Contact Lens Market to Perceive Substantial Growth by the End 2026
Contact Lens Market: Overview
Contact lenses are extensively used in order to correct vision inaccuracies and compensate for vision problems such as presbyopia, hypermetropia/hyperopia, and astigmatism. These lenses are coated with scratch resistance materials, ultraviolet protection, and anti-refractive material to provide best therapeutic experience along with comfort to the user.
As per the U.S. FDA, the contact lenses has been categorized into class II and class III medical devices on the basis of their usage. Regular use contact lenses are defined as class II medical devices by the U.S. FDA, as these contact lenses may pose threat to users, if used without correct advice of physician. Further, contact lenses used for an extended time period is categorized as class III medical devices. These lenses pose a higher degree of risk in terms of safety and health, if used without advice of physician.
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Besides use of contact lenses as refractive lenses, contact lenses are also used for esthetic and cosmetic purpose to alter the color of eye. With social-media exposure, people are very much following the trend of using contact lenses for cosmetic purpose.
Meanwhile, the contact lenses market is specifically driven by increasing incidents of visual inaccuracies. In addition, growing trend of outdoor participation is also paving opportunities for expansion of the global contact lenses market during the forecast period.
As per data provided by the National Eye Institute, in 2014, approximately 2.9 million people in the U.S. were diagnosed with low vision. Moving forward, count of such patients is more likely to multiply in years to come. It is predicted that the digits would reach equivalent to 5 million by end of 2030.
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Another report published by the Centre of Disease Control and Prevention (CDC), in 2015, claims that approximately 40.9 million people above 18 years of age wear contact lenses. The number is equivalent to 16.7% of the entire adult population of the U.S.
Registering the adoption rate of contact lenses around the globe, the market is anticipated to spur in years to come globally.
As per a report published by Transparency Market Research, the global contact lenses market is estimated to scale at a promising CAGR of 7.4% during the forecast period (2018-2026).
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In recent years, substantial rise in research and development activities have been observed in the field of optometry and optics in the global contact lenses market. These research and developments have resulted in development of dynamic soft contact lenses. These soft contact lenses are incorporate with advanced technologies. This, in turn, is propelling demand for contact lenses around the globe.
For example, recently, IMEC and SEED Co. Ltd.- an international R&D firm collaborated to develop a smart contact lens. The contact lens is equipped with a radio-frequency antenna for wireless energy transfer, an ultra-thin silicon microchip, and LED light. The contact lens is designed to form interconnections.
Hence, the soft lenses market is more likely to account for prominent market share during the forecast period (2018-2026). On the other hand, the gas permeable lenses market is likely to proliferate on back of increasing incident of corneal irregularities and astigmatism.
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