Contact Lenses Market: Information by Wear Type (Daily Disposable Lenses, Disposable Lenses, Frequent Replacement Lenses and Conventional Lenses), by Type (Corrective Lens, Therapeutic Lenses and Cosmetic and Lifestyle Oriented Lens), by Material (Silicone Hydrogel Soft Contact Lens, Methacrylate Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens and others), by Design (Spherical Lens, Toric Lens, Multifocal Lens and others) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2025
The global Contact Lenses Market Share report presents the growth of the contact lenses market due to the increase in the daibetes patients, the changing trends in the eye wear fashion, replacement of glasses by lenses and the demand for devices for tracking the health of the patients. The global contact lenses market is anticipated to reach USD 12,330.46 Million in the year 2025, with a growing CAGR of approximately 5.70% during the forecast period of 2019-2025.
Contact lenses are thin lenses that people wear to improve the vision, to see clearly and for aesthetic purposes also. There has been a rise in the use of smart devices for the past few years. The introduction of smartwatches and lenses are mostly used for fitness and diabetes monitoring. The contact lens is used for measuring the glucose level in the tears and consists of a wireless chip and a glucose sensor.
A tiny hole is present in the lens through which the tears seep into the sensor and there is a wireless antenna inside the contact lens that acts as a controller for transmitting information to the wireless device. It uses RFID wireless technology for drawing power from these devices. The need of using the spectacles is eliminated, with the use of contact lenses. The rise in technological advancements in the contact lenses with the innovation in various sectors to minimize the need for spectacles is increasing the need for contact lenses.
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There has been a huge rise in the demand for the contact lenses among the customers. The key market players are helping in the growth of the product market by innovating product development. The market can be segmented on the basis of applications and end users. Based on the Wear Type, the global contact lenses market can be classified into:
- Disposable Lenses
- Daily Disposable Lenses
- Frequent Replacement Lenses
- Conventional Lenses
And based on the type, the global market can be divided into:
- Corrective Lens
- Cosmetic and Lifestyle Oriented Lens
- Therapeutic Lenses
Based on Material, the market has been segmented into:
- Methacrylate Hydrogel Soft Contact Lens
- Silicone Hydrogel Soft Contact Lens
- Gas-Permeable Contact Lens
And based on the design, the global market can be divided into:
- Toric Lens
- Spherical Lens
- Multifocal Lens
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There has been a widespread rise in the market for contact lenses. America has been the largest market for the past few years, owing to the increase in the number of diabetic populations, demand for eye care solutions and latest trends in the cosmetics industry. According to the American Diabetic Association, almost 30.3 million Americans are suffering from diabetes. Europe is the second largest regional market with an increased expenditure on the research in medical devices. A report published in the WHO in 2015 stated that over 60 million people have been suffering from diabetes in the European region.
Comparative results revealed that the lifetime risk for vision damage in patients with axial lengths more than 26 mm and above 6 D of myopia was more than that of any type of contact lens wear. Equally, lifelong contact lens wear carried more risk in people with axial length under 26 mm.