Contact Lenses Market Worth $9.2 Billion by 2023 - Exclusive Report by MarketsandMarkets™

Contact Lenses Market Worth $9.2 Billion by 2023 - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, November 19, 2018

CHICAGO, November 19, 2018 /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 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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The high prevalence of myopia worldwide, rapidly growing geriatric population, growing demand for daily wear contact lenses, and rising preference for contact lenses over prescription eyeglasses are the significant growth drivers of the Contact Lenses Market.

"The daily wear contact lenses segment is expected to dominate the Contact Lenses Market during the forecast period." 

On the basis of model, the Contact Lenses Market is segmented in daily wear, extended wear, and traditional contact lenses. The daily wear contact lenses segment is excepted to account for the largest share of the Contact Lenses Market in 2018. The large share of this segment can be attributed to the advantages offered by daily wear contact lenses, such as easy wearability, no requirement of lens cleaning (in the case of disposable daily wear contact lenses), and no requirement of overnight wear.

Browse in-depth TOC on "Contact Lenses Market"

160 - Tables  

38 - Figures  

180 - Pages  

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"Silicone hydrogel contact lenses to hold the largest market share between 2018 and 2023." 

Based on the type of materials used to manufacture contact lenses, the market has been classified into polymethyl methacrylate (PMMA) contact lenses, silicone hydrogel contact lenses, hydrogel contact lenses, hybrid contact lenses, and gas-permeable (GP) contact lenses. In 2017, the silicone hydrogel contact lenses segment accounted for the largest market share owing to their high demand among end users. This is because silicone hydrogel contact lenses are comfortable to wear, offer greater wettability, allow the transmission of a high amount of oxygen to the cornea, are useful for daily wear or extended wear, and have a lower risk of infections.

"The conventional contact lenses segment to account for the largest market share in 2018." 

Based on application, the Contact Lenses Market is segmented into conventional, orthokeratology (Ortho-k), and decorative (plano) contact lenses. The conventional lenses segment accounted for the largest share of the Contact Lenses Market, by application, in 2017. The increasing prevalence of myopia, rising geriatric population (geriatric individuals are more prone to presbyopia), and the growing preference towards the use of contact lenses over prescribed eyeglasses are the major factors driving the growth of the conventional Contact Lenses Market.

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"North America to dominate the market in 2018." 

The global Contact Lenses Market has been segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, North America accounted for the largest share of the Contact Lenses Market. The rising prevalence of age-related eye diseases, increasing healthcare expenditure, rising disposable income, and technological advancements in contact lenses and related products are some of the key factors driving the growth of the Contact Lenses Market in North America.

The prominent players in the global Contact Lenses Market are Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), and Bausch + Lomb (US), 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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