The worldwide market of global contact lenses is anticipated to touch USD 10.2 billion by the year 2025 whereas the market size was USD 7.4 billion in the year 2020. The market growth will be at 6.7%. of CAGR (Compound Annual Growth Rate).
Global Contact Lenses Market: Present Market Structure
- Many factors are there to drive the global market of contact lenses, such as increasing cases of myopia, escalated population of senior citizens, and increasing inclination towards contact lenses instead of prescription eyeglasses.
- Moreover, the escalating economies are anticipated to expand the scope for the market players of contact lenses.
- Nevertheless, the count of ophthalmologists is not sufficient. The same goes for regulatory barriers. These aspects are anticipated to inhibit the global contact lenses market in the forthcoming years.
- The global market of contact lenses is divided in terms of distribution channels and products.
Global Contact Lenses Market: COVID-19 Impact
- COVID-19 has affected 215 countries as well as territories. As a result, over 4.4 million people have been impacted. It has led to huge economic and social consequences in several industries. As of April 2020, 75% of contact lens users have reduced the use of lenses since movements were limited in the COVID-19 situation. Furthermore, the restricted supply of daily or weekly wear lenses also inhibited the global market of contact lenses.
- Moreover, alleviated operations of key market players of contact lenses had led to lowering sales margin. That is why the affected companies had to adopt new business strategies to keep pace with the changing market status.
What about Market Drivers?
- Contact lenses contribute to correct vision impairments, including hyperopia, presbyopia, astigmatism, and myopia. The cases of these vision defects are escalating over the world. However, the prevalence of myopia ranks first in the world since more and more people are getting affected by this vision defect.
- East Asian countries, including Japan, Singapore, China, and South Korea experience the highest number of myopia patients. Myopia and high myopia are anticipated to develop in approx 4,949 million and approx 925 million individuals respectively throughout the world by the year 2050.
- The increasing cases of myopia and escalating expenditures on various ophthalmic products (like contact lenses) are predicted to boost the growth of the global contact lenses market.
- More and more people are nowadays opting for contact lenses to correct their refractive errors. It is further ensuring the growth of the worldwide contact lenses market.
Application Insights of the Market
In terms of usage, the global market of contact lenses is segregated into lifestyle-centric, corrective, therapeutic, prosthetic, and cosmetic. The corrective segment accounted for the highest market share in the year 2019. Besides, the corrective contact lenses segment is predicted to achieve 5.4% of CAGR (Compound Annual Growth Rate) throughout the forecast period.
Design Insights of the Market
When it comes to the design, the global contact lenses market is divided into the spherical lens, multifocal lens, toric lens, and so on. The segment of multifocal lenses is anticipated to experience moderate demand throughout the forecast period. It has been possible because of its capability of catering to different prescriptions.
