Contact Lenses Market To Generate Revenue Worth Around $16 Billion in 2030 Says P&S Intelligence

NEW YORK, June 28, 2021 /PRNewswire/ -- The surging disposable income of people, increasing population of geriatric people, who are highly vulnerable to vision impairment, and rising incidence of vision disorders and eye injuries are driving the sales of contact lenses. Due to these factors, the global contact lenses market revenue is predicted to rise to $16 billion by 2030, according to P&S Intelligence.

Because of the COVID-19 pandemic, the governments of many countries announced lockdowns, which massively contributed to the booming popularity of online virtual platforms. With the increasing screen time and computer use, the prevalence of lower blink rate, insufficient blinking, and mask-associated dry eyes (MADE) increased massively, thereby propelling the demand for contact lenses. However, the pandemic also caused huge financial losses and thus, caused a sharp fall in the spending power of people, which, in turn, affected the contact lenses market.

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The contact lenses market is classified into extended wear, traditional wear, and daily wear, depending on usage. Out of these, the daily wear category dominated the market in 2020, due to the ability of these masks to mitigate the prevalence of eye infections, which has increased considerably because of the extensive usage of masks, on account of the COVID-19 protocols. Additionally, these masks are easier to dispose of and provide better convenience than the other variants.

The contact lenses market is also divided into toric, monovision, cosmetic, multifocal, and spherical categories, based on design. Out of these, the spherical category dominated the market during the historical period (2015–2020), because of the preference of patients and optometrists for spherical lenses, owing to their ability to address various kinds of visual disorders. Furthermore, due to the increasing screen time, the prevalence of vision-related diseases is growing rapidly, which is also driving the growth of the category.

Browse detailed report with COVID-19 impact analysis on Contact Lenses Market Research Report: By Usage (Daily Wear, Extended Wear, Traditional Wear), Design (Spherical, Toric, Multifocal, Monovision, Cosmetic), Material (Silicone Hydrogel, Hydrogel, Glass Permeable, Hybrid, Polymethyl Methacrylate), Type (Opaque Contact Lenses, Enhanced Contact Lenses, Tinted Contact Lenses) Application (Conventional, Orthokeratology, Decorative) Distribution Channel (Retail Stores, Hospitals & Clinics, E-Commerce) - Global Industry Revenue Estimation and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/contact-lenses-market-outlook

Globally, North America dominated the contact lenses market in 2020. This was because of the presence of a large geriatric population and the high prevalence of visual ailments in the region. Furthermore, the increasing adoption of sedentary lifestyles massively increased the incidence of vision problems in the region, thereby driving the expansion of the North American market.

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The players in the contact lenses market have received numerous product approvals over the last few years. For example, the Food and Drug Administration (FDA) approved the use of MiSight, which is a single-use, soft, and disposable contact lens developed by CooperVision Inc., for treating visual disorders in children in November 2019. This lens slows down the progression of myopia in children, which, in turn, reduces the risk of developing other visual problems as well.

Johnson & Johnson, CooperVision Inc., Alcon Vision LLC, and Bausch Health Companies Inc. are some of the major contact lenses market players.

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SOURCE P&S Intelligence