Blog Details

Increasing Spending on Eyewear Products to Drive Global Contact Lens Market

Date: 30th Nov 2020 | Category: Pharma & Healthcare

The global contact lens market is forecasted to reach US$9.92 billion in 2024, growing at a CAGR of 7% for the period spanning 2020-2024. The factors such as increasing spending on eyewear products by population, rising prevalence of myopia, rapid urbanization, improving consumer confidence index and accelerating personal disposable income are expected to drive the market. However, growth of the industry would be challenged by growth in LASIK surgeries and lack of proper health-care facilities. Few notable trends include technological advancement, increased consolidation of market players, increasing shift towards daily disposable lenses and rising e-commerce sales. In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the contact lens demand has decreased rapidly. 

The contact lens industry can be classified on the basis of function (corrective, cosmetic & therapeutic), material (rigid, hybrid & soft) and modality/usage frequency (1-day wear lens/daily disposable lens & frequently replaced lens/FRP)

The fastest growing regional market is Americas owing to rise in awareness about advanced contact lenses, growth in online sales channels and rapid surge in population personal disposable income.

Scope of the report:

• The report provides a comprehensive analysis of the global contact lens market, segmented by usage (1-Day & FRP) and material (Soft, Rigid & Hybrid). 

• The major regional markets (Americas, Asia-Pacific and Europe) have been analysed, along with country coverage of US and Japan.

• The market dynamics such as growth drivers, market trends and challenges are analysed in-depth. 

• The competitive landscape of the market, along with the company profiles of leading players (Johnson & Johnson, Alcon AG, The Cooper Companies, Inc., Bausch Health Companies Inc., Hoya Corporation and ST. Shine Optical Co., Ltd.) are also presented in detail.

Key Target Audience:

• Contact Lens Manufacturers

• Component Suppliers

• End Users 

• Consulting Firms 

• Investment Banks

• Government Bodies & Regulating Authorities