Pune, Aug. 31, 2020 (GLOBE NEWSWIRE) -- The global contact lenses market size is projected to reach USD 11.55 billion by the end of 2027. The increasing investments in these lenses are consequential to the increasing demand for the product across the world. The presence of several large scale manufacturers in this sector will have a massive impact on the growth of the market. According to a report published by Fortune Business Insights, titled “Contact Lenses Market Size, Share & COVID-19 Impact Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multi-focal, and Spherical), By Distribution Channel (Retail Stores, Online Stores, and Ophthalmlogists), and Regional Forecast, 2020-2027,” the market was worth USD 8.69 billion in 2019 and will exhibit a CAGR of 8.7% during the forecast period, 2020-2027.
Decline in Contact Lens Sales During the Covid-19 Pandemic to Affect Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. The efforts taken to curb the spread of the disease have had an adverse effect on several businesses across the world. The decline in contact lens sales during the pandemic is consequential to the strict measures taken to limit the spread of the disease. Having said that online commerce and business options will provide alternate routes the companies.
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Contact lenses are widely used across the world, driven by increasing number of eye disorders across the world. The advancement and the efforts put in by large scale companies across the world will have a massive impact on the growth of the overall contact lenses market in the coming years. The massive investments in the research and development of efficient products will have a huge impact on market growth. The rising demand for disposable contact lenses will bode well for the growth of the market.
The changing lifestyle habits and preferences towards these lenses over glasses will create several growth opportunities for the companies operating in the global market. Additionally, the presence of several large scale companies will bode well for the growth of the market in the coming years.
The coronavirus has majorly disturbed businesses working across various sectors. The restriction on transportation has limited the supply of products. Moreover, the government of several countries has initiated lockdown to prevent the spread of this infectious disease. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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Increasing Number of Product Launches will have a Huge Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations has made the highest impact on the growth of the market. Accounting to the massive potential held by contact lenses with respect to variations, colors, and size, companies are looking to introduce innovative products with the view to acquiring to a wider consumer base.
In June 2019, Bausch & Lomb Incorporated announced the launch of a new product in the United States. The company introduced ‘Bausch + Lomb Ultra Multifocal,’ a product that is categorized as a silicone hydrogel lens. The company designed this product to address the vision needs of patients suffering from astigmatism and presbyopia. Increasing number of such product launches will have a massive impact on the growth of the overall market in the coming years.
North America to Emerge Dominant; Increasing Number of Presbyopia Patients will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The rising incidence of presbyopia in the United States, coupled with the increasing geriatric population that are more prone to eye disorders will lead to a wider product adoption in this region.
The presence of several large scale companies in this sector is consequential to the increasing product adoption and subsequently rising demand for the product, especially in the United States. As of 2019, the market in North America was worth USD 10.83 billion and this value is projected to rise at a considerable pace in the coming years.
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List of companies profiled in the Contact Lenses Market report:
- CooperVision (U.S.)
- Bausch & Lomb Incorporated (U.S.)
- Alcon Vision LLC (Switzerland)
- Essilor (France)
- ZEISS International (Germany)
- Contamac (U.K.)
- Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.) (U.S.)
- HOYA Corporation (Japan)
- Others
Industry Developments:
September 2019: CooperVision announced that it has completed the acquisition of Blanchard Contact Lenses. The company will look to expand its presence in in Specialty Segment.
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Epidemiology of Ocular Disease - For Key Countries/Key Regions
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Key Trends in Contact Lenses Market
- Technological Advancements in Contact Lenses
- Impact of COVID-19 on Global Contact Lenses Market
- Global Contact Lenses Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Modality
- Reusable
- Disposable
- Market Analysis, Insights and Forecast – By Design
- Toric
- Multifocal
- Spherical
- Market Analysis, Insights and Forecast – By Distribution Channel
- Ophthalmologists
- Retail Stores
- Online Stores
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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