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Contact Lenses Market Booming in 2020 and Predicted to Achieve Double Digit CAGR by 2027

Pune, Maharashtra, India, February 24 2021 (Wiredrelease) Allied Analytics –:The global market size of Contact Lenses is $XX million in 2019 with XX CAGR, and it is expected to reach $XX million by the end of 2027 with a CAGR of XX% from 2020 to 2027.

A contact lens is a lightweight corrective, cosmetic, or therapeutic device that is placed directly onto the cornea of the eye to improve vision. Using contact lens not only avoids the need to use hard to manage, bulky spectacles, but also provides the added benefit of enhancing ones aesthetic appeal. In addition, contact lenses are also used to treat common eye disorders such as myopia, hypermetropia, presbyopia, astigmatism, and glaucoma.

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COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

The rise in aging population, increasing desire of people to enhance their aesthetic appearance, prevalence of ophthalmic disorders, and introduction of multifocal and other new lenses majorly drive the market growth. However, the market faces a hindrance due to the increasing acceptance of other ophthalmology devices and corrective procedures such as photorefractive keratectomy (PRK) and laser & rising side effects of contact lenses such as eye infections and corneal ulcers.

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The report segments the global contact lenses market by product, design, usage, and region.

•    By product, lenses are segmented into RPG lens, soft lens, and hybrid lens.

•    By design it is segmented into spherical lens, toric lens, multifocal lens, and other lenses.

•    By usage it is segmented into corrective lens, prosthetic lens, cosmetic lens, lifestyle-oriented lens, and therapeutic lens.

•    Geographically the market has been analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

The Major Key Players Are:

Bausch & Lomb, Cibavision, Johnson & Johnson, CooperVision, Fresh Look, Biomedics, PCE AUTOMATION LTD, BIBLE OPTEQ CO., LTD, Medios Co, and POLYTOUCH Contact Lens Co.

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Key Benefits:

•    The study provides an in-depth analysis of the market with current trends and future estimations to elucidate imminent investment pockets.
•    Comprehensive analysis of all geographical regions has been provided, which helps determine prevailing opportunities.
•    Key players have been profiled and their strategies thoroughly analysed, which helps understand the competitive outlook of the global market.
•    The report offers a quantitative analysis from 2020 to 2027, which is expected to enable stakeholders to capitalize on prevailing market opportunities.
•    Exhaustive analysis of the global contact lenses market by type helps understand the types of lenses that are currently being used along with the variants that would gain prominence in future.

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Last Updated: 24-Feb-2021