Contact Lens Market Expected To Reach USD 12,330 Million By 2025, According To Market Research Future (MRFR) – Business

Scope of the contact lens market

Market Research Future’s (MRFR) extensive research on contact lens market is expected to grow at a CAGR of 5.70% during the forecast period. The study further reveals that the market share could reach USD 12,330.46 million by 2025.

Growth Drivers and Disincentives

Corrective contact lenses are extremely popular among consumers, given their ability to treat refractive errors and improve visual impairments, such as astigmatism, myopia, farsightedness/farsightedness, and presbyopia. Therefore, the increase in visual inaccuracies across the world is expected to ultimately increase sales of corrective contact lenses, thereby increasing market position. Moreover, the demand for soft contact lenses has also accelerated, as they contain soft and flexible plastics such as silicone hydrogel, which provides easy adaptability and comfort on the eyes. In short, MRFR experts consider the increased demand for corrective contact lenses and soft contact lenses to represent great opportunities for leading brands in the global contact lens market.

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Significant efforts related to research and development activities in the fields of optometry and optics could also facilitate the growth of the contact lens market. A few important advancements over the years have been the emergence of soft contact lenses integrated with innovative technologies, for improved quality and greater appeal. Meanwhile, daily disposable contact lenses are enjoying great popularity among consumers, which is presented as a huge opportunity in the next few years.

Segmentation of the contact lens market

Regarding type of wear, the global industry was considered for disposable lenses, conventional lenses, frequent replacement lenses, as well as daily disposable lenses.

Contact lenses are sold in different types, some of which are therapeutic lenses, cosmetic and lifestyle lenses, and corrective lenses. The corrective lenses segment obtains the highest position in the contact lens market with a maximum share of 43.2%, as recorded in 2018.

Key material segments include soft methacrylate hydrogel contact lenses, soft silicone hydrogel contact lenses, gas permeable contact lenses and many others.

Contact lenses come in several designs, a few of which include toric lenses, spherical lenses, multifocal lenses, and others.

Contact Lenses Market Regional Analysis

America, by virtue of encouraging sales of corrective contact lenses in conjunction with the alarming increase in eye disorders, is currently the world market leader. Colored/cosmetic contact lenses are particularly popular among young people in the region, which greatly enhances the strength of the market. Furthermore, companies as well as researchers frequently explore new manufacturing technologies for more product innovation while conducting extensive R&D activities. The highest market share for contact lenses is found in the United States, thanks to the presence of a thriving media and entertainment industry, which happens to be one of the major end users.

Asia-Pacific will gain momentum at the fastest rate in the coming years, resulting from increasing cases of eye disorders and booming color contact lens sales. Moreover, with many international multinational vendors shifting their base to emerging countries in the region, the contact lens market is extremely likely to flourish in the future.

Leading companies in the contact lens market

Neovision Co, Ltd, Hoya Corporation, Seed Co. Ltd, Menicon Co., Ltd, Johnson & Johnson Services Inc., St. Shine Optical Co., Ltd, Bausch Health, Camax Optical Corp., CooperVision Inc. (The Cooper Companies Inc.), Oculus Private Limited, Novartis AG, are the key contact lens developers highlighted in the MRFR research study.

The majority of these brands are working diligently to boost their global reach with a focus on introducing cutting-edge products. These companies use competitive measures including partnerships, acquisitions, agreements, and collaborations for a higher business position in the global contact lens market.

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To cite a reference, in January 2022, Mojo Vision, the maker of augmented reality contact lenses, partnered with Adidas and many other fitness brands to bring its advanced contact lens with data tracking to the market. General public. The company further announces $45 million in funding, bringing its overall investment to approximately $205 million. The company’s eye-controlled smart contact lenses contain an integrated display that monitors fitness-based data as well as AR graphics.

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Keywords: Contact lens market trends, Overview of the contact lens market, contact lens market share, Contact lens market size, Growth of the contact lens market

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Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5th Floor,
New York, New York 10013
united states of america
+1 628 258 0071
Email: [email protected]

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