Ottawa, Jan. 31, 2023 (GLOBE NEWSWIRE) — Recently Published Report on “ Contact Lenses Market (By Material: Gas Permeable, Silicone Hydrogel, Hybrid; By Application: Corrective, Prosthetic, Cosmetic, Therapeutic, Lifestyle-oriented; By Design: Spherical, Multifocal, Toric, Others; By Usage: Daily Disposable, Frequently Replacement, Disposable, Traditional; By Distribution Channel: E-commerce, Eye Care Practitioners, Retail) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Key Insights :

• The North American region has held 39. 5% revenue share in 2021.
• By material, the silicone hydrogel segment has kept revenue discuss of 89% in the past.
• Simply by design, spherical segment has accounted revenue share of 61% in 2021. However, the toric lens design segment is growing at a CAGR associated with 6. 7% from 2022 to 2030.
• By application, the corrective lens section has captured revenue reveal of 44% in 2021. However, the cosmetic segment is growing in a CAGR of 4. 7%.
• By distribution channel, the retail segment had a revenue share of 61% previously. However, the particular e-commerce section is developing at a CAGR of 5. 6% between 2022 to 2030.
• Simply by usage, the disposable lens has garnered revenue talk about of 35% in 2021.

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What is the r egional impact in the particular contact lenses market ?

Maximum amount of revenue will be generated through this area be there during the past the revenue generated through this region was about 39. 5%. Increased number associated with refractive errors in the population across the North American region shall drive the marketplace growth within the coming years. Strategic partnerships and collaboration amongst the market players will also drive the particular market growth in the coming years. Cosmetic lenses are in great demand amongst the populace especially in Japan.

Optimum amount of soft contact lenses is demanded in the particular European as well because the American region. Constant research plus development activities have helped in coming up with innovative products that may act as therapeutic products within order in order to reduce the progression of various eye conditions such as myopia especially in the children.

Increased purchasing power within the hands of the people throughout the Asia Pacific region will also drive the market growth in the coming many years period the demand for contact lenses through this particular region offers grown well in the particular past period and it is expected to grow nicely in the coming yrs.

Statement highlights

• The particular demand with regard to silicone hydrogel disposable lenses is likely to have the particular largest market share in terms of revenue as compared to the other material get in touch with lenses offered in the marketplace. The use of these lenses is comfortable and this is expected to generate the market growth. About 88% of revenue share was produced by this segment within the past period
• There is a greater demand for circular lenses since compared to any other divine and this portion is anticipated to grow well within the coming years. Multifocal lenses are expected to show the steady development in the coming many years period
• There shall be a greater need for further lenses which segment is usually expected in order to grow at a compound annual growth rate of about 4. 7% in the particular coming yrs. Apart from the corrective lenses the therapeutic lenses are expected to have the good amount of market share in the particular coming years.
• Different types of contact lenses are provided through the retail stores in affordable prices. Retail stores provide contact lenses from discounted rates. the store segment will dominate the particular market in the coming many years as this particular segment provides affordable items and these types of retail pharmacies are properly equipped. The online segment is furthermore anticipated to develop well in the arriving years due to a growing requirement for disposable lenses through the online platforms. Increase in the particular demand regarding disposable lens shall lead to an increased purchase of these lens from the ecommerce systems.
• As intended for disposable lens are safer when compared with the reusable zoom lens and the quantity of money spent on buying both of these lens are somewhat same the particular market to get disposable lens is expected to have a larger marketplace share within the coming yrs. It happens to be a healthier option as it helps in reducing the risk of infection. These lenses are flexible and soft and they can become used pertaining to or prolonged period associated with time. Many manufacturers of contact lenses have increased their focus on the development of the disposable lens. Ophthalmologists also suggest the use of throw away lens in comparison with the reusable lens. In order to increase the adoption associated with the disposable lens in the population across the globe manufacturers are usually focusing on research and development actions for providing innovative products.

Recent developments

• GrandVision has been acquired simply by Essilor In the year 2021 in order to improve the particular market presence as GrandVision has 350 stores within the European region.
• To be able to reduce the progression in the cases of myopia especially with the children, restorative lenses were developed by a collaboration between Menicon and Johnson and Manley vision.

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Scope of the Record

Market dynamics

Drivers

The demand for contact lenses is expected to grow due to an increase in the number of I defects within the population across the globe. Increased number of astigmatism cases, myopia and hyperopia will drive the market growth in the coming years. Maximum quantity of instances of myopia within the Asian countries like Japan plus China. Increase in the amount of the people suffering with myopia will certainly generate larger revenue as compared to any other eye defects. Due to an increased disposable income the demand for the ophthalmic products is expected to grow in the particular coming many years.

Restraints

Although the quantity of ophthalmologists in the developed nations are more the same is not the case within the developing countries. In the developing nations the number of ophthalmologists is less. In the emerging countries the shortage of ophthalmologists will prove to be a restraint within the growth of the market.

Opportunities

As many countries in the particular Asia Pacific region are highly populated the need for contact lenses is expected in order to grow in these regions. These areas and the other building nations may provide major growth opportunities for the particular contact lenses marketplace during the forecast period. Many major manufacturers across the globe are aiming at increasing their market presence in the developing nations. Saturation within the developed nations has led to the increased amount of partnerships and collaborations that aim at increasing the product portfolio and market presence in various establishing nations. Developing nations are expected to provide growth possibilities in the coming years. Increase in the particular geriatric population and the increased quantity of vision diseases within the population from the developing countries along with the changes in the lifestyle will be responsible with regard to the development of the marketplace.

Challenges

Because of to a lack of ophthalmologists in the developing nations or the particular infrastructure required for the eye care the market is likely to develop slow. There are many other concerns associated with the use of disposable lenses in terms of safety. And these happen to be the major challenges in the particular growth of the market.

Marketplace Segmentation

By Material

• Gas Permeable
• Silicone Hydrogel
• Hybrid

By Design

• Spherical
• Multifocal
• Toric
• Other people

By Application

• Corrective
• Prosthetic
• Cosmetic
• Therapeutic
• Lifestyle-oriented

Simply by Distribution Channel

• E-commerce
• Eye Care Practitioners
• Retail

By Usage

• Daily Disposable
• Frequently Replacement
• Disposable
• Traditional

Simply by Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

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