Contact lenses can be primarilysegmented as hard contact lenses and soft contact lenses. Hard contact lensesare made of stiff plastic, while soft contact lenses are made up of siliconehydrogel. These lenses are produced in various designs such as multifocal,spherical, toric and orthokeratology contact lenses.
Statistics:
The global ContactLens Market is estimated to account for US$ 13,478.5 Mn in terms of valueby the end of 2019.
Global Contact Lens Market:Drivers
Approval and launch of newproducts is expected to propel growth of global contact lens market over theforecast period. For instance, in November 2019, CooperVision received U.S.Food and Drug Administration (FDA) approval for its MiSight 1 day contact lensthat is indicated to slow the progression of myopia in children 8-12 years old.
Global Contact Lens Market:Opportunities
Increasing awareness about visioncare is expected to offer lucrative growth opportunities for players in theglobal contact lens market. For instance, in February 2020, Essilor VisionFoundation, through its Vote for Vision campaign, encouraged the populace to getan eye exam in 2020.
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Global Contact Lens Market:Restraints
High cost of contact lenses isexpected to hinder growth of the global contact lens market. The contact lensmarket is price sensitive, where high cost of lenses results in a large numberof consumers switching to alternate options. Lack of structured regulatorypolicies has led to high fluctuations in the final pricing of contact lenses,resulting in price wars between existing market players.
Key Takeaways:
The global contact lens market wasvalued at US$ 13,478.5 Mn in 2019 and is forecast to reach a value of US$29,934.2 Mn by 2027 at a CAGR of 10.5% between 2020 and 2027. Approval andlaunch of new products is expected to propel growth of global contact lensmarket over the forecast period
Soft Contact Lens segment helddominant position in the global contact lens market in 2019, accounting for86.5% share in terms of value, increasing awareness about vision care is expectedto assist the segment growth
Market Trends
Increasing prevalence of visionimpairment is expected to propel demand for contact lenses. For instance,according to World Health Organization (WHO), 2019, globally, at least 2.2billion people have a vision impairment or blindness, of whom at least 1 billionhave a vision impairment that could have been prevented or has yet to beaddressed.
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Major players in the globalcontact lens market are focused on launching various services to enhance theirmarket share. For instance, in August 2020, Johnson & Johnson Visionreleased resources to enhance the contact lens experience in terms of comfort,safety and accessibility.
Global Contact Lens Market:Competitive Landscape
Major players operating in theglobal contact lens market include, Novartis International AG, Menicon Group,The Cooper Companies, Inc., Carl Zeiss AG, Baush and Lomb, VisioneeringTechnologies, Inc., Mojo Vision, Johnson & Johnson Vision, Air Optix,Essilor, SynergEyes, Inc., Conforma, Menicon, UltraVision, and Wesley Jessen.
Global Contact Lens Market: KeyDevelopments
Major players in the globalcontact lens market are focused on conducting clinical trials to expand theirproduct portfolio. For instance, in April 2019, Visioneering Technologies, Inc.released additional data regarding its patented NaturalVue Multifocal (etafilconA) 1 Day Contact Lens.
Major players in the globalcontact lens market are also focused on product approval and launch to expandtheir product portfolio. For instance, in January 2019, SynergEyes, Inc.launched SimplifEyes 1 Day daily disposable lens with dual tangible polymers.
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