Market Research Report
Global Contact Lens Market: Insights & Forecast with Potential Impact of COVID-19 (2021-2025)
|Global Contact Lens Market: Insights & Forecast with Potential Impact of COVID-19 (2021-2025)|
Published: July 20, 2021
Content info: 117 Pages
Delivery time: 1-2 business days
The global contact lens market is forecasted to reach US$11.02 billion in 2025, growing at a CAGR of 7% for the period spanning 2021-2025. The factors such as increasing spending on eyewear products by population, rising prevalence of myopia, rapid urbanization and improving consumer confidence index are expected to drive the market. However, growth of the industry would be challenged by growth in LASIK surgeries and lack of proper health-care facilities. Few notable trends include growing smart contact lens demand, technological advancement, increased consolidation of market players, increasing shift towards daily disposable lenses and rising e-commerce sales. In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the contact lens demand has decreased rapidly.
The contact lens industry can be classified on the basis of function (corrective, cosmetic & therapeutic), material (rigid, hybrid & soft) and modality/usage frequency (1-day wear lens/daily disposable lens & frequently replaced lens/FRP)
The fastest growing regional market is Americas owing to rise in awareness about advanced contact lenses, growth in online sales channels and rapid surge in disposable income.
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