Dublin, Oct. 14, 2021 (GLOBE NEWSWIRE) -- The "Global Contact Lenses Market, By Modality (Reusable, v/s Disposable), By Design (Spherical, Toric, Multifocal & Others), By Material Type (Silicon Hydrogel, Hydrogel, Others), By Application, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Contact Lenses Market stood at USD13.73 billion in 2020 and is further anticipated to grow at a CAGR of 6.25% through 2026
This growth can be ascribed to increasing geriatric population worldwide suffering from various ocular problems, ocular diseases and increasing incidences of eye injuries. The commonly observed ocular diseases in the elderly population include cataract, myopia, hyperopia, and astigmatism, among others.
Additionally, growing disposable income of the population worldwide has led to an increase in consumer expenditure on products like contact lenses. Earlier, it was only the developed countries who were spending on products like contact lenses, but now the trend has changed, and the developing countries, especially the Asia Pacific and Middle East region, are preferring contact lenses over the traditional eyeglasses. This in turn is expected to create lucrative opportunities for the market growth in the next few years.
The Global Contact Lenses Market can be segmented based on modality, design, material type, application, distribution channel, region, and company. In terms of modality, the Global Contact Lenses Market can be split into reusable and disposable. The reusable segment dominated the market in 2020, while the disposable segment is expected to witness significant growth during the forecast period on account of shifting consumer demand from conventional reusable contact lenses to disposable contact lenses.
Additionally, the pandemic spread and fear of catching infection through contact lenses has further increased the demand for disposable contact lenses. Besides, various companies operating in the market have started launching monthly, daily, and weekly disposable contact lenses, thereby supporting the segmental growth.
Based on design, the Global Contact Lenses Market can be split into spherical, toric, multifocal, and others. The spherical segment dominated the market in 2020 with a share of around 49.21%. Massive growth of the segment can be attributed to its widespread adoption by optometrists and patients for the treatment of different ocular problems such as myopia, hypermetropia, among others.
While the toric segment is expected to register significant growth during the forecast period on account of associated benefits with toric design such as ease of use, comfort in wearing and greater lens to lens reproducibility. The Global Contact Lenses Market can be categorized into silicone hydrogel, hydrogel, gas permeable, and others based on material type.
The silicone hydrogel segment is expected to dominate the market during the forecast period on account of its widespread use in making soft contact lenses. Silicone hydrogel is a flexible, soft plastic that provides easy adaptability to the eye and higher comfort. Additionally, they allow a large amount of oxygen to pass through, thereby increasing comfort by reducing dryness and itching in the eyes. Also, silicone hydrogel is quite effective in the treatment of ametropia.
The companies operating in the market are following strategies such as mergers & acquisitions, new product launches, among others, to stay competitive in the market and having an edge over the other competitors.
For instance, Bausch Health Companies, Inc. launched Bausch + Lomb Infuse silicone hydrogel (SiHy) daily disposable contact lens. The Infuse lenses feature a next-generation material infused with ProBalance Technology to help reduce symptoms of contact lens dryness and help in maintaining ocular surface homeostasis.
Major players operating in the Global Contact Lenses Market include
Johnson & Johnson
Bausch Health Companies, Inc.
Menicon Co., Ltd.
Carl Zeiss Meditech AG
Seed Co., Ltd.
Contamac Holdings Limited
X-Cel Specialty Contacts
STAAR Surgical Company
BenQ Materials Corp
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Global Contact Lenses Market, By Modality:
Global Contact Lenses Market, By Design:
Global Contact Lenses Market, By Material:
Global Contact Lenses Market, By Application:
Global Contact Lenses Market, By Application
Hospital & Clinics
Global Contact Lenses Market, By Region:
Middle East & Africa
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