Contact Lenses Market Expand Their Businesses With New Investments

The global contact lenses market size is anticipated to reach USD 17.72 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 5.6% over the forecast period. Rising product demand and use of innovative materials in the manufacturing process are the key drivers of the market. Growing geriatric population base is also projected to augment the product demand. Furthermore, improvement in the overall economy and rising disposable income levels, especially in the developing regions, are likely to boost the demand further.

Based on products, the market can be categorized into gas permeable, silicon hydrogel, and hybrid contact lenses. Silicon hydrogel lenses offer numerous advantages, such as greater flexibility and comfort, as compared to gas permeable lenses. They are extensively used for ametropia correction as they permit extra oxygen to pass through to the wearer’s cornea. Thus, the market for soft lenses is anticipated to grow at a faster pace over the forecast period. Hybrid contact lens segment is expected to register the highest growth over the forecast period.

Corrective lenses are widely used to correct refractive errors and compensate for visual deficiencies, such as myopia, hypermetropia/hyperopia, presbyopia, and astigmatism. In 2018, daily disposable lenses accounted for the largest market share and is projected to maintain the dominance during the estimated period due to rising preference for these lenses. Moreover, eye care professionals are now prescribing these lenses as they avoid problems associated with longer lens replacements. As a result, a number of key manufacturers are focusing on R&D for the development of innovative daily disposable lenses.

To request a sample copy: 
https://www.grandviewresearch.com/industry-analysis/contact-lenses-market

Further key findings from the study suggest:

• Rising product demand across the globe is anticipated to drive the contact lenses market growth
• The multifocal design segment is expected to register the highest CAGR of 7.7 % over the projected period
• Asia Pacific is projected to be the fastest-growing regional market while North America is expected to be the largest market
• Some of the key companies in the global market areJohnson & Johnson Services, Inc.; CIBA Vision (Alcon); CooperVision, Inc.; and Bausch & Lomb Inc.

For More Information: www.grandviewresearch.com