The proliferation visually-impaired consumers and their participation in outdoor activities coupled with increasing cases of myopia, presbyopia, and astigmatism will drive the global contact lens market to witness a staggering growth trajectory of over 5% between 2019 and 2029. Offline distribution through retail stores and hospitals & clinics continue to garner consumer traction. Online channels however are expected to present remunerative growth opportunities on the back of rising millennial consumers. Market players are investing in developing innovative products that cater to a variety of demands such as daily use, different colors, and corrective lenses.
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Key Segments Covered
- Gas Permeable Contact Lenses
- Silicone Hydrogel Contact Lenses
- Hybrid Contact Lenses
- Spherical Contact Lenses
- Toric Contact Lenses
- Multifocal Contact Lenses
- Other Contact Lenses
- Corrective Contact Lenses
- Therapeutic Contact Lenses
- Cosmetic Contact Lenses
- Prosthetic Contact Lenses
- Lifestyle-oriented Contact Lenses
- Online Contact Lens Distribution
- Offline Contact Lens Distribution
- Daily Disposable Contact Lenses
- Disposable Contact Lenses
- Frequent Replacement Contact Lenses
- Traditional Contact Lenses
Prominent contact lens manufacturers are capitalizing on introducing new product lines, as well as securing regulatory approvals from government authorities to market their business.
- CooperVision recently received FDA approval for its product called CooperVision Biofinity® toric multifocal Contact Lenses. The product extends the applications of Biofinity® toric lenses to presbyopia patients.
- In Aug, 2019, Alcon launched PRECISION1, the first mainstream contact lens to employ SMARTSURFACE® technology that delivers precision with long lasting comfort.