Contact Lenses Market to Reach to Market Valuation of USD 9.3 Billion in 2023, Globally

According to a recent report published by xResearch, titled,"Contact Lenses Market by Type, Design, Product and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global contact lenses market was valued at $ 7.0 billion in 2017, and is projected to reach $ 9.3 billion by 2023, registering a CAGR of 4.7% from 2018 to 2023.
Contact lenses are utilized for vision correction. In addition, contact lenses are also used for cosmetic and to change the color or appearance of eye. Various protective materials such as anti-refractive materials, scratch resistance materials, and ultraviolet protection materials are used in contact lenses to enhance the therapeutic benefits of lenses. Various types of contact lenses are available in the marketplace to suit the specific on the needs of individuals.
Increasing prevalence of myopia in various countries such as Canada, U.S. and others is anticipated to impel the growth of the global contact lenses market. Further, number of cataract people is anticipated to increase due to rising geriatric population in various developed nations. According to the WHO, cataract accounted for 51% of blindness in world, representing 20 million blind people in 2010.
The rising disposable income in the developed countries is encouraging the purchase of low-priority products specifically those relating to cosmetics. As a result, increasing disposable income in developed countries is a one of the major factor intensifying the growth of the global contact lenses market.
The global contact lenses market research report is segmented into type, design, product and distribution channel. By product segment, the market is analyzed into corrective lens, therapeutic lens, cosmetic lens and prosthetic lens.
The market is also analyzed by distributional channel into online stores and offline stores. Offline stores accounted for the major share of global contact lenses market in 2018. This can be attributed to presence of various optical stores across the globe. In addition, patients prefer to buy their first contact lens from optical stores. However, online stores is expected to exhibit strong growth in the years ahead. Factors such as increasing e-commerce stores dedicated to optics are believed to intensify the growth of online retailing of contact lenses.
Geographically, the global contact lens report analyzes the markets of North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America accounted for the highest percentage of market share in 2018. Further, North America contact lenses market is anticipated to exhibit significant growth rate due to rising old age population. Asia Pacific contact lenses market is likely to flourish at highest CAGR during the forecast period. Increasing disposable income of the population and rising consumption of cosmetic contact lenses is driving the growth of the market in Asia Pacific.
Some of the key players listed in the report are Alcon Laboratories, Inc., Bausch + Lomb, Carl Zeiss AG, Abbott Medical Optics, Inc., CooperVision, Inc., Essilor International S.A., Johnson & Johnson Vision Care, Inc., SynergEyes, Inc., Hoya Corporation, Seed Co., Ltd. Various companies are involved in developing advanced and sustainable contact lenses which bodes well for the growth of contact lenses market.