
Market Highlights
The Global Contact Lenses Market is expected to register a CAGR of 5.70% during the forecast period with a market value of USD 12,330.46 Million till 2025.
Contact lenses are plastic-like ocular prosthetic devices positioned on the eyeball for the improvement of vision. It allows a natural field of view, have no frames to obstruct one’s vision, and reduce distortions. Contact lenses are medical devices that the US Food and Drug Administration (FDA) controls and regulates. In addition, it is only possible to purchase cosmetic and prescription contact lenses with a prescription.
The growing adoption of contact lenses for correction of multiple vision defects including refractive errors such as myopia presbyopia hyperopia, , and astigmatism is likely to drive the growth of the global contact lenses market during the forecast period
Key Findings of the Study
- The global contact lenses market is estimated to grow at USD 12,330.46 Million by 2025 at a CAGR of 5.70% during the assessment period.
- Americas accounted for the largest share of the global market due to the presence of key market players and increasing prevalence of eye-related diseases in the US and Canada.
- Based on wear type, the daily disposable lenses segment accounted for the largest market share of 5% in 2018.
- Based on type, the corrective lens segment accounted for the largest market share of 2% in 2018.
- On the basis of material, the silicone hydrogel soft contact lens segment accounted for the largest market share of 1% in 2018.
- Based on design, the spherical lens segment held market share of 1% in 2018.
- Some of the players operating in the contact lenses market are Novartis AG, CooperVision, Inc. (The Cooper Companies Inc.), Menicon Co., Ltd, Bausch Health.
