Life Sciences / Contact Lenses Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions And By Key Players: Johnson &Johnson Vision Care, Novartis, Cooper Vision, Bausch Lomb
Contact Lenses Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: Johnson &Johnson Vision Care, Novartis, Cooper Vision, Bausch Lomb
Global Contact Lenses market size was US$ 9448.8 million in 2020 which is anticipated to reach the value of US$ 113906 million at the end the year 2027, registering a CAGR of 6.7% over the forecast period.
Contact Lenses Market Overview
The global contact lenses market size was valued at USD 9448.8 million in 2020 and is anticipated to witness a CAGR of 6.7% from 2022 to 2027. A corrective lens is preferably used to correct refractive errors and compensate for visual deficiencies such as myopia, hyperopia, presbyopia, and astigmatism. Thus, a rise in graphic inaccuracies is expected to drive the market over the forecast period further. The increasing number of outdoor activities is further boosting the market growth.
Contact lenses provide added benefits of enhancing one’s visual appeal along with the more common usage of serving the need to ease the use of difficult to manage and heavy specs. The ever-growing innovations in the field of contact lenses in last 10 years have led to the use of numerous materials in production of lenses that serve various purposes. Contact lenses are also used for common eye disorders such as hypermetropia, presbyopia, glaucoma, myopia and astigmatism.
The factors that are driving the growth of this market include increasing prevalence of eye-related disorders and rising awareness regarding the benefits of contact lenses. In addition, technological advancements in contact lenses are one of the primary factors propelling market growth.
Industry Updates:
JANUARY 20, 2021, Alcon (SIX/NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly, announced the U.S. launch of PRECISION1® for Astigmatism, a daily disposable, silicone hydrogel (SiHy) contact lens designed for astigmatic patients.
August 17, 2020, Bausch + Lomb, a leading global eye health business of Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health"), today announced the launch of Bausch + Lomb INFUSE™ silicone hydrogel (SiHy) daily disposable contact lens, the only SiHy daily disposable with a next generation material infused with ProBalance Technology™ to help ocular surface homeostasis and help reduce symptoms of contact lens dryness, which is experienced by approximately half1 of the 45 million lens wearers in the United States.
What are the major Applications, Types and Regions for Contact Lenses Market?
Contact LensesMarket is segmented based on the type, applications, companies and regions.
Market Volume (%) By Type, it is segmented into
Rigid Contact Lenses
Hybrid Contact Lenses
Soft Contact Lenses
Others
Market Volume (%) By Applications it is segmented into
Corrective Lenses
Therapeutic Lenses
Cosmetic Lenses and Lifestyle-Oriented Lenses
Other
Contact Lenses Market Regional Analysis
The United States and Canada have developed well-structured healthcare systems. These systems also encourage research and development. The supportive government policies are encouraging global market players to enter the markets of United States and Canada.
Geographically, North America dominated the contact lens market in 2017, accounting for a share of nearly 50% in terms of revenue. This can be attributed to increased prevalence of astigmatism and myopia among the population in the region, high awareness about contact lenses, and availability of advanced contact lens products. Europe, on the other hand, is expected to witness the highest growth rate during the forecast period
All these factors greatly affect the Contact Lenses market growth. It further aims at providing complete overview on detailed assessment of significant features of different industries including sales value, sales volume, market revenue, and demand size, sales growth, pricing analysis and changing market growth factors in regions such as Follows,
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Rest of the World
Middle East & Africa
Latin America
The Contact Lenses Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Contact Lenses Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
What is our Contact Lenses Market report scope?
Report Attributes
Report Details
Forecast Period 2022 to 2027 CAGR (Value and Volume)
CAGR of 6.7% during the review period (2022 to 2027).
Market Volume (%) By Type(Revenue, USD Million, 2017 - 2022)
Rigid Contact Lenses
Hybrid Contact Lenses
Soft Contact Lenses
Others
Market Volume (%) By Type(Revenue, USD Million, 2017 - 2022)
Corrective Lenses
Therapeutic Lenses
Cosmetic Lenses and Lifestyle-Oriented Lenses
Others
Quantitative units
Revenue in USD million/billion and CAGR from 2022 to 2027
Yes, the report can be customized as per your needs
Key Highlights from this Contact Lenses Report
A comprehensive backdrop analysis, which contains an assessment of the parent market
Essential changes in market dynamics.
Market segmentation up to the second or third level.
Historical, current, and projected size of the market from the standpoint of both value and volume.
Reporting and evaluation of recent industry developments.
Market shares and strategies of major players.
Emerging niche segments and regional markets.
An objective assessment of the trajectory of the market.
Recommendations to companies for strengthening their foothold in the market.
All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
Frequently Asked Questions
What is the study period of this market?
The Contact Lenses Market is studied from 2017 - 2027.
What is the growth rate of Contact Lenses Market?
The Contact Lenses Market is growing at a CAGR of 6.7% over the next 5 years.
SECONDARY RESEARCH Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
