Contact Lenses Market Size is Anticipated to Reach USD 12,330.46 Million, at a CAGR of 5.70% by 2027 | Market Research Future (MRFR)

Market overview:

During the projection timeframe, the industry for prescription lenses is anticipated to grow at a CAGR of 5.70% to reach 12,330.46 million USD (2020-2027). The original purpose of prescription glasses was to restore eyesight. They were initially created and produced centuries earlier by L.L. Richert, a French military physician who was searching for a means to aid troops in seeing safely in combat. The first Surgoyl lenses were developed by Bausch & Lomb in 1941, and the lens found its greatest success as an eyeglass replacement during the First World War.

Since the 1920s, humans have been using corrective lenses for aesthetic and medicinal reasons. Today, we may find lenses that correct astigmatism, improve night mode, or even enable individuals to see laser energy. These lenses are continually being created, and new applications are being discovered all the time. Producers and wholesalers of prescription lenses are diversifying their product lines and altering their marketing strategies to better target the contact lenses market.

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In the beginning, glasses were primarily created for those who had visual issues. But as technologies have advanced, new items have been created to enhance contact lenses’ efficiency and pleasure in addition to their ability to increase vision. A low-cost, intelligent toric lens that improves sight in space can be made by aeronautical experts. A digital lens can let eye doctors conduct corrective surgeries and track eye health more precisely.

Over 4.4 million individuals have been afflicted by the coronavirus, which has expanded to most developed nations with a significant population. To mitigate the epidemic’s impacts, several companies and professions have started to meet consumer demand. Many businesses saw their industry share decline last year because of the bad sales recorded by Bausch + Lomb, Johnson & Johnson, and Carl Zeiss Meditec AG. Many did this to adapt their strategy to the demands of the market or develop new product categories that would be profitable. Given the limitations on mobility and the scarcity of daily/weekly wear, 75% of contact lens wearers reported reducing their use, according to a poll by Euro lens Research (University of Manchester) in April 2020.

By 2025, it is anticipated that the industry for contact lenses will have grown by roughly 1%, helping to boost GDP as more individuals find employment because of higher expenditure on eye care.

Some of the major players in the contact lenses market are-

Luxottica Group, Essilor International, Johnson & Johnson Vision Care, CooperVision Corporation, Bausch & Lomb Incorporated, Contact Lens Express Inc., Ciba Vision AG.

Market segmentation:

This market is segmented into four major groups that are wear type, type, material, and Design.

Based on the type of wear it is divided into daily disposable, frequent replacement lenses, disposable lenses, and conventional lenses. Based on the type this is divided into the corrective lens, cosmetic & lifestyle-oriented lens, and therapeutic lenses. Based on the material this is divided into the silicone hydrogel soft contact lens, gas permeable contact lens, and methacrylate hydrogel soft contact lens. Based on the design this is divided into the spherical lens, multifocal lens, and toric lens.

Regional classification:

This market is classified into North America, Asia-Pacific, Europe, and the Rest of the world.

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