According to the business intelligence report titled, ‘Global Contact Lens Market – Analysis By Material (Silicone Hydrogel, Hydrogel, Hybrid, Others), Wear Type, Design, By Region, By Country (2020 Edition): Market Insight, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global contact lens market valuation had reached USD 15.8 billion in 2019 and is projected to witness significant expansion between 2020-2025.
 

Surging geriatric population, increasing incidences of diabetes & ophthalmic diseases, and widespread adoption of sedentary lifestyle are key factors spurring global contact lens market. Moreover, high millennial population coupled with increasing digital screen usage will affect eyes and aid industry growth.
 

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Technological developments, and investments in research & development activities by leading companies will facilitate market expansion over the forecast timeframe. While surging demand for healthcare products will drive industry augmentation, the ongoing COVID-19 pandemic and imposition of lockdowns worldwide is likely to act as a challenge for the market majors.
 

Based on material type, global contact lens industry is divided into hybrid, silicone hydrogel, hydrogel, and others. Among these, the silicone hydrogel segmented held majority of the market share owing to improved oxygen permeability of product which ensures their usage in manufacturing special designs.
 

Speaking of wear type, the business sphere is divided into disposable, daily disposable, conventional lenses, and frequent replacement. Moving on to design, global contact lens market is fragmented into toric, spherical, cosmetics, and multifocal.
 

Regionally speaking, the Americas held majority of worldwide contact lens industry share in the past year and is estimated to expand rapidly in the ensuing years, owing to high healthcare awareness and rising prevalence of astigmatism. 
 

Key players influencing global contact lens market dynamics are Johnson & Johnson, Essilor Luxottica SA, The Cooper Companies Inc., SynergEyes Inc., Bausch Health Companies Inc., Carl Zeiss Inc., Alcon, Seed Co Limited, and Hoya Corporation.
 

These companies have undertaken strategic moves such as mergers & acquisitions, investments in research & development, partnerships, and product launches to maximize profits and garner additional revenues.