The global contact lenses market is projected to account for USD 19.26 billion by 2027, as per a new report by Million Insights. It is estimated that the market would register 5.0% CAGR over the forecast duration. The growing number of eye-related disorders is driving the demand for contact lenses.
Technological advancements have paved the way for the use of innovative materials for the manufacturing of contact lenses. Growing awareness among consumers regarding advantages of vision correction and physical appearance is also supplementing the growth of the contact lens market. Eye related disorders are the most common among the old-age population. Therefore, the demand for contact lenses has increased among such a population. Increasing spending on personal wellbeing and physical appearance is also fueling product demand.
Independent eye-care professionals have been the major source of distribution of contact lenses. However, with the increasing popularity of e-commerce channels, a large number of consumers are preferring online purchasing option. Manufacturers are also partnering with e-commerce companies to strengthen their distribution network.
On the basis of material, the hybrid contact lens is estimated to register the maximum growth over the forecast duration. While by application, the demand for corrective lenses is estimated to surge due to the increasing preferences for contact lenses to correct refractive errors. Contact lenses are also used to correct astigmatism, myopia, hyperopia and presbyopia.
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Further key findings from the report suggest:
• Soft lenses are projected to witness the maximum growth over the forecast duration owing to increasing oxygen permeability and flexibility.
• Depending on the design, the multifocal design segment is anticipated to register over 7.0% CAGR from 2020 to 2027.
• South America is likely to register considerable growth due to the increasing penetration of contact lenses in the media and entertainment industry.
• Key market players are CooperVision, Inc., Medennium, STAAR Surgical Company, X-Cel Specialty Contacts, CooperVision Inc. and ZEISS International among others.
Million Insights has segmented the global contact lenses market based on material, design, application, distribution channel, usage, and region:
Contact Lenses Material Outlook (Revenue, USD Million, 2016 - 2027)
• Gas Permeable
• Silicone Hydrogel
Contact Lenses Design Outlook (Revenue, USD Million, 2016 - 2027)
Contact Lenses Application Outlook (Revenue, USD Million, 2016 - 2027)
Contact Lenses Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
• Eye Care Practitioners
Contact Lenses Usage Outlook (Revenue, USD Million, 2016 - 2027)
• Daily Disposable
• Frequently Replacement
Contact Lenses Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• South Korea
• South America
• Middle East and Africa
• Saudi Arabia