Health

Global Contact Lenses Market to Reach $12.05 Billion by 2026

Written by David Ross

The global contact lenses market size is projected to reach USD 12.05 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period. However, the market was worth USD 8.35 billion in 2018. This information is published in a recent report by Fortune Business Insights, titled, “Contact Lenses Market Size, Share & Industry Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multi-Focal, and Spherical), By Distribution Channel (Retail Stores, Online Stores, and Ophthalmologists), and Regional Forecast, 2019-2026.” As per the report, rising per capita healthcare expenditure and increasing incidence of astigmatism and myopia are expected to affect the market positively.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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For More Information: https://www.fortunebusinessinsights.com/industry-reports/contact-lenses-market-101775

Rising Prevalence of Ocular Disorders to Augment Market Growth

The World Health Organization (WHO) stated that approximately 1.7 million people are affected by presbyopia and around 153 million people reside with uncorrected refractive errors around the world. A rising prevalence of presbyopia worldwide is one of the main factors propelling the contact lenses market growth in the coming years. Also, many people are affected by ocular disorders, which in turn, is expected to boost the growth of the market.

Spherical Segment to Dominate the Market Backed by High Prescriptions

In terms of design, the market is segregated into spherical, multifocal, and toric. Out of these, the spherical segment had generated65.8% contact lenses market share in 2018 and was in the leading position. It occurred because these lenses are highly recommended by doctors for correcting ocular disorders. The toric segment, on the other hand, is anticipated to showcase considerable growth owing to its possession of numerous advantages, such as greater lens-to-lens reproducibility, easier fitting protocol, and better stabilization design. Lastly, the multifocal segment would expand at a faster pace in the near future due to growing awareness and increasing new product launches.

The Asia Pacific to Exhibit Rapid Growth Fueled by Rising Disposable Income.

The contact lenses market can be geographically grouped into the Middle East & Africa, North America, Asia Pacific, Latin America, and Europe. Out of them, North America is set to dominate the market during the forecast period. It was valued at USD 2.75 billion in 2018. This growth is attributed to the rising usage of contact lenses amongst the masses as well as the increasing prevalence of presbyopia. The Centers for Disease Control and Prevention (CDC) mentioned that in the U.S., around 45 million people use contact lenses.

The Asia Pacific, on the other hand, is expected to remain in the second position owing to the gradual inclination of the masses to disposable contact lenses from reusable contact lenses. Also, various market players are launching novel products day by day in this region. It is also giving rise to market growth. The region is projected to experience rapid growth in the coming years owing to the rising trend of wearing contact lenses amongst the youngsters for correcting vision errors. Moreover, the increasing awareness programs regarding the benefits of using contact lenses, rising disposable income, and the availability of lenses on online platforms would also contribute to the demand for contact lenses in this region.

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