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COVID-19 Impact: Contact Lenses Market Will Accelerate at a CAGR of over 6% through 2020-2024 | Demand for Disposable Contact Lenses to Boost Growth| Technavio

·4 min read

The contact lenses market is expected to grow by USD 4.55 billion during 2020-2024, expanding at a CAGR of over 6%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. Download Free Sample Report on Pandemic Recovery Analysis

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Technavio has announced its latest market research report titled Global Contact Lenses Market 2020-2024 (Graphic: Business Wire)

Contact Lenses Market: Rising Adoption of Daily Disposable Contact Lenses to Drive growth

The rising adoption of daily disposable contact lenses will be a significant factor in driving the growth of the contact lenses market. The use of contact lenses for prolonged periods may lead to the formation of deposits of proteins, calcium and lipids found naturally in tears, thereby making the lenses uncomfortable to wear and increasing the risk of eye infection. Hence, eye care professionals (ECPs) are increasingly recommending daily disposable contact lenses that are single-use and removed and discarded after using for a day, especially to patients who are prone to allergies. Daily disposable contact lenses are sustainable and convenient to use, as they do not have any maintenance, storage, and cleaning needs. These type of contact lenses are also known to have a lower rate of corneal infiltrative events than reusable lenses. The rising demand for daily disposable lenses will encourage vendors to launch new products and consequently fuel the growth of the contact lenses market.

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As per Technavio, the increasing adoption of advanced technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Contact Lenses Market: Increasing Adoption of Advanced Technologies

Significant research and development activities have enabled the development of advanced products such as telescopic contact lenses, brightness/light controlling lenses, 3D-printed contact lenses, augmented reality contact lenses, health and glucose monitoring lenses, and other custom lenses. The innovative design of KeraSoft IC, a silicone hydrogel lens, provides comfort and significant visual acuity to people with keratoconus and other irregular corneas. ZEISS International uses its proprietary PhotoFusion technology to add various colors to its self-tinting lenses. Several vendors are offering smart contact lenses with added functionality. The increasing adoption of advanced technologies, which is one of the critical contact lenses market trends, will positively influence the growth of the market throughout the next five years.

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Contact Lenses Market: Segmentation Analysis

This market research report segments the contact lenses market by Product (Soft lenses, Rigid gas permeable lenses, and Hybrid lenses) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).

North America was the largest market for contact lenses in 2019, and the region will continue to offer the maximum growth opportunities to market vendors during the forecast period. Factors such as the growing number of myopic cases and continuous product launches are contributing to the contact lenses market growth in this region. The US is a key market for contact lenses in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.

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Some of the key topics covered in the report include:

Market Challenges

Market Drivers

Market Trends

Vendor Landscape

  • Vendors covered

  • Vendor classification

  • Market positioning of vendors

  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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