The global contact lenses market is anticipated to reach USD 17.72 billion by 2025, according to a new report by Grand View Research, Inc. The rising adoption of contact lenses by consumers and use of innovative materials for manufacturing contact lenses are the key drivers of the market.
The growing aging population and rising tendency of youngsters to enhance their aesthetic appearance are some of the key factors that are expected to drive the demand for contact lenses. The improvement in theoverall economy and the rising disposable income around the globe are additional factors driving the market growth.
The contact lenses market can be categorized, based on products, into Rigid Gas Permeable (RGP) contact lenses, soft contact lenses, and hybrid contact lenses. Soft contact lenses are made up of flexible and soft plastics, such as silicone hydrogel, which provide easy adaptability and enhanced comfort to the eye. They also permit oxygen to pass through the wearer’s cornea and are used extensively for ametropia correction.
Thus, the market for soft lenses is anticipated to grow at a faster pace over the forecast period. Further key findings from the report suggest that hybrid contact lens segment is expected to portray the highest growth over the forecast period. Corrective contact lenses are widely used to correct refractive errors and compensate for visual deficiencies such as myopia, hypermetropia/hyperopia, presbyopia, and astigmatism.
Further key findings from the report suggest:
- The growing adoption of soft lenses by several regions is anticipated to drive the market growth
- The multifocal design segment is expected to portray high growth rate with a CAGR of 8.4 % over the projected period
- The South American regional market is expected to have significant growth over the forecast period, owing to the large-scale penetration of contact lenses
- The key players in the market areJohnson & Johnson Services, Inc., CIBA Vision (Alcon), CooperVision, Inc., and Bausch & Lomb Incorporated