The Soft Contact Lenses Market is bound to witness a robust CAGR going forward. The present scenario is that of prediction of the course of treatment based on data analytics. Technology has been dominating in the form of IoMT (Internet-of-Medical-Things), AI (Artificial Intelligence), cloud computing, predictive analytics, and what not? With the proven advantage of the reduction in casualties and real-time access to the history of patients, and not to forget – remote monitoring, the healthcare industry is there to upturn.
Contact lenses are thin plastic disks which improve vision. Contacts lenses float on the tear film that covers cornea which results in improved vision. Contact lenses are efficient in vision correction which is a result of refractive errors. Contact lenses are efficient in vision improvising for myopia (nearsightedness), hyperopia (farsightedness), astigmatism (distorted vision) and presbyopia (vision changes with age).The soft (hydrophilic) contact lenses market is driven by a wide product availability with various brands in the market. The market for soft contact lenses is also driven by increased customer preference for contact lenses owing to high convenience and comfort which contributed to larger growth. It is anticipated that the growing number of vision inaccuracies would drive the growth of the soft contact lenses market during the forecast years as many multi-national companies are focusing on developing strong retail and online presence to increase their market shares.
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Consumers focus on international quality standards and hence the share of reputed international brands is comparatively more. Also, the market for soft contact lenses is driven by the young consumer base which is willing to experiment and adapt to global fashion trends which will boost the sales of the contact lenses. However, the market for soft contact lenses is hindered by the risk of eye infections, and corneal ulcers which are a huge challenge for the manufacturers. The market for soft contact lenses will have various opportunity in the next decade such as the development of smart contact lenses.
Soft (Hydrophilic) Contact Lenses Market: Segmentation
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Soft contact lenses are used for daily wear, they are more comfortable, and are usually available in multiple options. There are multiple kinds of soft contact lenses such as daily wear contacts, extended wear contacts, toric contacts, colored (tinted) contacts, and Decorative (cosmetic) contacts. Daily wear contacts are disposable and are required to be removed before going to sleep. Extended wear contacts can be used during the sleep.
However, these contact lenses may cause eye infections. Toric contact lenses are highly priced however they can correct vision for astigmatism patients. Toric contact lenses can be used for daily wear and extended wear both. Colored contacts are efficient in changing the color of the eye, and they are available for daily wear, extended wear, and toric lenses. Decorative contacts are only efficient in changing the color of your eye, however, do not help in vision correction.
Regionally, the market can be segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. North America dominates the soft (hydrophilic) contact lenses market owing to the presence of major global brands which are offering extensive product portfolios, covering multiple product categories.
Following North America is Europe owing to rising youth consumer base in this region is the driving factors for soft (hydrophilic) contact lenses market in this region. Asia Pacific is expected to be a significant market due to the shifting operational setup of most of the multi-national companies in this region which would bring down the overall cost of the products. Asia-Pacific region is the growing region in soft contact lenses.
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Some of the major market players of soft (hydrophilic) contact lenses market are Johnson & Johnson Vision Care, Bescon, Novartis, Bausch+Lomb, Menicon, St.Shine Optical, CooperVision, Hydron, Weicon, and NEO Vision.
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