The global contact lens market is projected to register a CAGR of 5.92% during the forecast period, 2020 to 2025.
In order to create awareness about vision care, the government in many countries is focusing on providing efficient products by initiating various programs supporting the management as well as treatment of vision ailments and creating a set of awareness about the precise ways of using contact lenses.
Contact lenses not only serve the need to alleviate the use of hard-to-manage and bulky spectacles, but also provide the added benefit of enhancing one’s aesthetic appeal. The increasing innovations in the production of contact lenses during the past decade have led to the use of various materials for producing lenses that serve multiple purposes.
Key Market Trends
Rigid Gas Permeable Contact Lenses Segment is Expected to Exhibit the Fastest Growth Rate over the Forecast Period
A rigid gas permeable lens is also known as RGP lens or GP lens. It is a rigid contact lens made of oxygen-permeable polymers. They are porous and allow the oxygen to pass through them. These rigid lenses are able to replace the natural shape of the cornea with a new refracting surface. Since their introduction, these lenses have essentially replaced non-porous polymethyl methacrylate (PMMA) contact lenses.
These lenses often provide sharper vision than soft and silicone hydrogel contacts, especially if someone has astigmatism. It usually takes some time for the eyes to adjust to these lenses, but after this initial adaptation period, most people find that these lenses are as comfortable as hydrogel lenses.
Although these lenses have dominated the market earlier, they have lost significant value in the past two decades with the advancement of soft lenses in the market. Hence, they are much more cost-effective and generally last longer when taken care of properly, as long as one does not require a prescription change. This may be a driving factor for the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America holds the largest share in the global contact lenses market with the United States being the largest contributor to its revenue. The United States is one of the major countries in the contact lens market, due to the healthcare facilities available in the country and high healthcare conditions. Factors, such as the presence of the geriatric population and the prevalence of eye diseases and injuries, in terms of the contact lens market, are primarily fueling the growth.
The National Eye Institute has estimated that over 2.9 million US residents were detected with low vision in 2014. The number is projected to increase further and is expected to reach around 5 million by the year 2030. In addition to this, as per a report by the US Centre of Disease Control and Prevention, about 40.9 million wearers of contact lenses were aged 18 or older, accounting for about 16.7% of the adult population in the United States in 2015. This increase is anticipated to accelerate the growth of contact lenses wearers in the country over the forecast period.
The global contact lenses market is highly competitive and consists of certain major players, thereby, making the environment to be consolidated. The presence of major market players, such as Essilor International SA, Novartis AG, Bausch Health Companies Inc., Zeiss Group, and The Cooper Companies are, in turn, increasing the overall competitive rivalry of the market. With moderate sustainable competitive advantage through innovative products and low competition between online and offline companies, moderate competitive rivalry is observed in this market.
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