Vancouver, British Columbia, March 17, 2021 (GLOBE NEWSWIRE) -- The global contact lenses market size is expected to reach USD 11.91 Billion in 2028 and register a robust CAGR over the forecast period, according to latest analysis by Emergen Research. Growing demand for disposable contact lenses, increasing research on ophthalmology and rising disposable income are other key factors driving revenue growth of the global contact lenses market. Rapid product innovations have been boosting the adoption rate of contact lenses, and some innovative developments include contact lenses with therapeutic and drug-delivering advantages. Similar innovations in the market are further expected to drive product sales to a significant extent going ahead.
Increasing incidence of chronic eye diseases and disorders and rising number of infants suffering from myopia are among some of the key factors fueling adoption of contact lenses. Various demographic factors such as growing aging population, rapid urbanization, and major prevalence of diabetes are expected to result in rising need for contact lenses for a range of vision-related correctional applications as well as for cosmetic applications. Many sportspersons prefer contact lenses during sports events as it offers less risk of injury and a broader view of the field. Rising preference for high-quality optical wear is also prompting companies to invest in research and development of more innovative lenses.
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Some Key Findings From in the Report:
- In July 2020, Bausch + Lomb signed a licensing agreement with KATT Design Group. The agreement offers Bausch + Lomb exclusive rights to manufacture and sell advanced orthokeratology lens systems in the United States.
- Daily wear contact lenses segment is expected to register a steady revenue CAGR throughout the forecast period. This can be attributed to rising adoption of disposable contact lenses among consumers globally.
- Asia Pacific is expected to register a relatively faster revenue CAGR throughout the forecast period, due to increasing geriatric population and rising purchasing power among consumers in countries in the region.
- Key players operating in the market are Johnson & Johnson, Bausch + Lomb, Alcon, Carl Zeiss Meditec AG, HOYA Corporation, The Cooper Companies, Seed Co., Ltd., EssilorLuxottica (France), BenQ Materials Corporation, and Menicon Co., Ltd.
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For the purpose of this report, Emergen Research has segmented the global contact lenses market based on usage, design, material, application, marketing channel, and region:
- Usage Outlook (Revenue: USD Billion; 2018–2028)
- Daily Wear
- Extended Wear
- Traditional lenses
- Design Outlook (Revenue: USD Billion; 2018–2028)
- Monovision
- Spherical
- Toric
- Multifocal
-
- Material Outlook (Revenue: USD Billion; 2018–2028)
- Hybrid
- Silicone Hydrogel
- Rigid Gas Permeable
- PMMA
- Application Outlook (Revenue: USD Billion; 2018–2028)
-
- Therapeutic
- Lifestyle-Oriented
- Prosthetic
- Cosmetic
- Corrective
- Marketing Channel Outlook (Revenue: USD Billion; 2018–2028)
- Online
- Offline
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- Regional Outlook (Revenue: USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Russia
- Germany
- U.K.
- France
- BENELUX
- Italy
- Spain
- Switzerland
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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