The global contact lenses market size is projected to reach USD 12.05 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period. However, the market was worth USD 8.35 billion in 2018. This information is published in a recent report by Fortune Business Insights, titled, “Contact Lenses Market Size, Share & Industry Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multi-Focal, and Spherical), By Distribution Channel (Retail Stores, Online Stores, and Ophthalmologists), and Regional Forecast, 2019-2026.” As per the report, rising per capita healthcare expenditure and increasing incidence of astigmatism and myopia are expected to affect the market positively.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/contact-lenses-market-101775
Fortune Business Insights lists out some of the renowned companies operating in the contact lenses market. They are as follows:
Bausch & Lomb Incorporated
Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.)
Alcon Vision LLC
Other key market players
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Rising Prevalence of Ocular Disorders to Augment Market Growth
The World Health Organization (WHO) stated that approximately 1.7 million people are affected by presbyopia and around 153 million people reside with uncorrected refractive errors around the world. A rising prevalence of presbyopia worldwide is one of the main factors propeling the contact lenses market growth in the coming years. Also, many people are affected by ocular disorders, which in turn, is expected to boost growth of the market.
Spherical Segment to Dominate the Market Backed by High Prescriptions
In terms of design, the market is segregated into spherical, multifocal, and toric. Out of these, the spherical segment had generated 65.8% contact lenses market share in 2018 and was in the leading position. It occurred because these lenses are highly recommended by doctors for correcting ocular disorders. The toric segment, on the other hand, is anticipated to showcase considerable growth owing to its possession of numerous advantages, such as greater lens-to-lens reproducibility, easier fitting protocol, and better stabilization design. Lastly, the multifocal segment would expand at faster pace in the near future due to growing awareness and increasing new product launches.
Bausch & Lomb Unveils Ultra Multifocal for Astigmatism Contact Lenses
June 2019: Bausch & Lomb Incorporated, an eye health products company, headquartered in New York, announced the launch of its Bausch + Lomb Ultra contact lenses. It is a multifocal lens for astigmatism. The new silicon hydrogel lens was initially created for those affected by both presbyopia and astigmatism. It blends the company’s stability of OpticAlign toric design with its unique 3-Zone Progressive multifocal design to offer professionals and patients an innovative technology.