LONDON--(BUSINESS WIRE)--The soft contact lens market is expected to grow by USD 1.71 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The rise in risk factors such as smoking and ultraviolet light exposure coupled with the growing use of digital appliances and gadgets has increased the prevalence of eye disorders such as refractive error, cataract, and glaucoma. The prevalence of these eye disorders is common in patients with diabetes. In 2019, over 460 million adults aged above 20 years were affected by diabetes across the world. These factors have led to a rise in the demand for corrective lenses, which is driving the growth of the market.
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As per Technavio, the growing popularity of contact lenses over eyeglasses 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.
Soft Contact Lens Market: Growing popularity of contact lenses over eyeglasses
Contact lenses offer various benefits compared to eyeglasses. They provide all-round vision, unlike eyeglasses that only allow individuals to view the objects in front of them. Also, contact lenses do not slip and are not vulnerable to breakages. Hence, they are commonly used by many sportspersons and athletes. Many such benefits have increased the adoption of different kinds of contact lenses such as soft contact lenses, which is fueling the growth of the market.
“Popularity of silicone hydrogel contact lenses and the convenience of soft contact lenses will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Soft Contact Lens Market: Segmentation Analysis
This market research report segments the soft contact lens market by product (Daily soft contact lens, Weekly replacement lens, Monthly replacement lens, and Others), geography (North America, Europe, APAC, South America, and MEA), and application (Corrective lens, Therapeutic lens, and Cosmetic lens).
The North American region led the soft contact lens market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing population and the rising prevalence of myopia in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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August 24, 2020 at 05:00PM
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Soft Contact Lens Market Analysis Highlights the Impact of COVID-19 (2020-2024) | Rising Prevalence of Eye Disorders to Boost Market Growth | Technavio - Business Wire
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