Potential Impact of COVID-19 on Contact Lenses Market

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According to a new market report published by Transparency Market Research titled  the global contact lenses market was valued at US$ 7.31 Bn in 2017 and is expected to reach US$ 10.75 Bn in terms of revenue by 2027, expanding at a CAGR of 4.3% from 2019 to 2027. In terms of volume, the market stood at around 127,920 Thousand Units in 2017. Asia Pacific is projected to show the fastest growth rate during the forecast period due to the increase in aging population and rising prevalence of myopia.

The increasing demand for contact lenses in the cities of North America is helping to boost the contact lenses market in the region. Factors such as increasing aging population and myopia among early teens are contributing to the growth of the contact lenses market.

By product type, soft contact lenses have the highest growth opportunities as they are cost effective and comfortable after use. Gas permeable contact lenses are recommended for consumers facing dry eye problems as they have more amount of oxygen.

By design type, the toric and multifocal contact lenses segments are expected to rise with new technology, enabling consumers to provide corrections for one or more vision defects.

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By wear type, reusable segment constitutesthe major share in the global contact lenses market. However, demand for disposable contact lenses is increasing to avoid cleaning after each removal.

By distribution channel, the online segment is expected to expand atthe highest CAGR during the forecast period as compared to theoffline segment.

Geographically, in terms of revenue, North America held the largest share in the contact lenses market in 2017. After North America, Europe has the largest share. The Asia Pacific region is estimated to witness the fastest growth during the forecast period, dominated by China, India, and Japan. South America is expected to show slow growth as compared to the other regions of the world. 

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