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Contact Lenses Market Worth $9.2 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 31, 2019 /PRNewswire/ -- According to the new market research report "Contact Lenses Market by Model (Daily Wear, Extended Wear), Design (Monovision, Spherical, Multifocal, Toric), Material (PMMA, Hybrid, Silicone Hydrogel), Application (Orthokeratology, Decorative Lenses), Distribution Channel - Global Forecast to 2023",published by MarketsandMarkets™, the global Contact Lenses Market is expected to reach USD 9.2 billion by 2023 from an estimated USD 7.2 billion in 2018, at a CAGR of 4.9 %.
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Growing prevalence of myopia, growing geriatric population, and increasing preference for contact lenses over prescription eyeglasses are the major factors driving the growth of this market.
The daily wear contact lenses segment is expected to grow at the highest CAGR in the Contact Lenses Market during the forecast period
The Contact Lenses Market, by model, is segmented into daily wear, extended wear, and traditional contact lenses. Daily wear contact lenses segment is expected to register highest growth in the overall Contact Lenses Market between 2016 and 2023. The higher adoption rate for daily wear contact lenses and the growing preference for prescribing these lenses among optometrists are the major factors driving the growth of this segment.
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The multifocal/bifocal contact lenses segment is estimated to grow at the highest CAGR during the forecast period of 2016-2023
Based on the design, the Contact Lenses Market is categorized into spherical, toric, multifocal/bifocal, monovision, and cosmetic contact lenses. The multifocal/bifocal contact lenses is estimated to grow at the fastest rate during the forecast period. Multifocal/bifocal contact lenses have better visual acuity for a range of distances and the ability to clear the vision of patients without the need for extra eyeglasses, which in turns expected to increase its adoption rate in near future, and further propel the market growth.
E-commerce segment is expected to register the highest growth rate during the forecast period.
On the basis of distribution channel, the Contact Lenses Market is segmented into retail stores, e-commerce, and hospitals & clinics. The E-commerce segment will grow at highest CAGR during 2016-2023. The growth in this segment is mainly driven by the growing trend of online purchases. Availability of multi-brand contact lenses at relatively lower prices and ease of purchasing are some of the factors driving greater consumer preference towards online purchases, resulting in high growth of the e-commerce segment as compared to other distribution channels.
North America will continue to dominate the Contact Lenses Market during forecast period.
North America accounted for the largest share of the Contact Lenses Market in 2017, followed by Asia Pacific and Europe. This region will continue to dominate the Contact Lenses Market till 2023. The presence of a highly developed healthcare system, rising geriatric population, increasing incidence of refractive errors, quick adoption of new innovative products, and a large number of contact lenses manufacturing companies in this region are the major factors responsible for the largest share of North America in the Contact Lenses Market.
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The Contact Lenses Market is dominated by top four players, namely, Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), and Bausch + Lomb (US). Some of the other key players in this market are Carl Zeiss Meditech AG (Germany), HOYA Corporation (Japan), Essilor Group (France), SEED Co., Ltd. (Japan), Menicon Co., Ltd. (Japan), and BenQ Materials Corporation (Taiwan).
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