Contact Lens Market: Prospective Growth Trends & Incremental Opportunity

Posted by Arslan on February 25th, 2020

The global contact lens market study presents an all in all compilation of the historical, current and future outlook of the market as well as the factors responsible for such a growth. With SWOT analysis, the business study highlights the strengths, weaknesses, opportunities and threats of each contact lens market player in a comprehensive way. Further, the contact lens market report emphasizes the adoption pattern of the contact lens across various industries.

The contact lens market report highlights the following players:

• CooperVision, Inc.
• Essilor International S.A.
• Hoya Corporation
• STAAR Surgical Company

The contact lens market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.

The proliferation visually-impaired consumers and their participation in outdoor activities coupled with increasing cases of myopia, presbyopia, and astigmatism will drive the global contact lens market to witness a staggering growth trajectory of over 5% between 2019 and 2029. Offline distribution through retail stores and hospitals & clinics continue to garner consumer traction. Online channels however are expected to present remunerative growth opportunities on the back of rising millennial consumers. Market players are investing in developing innovative products that cater to a variety of demands such as daily use, different colors, and corrective lenses.

Key Takeaways of Contact Lenses Market Study

Silicone Hydrogel will see 1.7x growth between 2019 and 2029. Enhanced oxygen permeability along with soft & flexible nature of silicone hydrogel will enhnace consumer engagement as buyers tend to prioritize eye-adaptability and enhanced comfort in contact lenses.

• Spherical lenses will witness 1.6x growth during forecast period owing to even distribution of lens power throughout the optical part of spherical lens.
• Corrective lenses continue to lead market share followed by astounding growth of over 10% in Therapeutic Lens segment.
• Online distribution channels will gain two fold growth owing to increasing disposable income of millennial consumers that are accustomed to buying from online e-commerce platforms.

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Daily Disposable usage of contact lenses will garner 1.5x growth throughout the forecast period. This can be attributed to benefits of this usage type such as compatibility enhancement for people with dry eyes or allergies. North America will maintain its supremacy in terms of market share on the back of increasing early adoption of lens technology and growing geriatric population. Southeast Asia & Oceania present lucrative growth opportunities with a stellar CAGR of more than 7% over the forecast period. Combining the gas permeable softness of silicone hydrogel with visual clarity of an RGP lens, Hybrid lens material will grow at a promising CAGR of over 7%.