Eyewear Market Size

Eyewear Market Growth Projections and Opportunities

A contact lens, a delicate and thin curved lens placed on the eye surface, plays a crucial role in providing optimal vision. It requires meticulous handling to prevent infections and displacement. The escalating adoption of contact lenses for correcting various vision anomalies, encompassing refractive errors such as myopia, hyperopia, astigmatism, and presbyopia, remains a key driving force propelling the growth of the global contact lenses market. Notably, technological advancements in the design and functionality of contact lenses significantly contribute to the market's expansion. Challenges and Growth Restraints Nevertheless, the market faces challenges, including the availability of alternative therapies for correcting refractive errors and concerns pertaining to the safety of contact lens usage. These factors pose potential impediments to the effective growth of the market. Market Projections and Growth Expectations The global contact lenses market exhibited a robust trajectory, poised to reach a valuation of USD 12,330.46 million by 2025, marking a substantial increase from USD 8,364.78 million recorded in 2018. The market is anticipated to sustain a Compound Annual Growth Rate (CAGR) of 5.70% during the forecast period spanning from 2019 to 2025. Regional Dynamics and Market Share Insights In 2018, the Americas led the global contact lenses market, commanding a market share of 36.7%, closely followed by Europe and Asia Pacific, with shares of 31.5% and 21.4%, respectively. Segmentation Overview The global contact lenses market segmentation is based on wear type, type, material, design, and region. Wear Type Segment: Daily Disposable Lenses The daily disposable lenses emerged as the largest market segment, accounting for 40.5% of the market share in 2018, representing a market value of USD 5,056.57 million. This segment is projected to exhibit a robust CAGR of 5.89% during the forecast period. Type Segment: Corrective Lens Corrective lenses dominated the market in terms of type, claiming a significant market share of 43.2% in 2018, totaling a market value of USD 3,617.44 million. The segment is anticipated to maintain a steady growth trajectory with a projected CAGR of 5.21% throughout the forecast period. Material Segment: Silicone Hydrogel Soft Contact Lens Silicone hydrogel soft contact lenses held the largest market share in terms of material, accounting for 66.1% of the market share in 2018, with a market value of USD 5,530.32 million. This segment is expected to sustain a strong CAGR of 5.61%. Design Segment: Spherical Lenses Spherical lenses constituted the largest market share in design, comprising 55.1% of the market in 2018, reaching a market value of USD 4,605.74 million. The segment is poised to maintain a robust CAGR of 5.57% during the forecast period. The global contact lenses market is experiencing significant growth propelled by the increasing adoption for vision correction, yet it faces challenges concerning alternative therapies and safety concerns. The market's segmentation based on wear type, type, material, and design offers insights into the diverse dynamics driving its growth, underscoring the promising future potential of the contact lenses industry.