Bandage Contact Lenses Market: Introduction
According to the report, the global bandage contact lenses market was valued over US$ 4.1 Bn in 2020 and is projected to expand at a CAGR of 7.8% from 2021 to 2031. A bandage contact lens protects diseased or an injured cornea due to the rubbing of the blinking eyelids, thereby allowing it to heal. The bandage lens often makes the eye feel more comfortable. The lens has no focusing power. A bandage contact lens does not improve vision.
Rise in prevalence of eye disorders, increase in the number of vision correction surgeries, aging population across the world, and surge in applications of bandage contact lenses in the treatment of eye disorders are the major factors expected to drive the global bandage contact lenses market during the forecast period.
North America held major share of the global bandage contact lenses market in 2020, due to the high demand for bandage contact lenses in the region. Additionally, technological advancements drive the demand for bandage contact lenses, which is expected to augment the market in the region.
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The bandage contact lenses market in Asia Pacific is likely to expand at a high CAGR of 8.2% from 2021 to 2031. Increase in incidence of eye diseases in Asia Pacific, especially in China, Singapore, Indonesia, and other countries in Southeast Asia, and rise in healthcare expenditure are expected to fuel the growth of the market in Asia Pacific from 2021 to 2031.
Soft Lens Dominated Global Market
In terms of lens type, the global bandage contact lenses market has been classified into soft lens, rigid lens, and hybrid lens. The soft lens segment dominated the global bandage contact lenses market in 2020, and the trend is projected to continue during the forecast period. The soft lens segment has been split into silicon hydrogel, hydrogel, and others.
Corneal Injury/Disorders Held Major Share of Global Market
Based on application, the global bandage contact lenses market has been categorized into corneal injury/disorders, post-ocular surgery, and others. The corneal injury/disorders segment held major share of the global bandage contact lenses market in 2020. Rise in prevalence and incidence of corneal disorders drives the segment.
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Retail to be Highly Promising Distribution Channel
In terms of distribution channel, the global bandage contact lenses market has been divided into retail, e-commerce, and others. The retail segment held significant share of the global bandage contact lenses market in 2020.
North America to Dominate Global Market; Asia Pacific to Offer Significant Opportunities
In terms of region, the global bandage contact lenses market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is anticipated to account for a leading share of the global bandage contact lenses market during the forecast period.
The bandage contact lenses market in Asia Pacific is projected to grow at a rapid pace in the near future. India and China are likely to be lucrative markets for bandage contact lenses during the forecast period.
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Growth Strategies of Key Players
Key players operating in the global bandage contact lenses market are Advanced Vision Technologies, Alcon Inc., Bausch & Lomb (Bausch Health Companies Inc.), Clearlab SG Pte. Ltd., CooperVision (The Cooper Companies, Inc.), Excellent Hi-Care Pvt. Ltd. Johnson & Johnson, Metro Optics, UltraVision CLPL, and (X-Cel Specialty Contacts) Walman Optical. These companies engage in the development of bandage contact lenses in order to expand product offerings and customer base.
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