Hybrid Contact Lenses to Witness High Demand During Forecast Period

Growing prevalence of optical disorders, increasing preference for contact lens over prescription eyeglasses and rising disposable incomes to drive global contact lens market through 2024.

According to TechSci Research Report, “Global Contact Lenses Market By Product Type, By Design, By Wear Type, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024”, the global contact lenses market is expected to grow at a CAGR of around 6% during the forecast period on account of increasing cases of visual inaccuracies such as hypermetropia/hyperopia, myopia, astigmatism, presbyopia and others, launch of specialized products with advanced features providing high optical comfort with lesser side effects. However, the limitation of trained ophthalmologists and opticians might hamper the growth of the market.

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Global contact lenses market can be segmented based on product type, design, wear type, distribution channel and region. In terms of product type, the market can be segmented into soft contact lenses, gas permeable contact lenses, hybrid contact lenses and others. Among them, hybrid contact lenses category is anticipated to record a higher growth rate through 2024 as these lenses are more comfortable to wear and are extensively used by people suffering from astigmatism and keratoconus. Based on design, the market is segmented into spherical, toric and other products. Among them, spherical contact lenses dominated the market until 2018 and is expected to maintain its dominance over the forecast period owing to higher adoption of these lenses by optometrists and patients to treat myopia or hyperopia.

Bausch + Lomb (Valeant Pharmaceuticals International), Alcon (Novartis International AG), Johnson & Johnson, Carl Zeiss Meditec AG, Hoya Corporation, The Cooper Companies, Benq Materials Corporation, Menicon Co., Ltd., Seed Co., Ltd, Essilor Group, etc., are some of the leading players operating in global contact lenses market. Product launches and partnerships with suppliers and distributors are some of the strategies that are adopted by the leading players in order to strengthen their product portfolio. For instance, Mark´Ennovy Personalized Care, a European contact lens manufacturer, collaborated with Capricornia Contact Lens Pty. Ltd., a contact lenses distributor and manufacturer.

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“The global contact lenses market is anticipated to register a CAGR of around 6% during the next five years owing to application of corrective contact lenses in the treatment of visual inaccuracies coupled with rising disposable income. Moreover, the use of colored cosmetic lenses is anticipated to increase exponentially, especially across the entertainment and fashion industries, would further steer growth in global contact lens market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.“Global Contact Lenses Market By Product Type, By Design, By Wear Type, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global contact lenses market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global contact lenses market .

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