The global contact lenses market size is estimated to reach USD 14.72 billion by 2024, according to a new report by Grand View Research, Inc. The surging acceptance of cosmetic contact lens by media and entertainment industry is expected to boost the market growth. Furthermore, cosmetic lens reception by the general populace is on rise on account of increasing preference being delivered to aesthetic appearances in the imminent era. The contact lenses can be categorized on the basis of usage types into cosmetic, prosthetic, therapeutic, corrective, and lifestyle-oriented lens.
The contact lenses can be categorized on the basis of product types into RPG, soft and hybrid lens. The soft lens segment has emerged as a dominant product segment. These lenses are made up of soft, flexible plastics such as silicone hydrogel, which provides easy adaptability to the eye, enhanced comfort, and better passage of oxygen to the wearer’s cornea.
Contact lenses market by usage type, 2015 (USD Million)
The contact lenses industry is segmented on the basis of usage into corrective, therapeutic, cosmetic, prosthetic, and lifestyle-oriented contact lenses. Cosmetic applications are expected to gain prominence by 2024, contributing to over 10% of overall revenue share.
Therapeutic applications accounted for major portion of the total market share in 2015 and are expected to lose market share over the forecast period.
The primary aim of therapeutic contact lenses is to maintain ocular tissue integrity. A range of contact lens types can be used for therapeutic purposes, including collagen shields, hydrogels, RGP corneal lenses, silicone hydrogels, silicone rubber lenses, scleral lenses, and scleral rings. For example, Bausch & Lomb’s PureVision Bandage Lenses can provide optical correction for healing, as well as slow dispensing of medicines.
Presence of key industry participants such as CIBA Vision (Alcon), CooperVision, Johnson & Johnson, and Bausch + Lomb in the North American and European regions have resulted in high brand awareness and increased demand for high-end premium priced products.
Key industry trends include growth in internet retailing as well as increasing popularity of daily disposable lenses. Sales in North America are largely contributed by independent eye care professionals.
In-depth report on global contact lenses market by Grand View Research:
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