Global Contact Lenses Market to witness a surge in its valuation with a 5 % CAGR by 2026
Research Reports
Jan 05, 2021
According to BlueWeave Consulting, Global Contact Lenses Market is estimated to be USD 18 billion in 2026 from USD 12.79 billion in 2019, at a CAGR of 5 % from 2020 to 2026. A contact lens is used to correct refractive inaccuracy and compensate for visual deficits, such as myopia, hypermetropia/hyperopia, presbyopia, and astigmatism. An increase in the number of visual imprecisions is predictable to drive market growth. Growing participation in outdoor activities is expected to boost product demand in the upcoming years.
Some of the significant reasons characterizing market development are the growing occurrence of visual damages and eye disorders, and technological advancements in ophthalmology. Consumers’ fondness for high-quality products is also validating companies to invest in the research & development of innovative smart lenses. Growing disposable income and surge in the standard of living encourage the young population to wear cosmetic lenses. Growing savings in logistics & warehouses facilities coupled with the expansion in the overall e-commerce business also helps increase product demand over the forecast timeframe. However, the side effects of contact lenses are expected to limit market development over the forecast period.
“Online store dominates the Distribution Segment”
The online store section is expected to grow at a rate of over 7% during the predicted period due to the rise in customer’s preferences for online shopping. The growing internet penetration is enabling customer’s access to several lenses through smartphones and tablets. Numerous e-commerce platforms are proposing competent and cost-effective solutions for ordering cosmetic lenses online. Changes in customer choices toward online buying and thriving e-commerce will recover product requests.
Growth Drivers
Growing number of visual inaccuracies
The occurrence of eyesight disorders, such as hyperopia, myopia, astigmatism, and presbyopia, is continuously growing. Besides, vitamin A deficit and accident cases are rising profusely over the past few years. The rising occurrence of myopia and increasing spending on ophthalmic products, such as contact lenses, as a remedial measure for refractive errors, are probable to drive the contact lenses market’s progress in the future.
Getting popular among youngsters as a fashion accessory
Rising approval as a fashion accessory is a major feature boosting global sales of contact lenses. They are predicted to drive the development of the global contact lenses market over the prediction period.
Youngsters favor contact lenses for convenience, aesthetics, comfort, and easy obtainability of contact lenses with a variety of colors and have also caused their use as a fashion accessory among the young and middle-aged population.
A rise in R&D Activities
A noteworthy rise in R&D activities in optics and optometry has been perceived in the market. Progressions such as the launch of dynamic soft contact lenses integrated with advanced technology have pushed contact lenses’ request. Like, In November 2018, IMEC and SEED Co. Ltd, an international R&D hub, entered a collective partnership to develop a smart contact lens. This contact lens will have constituents, such as a radio-frequency antenna for wireless energy transfer, an ultra-thin silicon microchip, and LED light.
“North America dominates the Global Contact Lenses Market”
North American market presently grips the largest share of the global contact lenses market due to high alertness concerning eye examinations and growing approval of daily disposable lenses. However, the Asia Pacific market is predictable to cultivate at the firmest rate with the most promising and profitable chances present in the market for the players shortly due to rising consciousness among people and well-equipped practitioners in countries in this region.
Global Contact Lenses Market: Competitive Landscape
Some of the leading players operating in the Global Contact Lenses Market are Bausch + Lomb (US), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), HOYA Corporation (Japan), The Cooper Companies (US), Seed Co., Ltd. (Japan), Essilor Luxottica (France), BenQ Materials Corporation (Taiwan), Menicon Co., Ltd. (Japan) and other prominent players.
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The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the Global Contact Lenses Market size & forecast. The report promises to provide state-of-the-art technology of Global Contact Lenses Market and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.
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