Expert Market Research’s new report titled Global Contact Lenses Market Report and Forecast 2022-2027 provides an in-depth analysis of the global contact lenses market and evaluates the market based on its segments such as material, design, applications, distribution channel and regions. The report tracks the latest trends in the industry and examines their impact on the overall market. It also assesses the market dynamics, covers the main demand and price indicators and analyzes the market based on the SWOT and Porter Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Historical market size (2020): $11.8 billion
- Forecast CAGR (2022-2027): 6.9%
The rising cases of myopia among people who spend a lot of time in front of screens are expected to drive the market expansion during the forecast period. The hybrid segment accounts for a large portion of the market due to the material and is expected to develop significantly during the projected period. Hybrid contact lenses have several significant benefits, including improved tear relief, reduced apical clearance and less fogging. These lenses improve oxygen transport while providing greater comfort and stability. In addition, hybrid contact lenses are becoming increasingly popular among people with uneven corneas and astigmatism. Meanwhile, the gas permeable sector accounts for a significant portion of the market as it is known to improve vision and allow the eyes to breathe more easily.
Industry definition and main segments
A contact lens is a thin, curved lens that shields the eyes by covering the surface of the tear film. The product is transparent in nature and can be hard or soft. A contact lens is also a small plastic lens that is implanted directly on the surface of the eye to correct vision problems.
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On the basis of material, the market is segmented into:
On the basis of design, the market is segmented into:
- spherical lens
- toric lens
- multifocal lens
On the basis of application, the market is classified as follows:
On the basis of distribution channel, the market is segmented into:
- eye care professionals
- retail trade
Based on Region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The increasing prevalence of myopia, astigmatism, hyperopia and presbyopia due to the prolonged exposure of IT professionals, doctors and others to the gadget screen is driving the global contact lens market. By reducing the refractive error and shifting the point of focus, contact lenses can help correct myopia. Due to the increasing incidence of cornea and ocular surface diseases, the market is expected to grow due to the increasing therapeutic applications of the product (OSD). The therapeutic contact lenses help with vision problems and corneal healing. In addition, the increased demand for contact lenses for cosmetic use is expected to contribute to the market expansion.
Important market participants
The major players in the market are Alcon Vision LLC, Bausch & Lomb Incorporated, Johnson & Johnson Vision Care Inc., Cooper Vision, Inc., Essilor International SA and others. The report covers the market shares, capacities, asset turnover, expansions, investments and mergers and acquisitions among other latest developments of these market players.
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