Contact Lenses Market to Record At A CAGR Of 5% Growth by 2029 |Fact.MR Study

Contact Lens market size, trend analysis and competition tracking by material (gas permeable, silicone hydrogel, hybrid), by design (spherical, toric, multifocal), by application (orthodontic, therapeutic, cosmetic, prosthetic, lifestyle-oriented) )-Global Market Insights from 2021 to 2031

Although traditional brick-and-mortar retail is rapidly being overtaken by e-commerce retail, the facts clearly point to the continuing importance of an omni-channel approach. Omnichannel sellers in the industry get more than 80% of their revenue from offline trading. It is a consumer-centric, integrated approach and represents a significant shift in the retail and consumer goods sectors by providing a unified experience across all available sales channels (eg online and in-store).

The global contact lenses market will witness a remarkable growth trajectory of over 5% between 2019 and 2029, owing to the proliferation of consumers with visual impairments and participation in outdoor activities, along with increasing myopia, presbyopia and astigmatism. Offline distribution through retail outlets and hospitals and clinics continue to attract consumer interest. However, online channels are expected to provide revenue growth opportunities with a growing number of millennials. Market participants are investing in the development of innovative products to meet different requirements, such as everyday use, a variety of colors and corrective lenses.

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Key points of Contact Lenses market research

Silicone hydrogels will grow 1.7 times between 2019 and 2029. Improved oxygen permeability, along with the soft and flexible nature of silicone hydrogels, will enhance consumer engagement as buyers tend to prioritize the eye adaptability and improved comfort of contact lenses.
The spherical lens will grow 1.6 times over the forecast period with the lens power evenly distributed throughout the optical part of the spherical lens.
Corrective lenses continue to lead the market share and continue to achieve remarkable growth of over 10% in the therapeutic lenses segment.
Online distribution channels will double due to growing disposable income of millennial consumers accustomed to buying on online e-commerce platforms.
Daily disposable use of contact lenses will grow 1.5 times over the forecast period. This could be due to the benefits of this type of use, such as improved compatibility for people with dry eyes or allergies.
North America will maintain its lead in terms of market share, driven by growing early adoption of lens technology and a growing geriatric population.
Southeast Asia and Oceania provide lucrative growth opportunities with an outstanding CAGR of over 7% during the forecast period.
Hybrid lens materials that combine the gas-permeable softness of silicone hydrogels with the visual clarity of RGP lenses will grow with a promising CAGR of over 7%.

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"Market participants can benefit from product innovations such as toric lenses that will drive market growth as consumer interactions through online channels increase. The global contact lens market is preparing for technological disruption. The growing geriatric population provides stable growth opportunities for the contact lenses market. Increasing consumption income of millennial consumers will drive innovations such as daily disposable contact lenses." -FactMR analyst

High potential applications identified in the treatment space

Therapeutic contact lenses help heal sore eyes and cover the cornea to retain the necessary moisture and protect the surface of the eye. With increasing consumer awareness of the various benefits of therapeutic lenses, this application type could witness a strong growth rate of over 8% between 2019 and 2029.

The market is driven by consumer trends that are increasing preference for contact lenses over traditional eyeglasses. Increasing cases of vision defects coupled with innovations in the comfort and effectiveness of contact lenses will drive the growth of the contact lenses market over the forecast period.

Read more trends and similar reports at Fact.MR - https://www.globenewswire.com/en/news-release/2020/03/06/1996513/0/en/Fact-MR-Projects-Global-Sleep- Mask-Sales-to-Grow-at-4-CAGR-over-2019-2029-Wrap-around-Sleep-Masks-Emerging-Lucrative.html

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