Contact Lens Market Projected to Gain Significant Value by 2026
The global contact lens market is projected to witness considerable rise owing to rising prevalence of increased preference for contact lenses over prescribed eyeglasses for aesthetics purposes and rising cases of vision related problems like myopia. However, treatment of visual impairment comprises most of the uses of corrective contact lenses. Therefore, it is highly likely that visual impairment will spearhead the growth for the global contact lens market over the period of forecast tenure. In addition, technological progress achieved in the optometry field has escalated research and development activities, which had further led to the invention of highly advanced soft contact lenses over the years.
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Some of the well-known companies in the global contact lens market are Bausch + Lomb, Johnson & Johnson, Carl Zeiss Meditech AG, CooperVision, Inc., BenQ Materials Corporation, and Essilor Group.
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North America Likely to Emerge as a Leading Region with High Adoption of Contact Lenses
The global contact lens market is split into the major regions of Asia Pacific, Middle East and Africa, Latin America, North America, and Europe. The classifications offer region-based information and market dynamics that could influence the growth of the global contact lens market in times to come.
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Considering regional classifications, it is estimated that North America is likely to account for lion’s share of the global contact lenses market in years to come. The region is likely to be driven by high adoption of contact lenses among people of all age groups. Presence of high end healthcare facilities in the U.S. together with favorable reimbursement policies propel the growth of the North America contact lens market.
In addition, presence of a large base of geriatric population with visual problems and increased incidences of vision-related diseases and eye injuries are primarily triggering demand for contact lens in the region.
According to the estimates of The National Eye Institute, nearly 2.9 million people in the U.S. were affected with low vision in 2014 and the number of such patients is estimated to increase and likely to reach a figure of around 5 million by the year 2030. Furthermore, according to the findings of the Centre of Disease Control and Prevention (CDC), in 2015 around 40.9 million people aged over 18 years wear contact lenses and these people hold comprise around 16.7% of the entire adult population of the U.S. Such high adoption of contact lenses is expected to speed up the growth of the contact lens market in the region.
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