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Global Contact Lenses Market to Grow at a CAGR of 6.9% During 2022-2027, Aided by the Growing Demand for the Execution of Various Therapies for Eye Treatment

According to a new report by EMR titled, ‘Global Contact Lenses Market Report and Forecast 2022-2027’, the global contact lenses market stood at a value of around USD 11.8 billion in 2020. The market is further expected to grow at a CAGR of 6.9% in the forecast period of 2022-2027 to attain a value of around USD 17.6 billion by 2026.

The contact lenses market is driven by the growing demand for contact lenses for the execution of various therapies, such as corneal refractive therapy (CRT) and orthokeratology. In orthokeratology, the contact lens is designed in such a way that is meant to be worn overnight. While being asleep, the lenses gently reshape the front surface of the eye (cornea) so that a person can have a clear vision after removing the lenses. The contact lens market, in the forecast period, is anticipated to be propelled by the growing cases of presbyopia, for which these therapies are gaining traction.

In terms of region, the Asia Pacific is likely to account for a significant share in the market, owing to the rising cases of myopia, hyperopia, and presbyopia among the geriatric population. The market in the region is anticipated to be propelled by the changing preference of the patients from spectacles to contact lenses. The increasing number of eye care professionals in countries like India, China, and Japan is likely to aid the market growth in the forecast period.

In May 2021, CooperVision, Inc. (NYSE: COO) announced the approval of CooperVision MiSight® 1 day contact lenses for use within China, following a priority review. The product was approved by Chinese National Medical Products Administration (NMPA). Following the approval, the company will aim towards working closely with eye-care specialists in order to help Chinese children suffering from myopia. MiSight® is known to be one of the most innovative products which is likely to hit the markets of China, along with the promotion of ortho-k and SightGlass Vision® myopia management products.

Market Breakup by Materials, Designs, Applications, Distribution Channels, and Region:

  • The market is segmented on the basis of material into gas permeable, silicone hydrogel, and hybrid.
  • The market segmentation based on design includes spherical lens, toric lens, and multifocal lens, among others.
  • The significant applications of the product include corrective, therapeutic, cosmetic, prosthetic, and lifestyle-oriented, among others.
  • The different distribution channels of the product include eye care professionals, retail and online.
  • Region-wise, the global market for contact lenses can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for contact lenses is being driven by the growing prevalence of myopia, hyperopia, and presbyopia, among others.
  • The rising cases of eye-related disorders among the geriatric population is likely to augment the market.
  • The market is anticipated to be bolstered by the increasing spending on ophthalmic products.
  • The changing preference of people from spectacles to contact lenses is likely to augment the market growth.
  • The market will further be aided by the increasing number of eye care professionals in the emerging economies.

Key Offerings of the Report:

  • The EMR report gives an overview of the global contact lenses market for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the materials, designs, applications, distribution channels, and regions of contact lenses.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global contact lenses market are Alcon Vision LLC, Bausch & Lomb, Incorporated, Johnson & Johnson Vision Care, Inc., CooperVision, Inc., and Essilor International S.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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