Contact Lenses Market Size, Share and COVID-19 Impact Analysis, by Modality (Reusable and Disposable), by Design (Toric, Multifocal and Spherical), by Distribution Channel (Retail Stores, Online Shops and Ophthalmologists) and Regional Forecast, 2020-2027

The global contact lens market size is expected to reach USD 11.55 billion by the end of 2027. The increasing investments in these lenses are a result of the increasing demand for the product worldwide. The presence of several major manufacturers in this sector will have a massive impact on the growth of the market. The market was worth USD 8.69 billion in 2019 and is expected to show a CAGR of 8.7% during the forecast period 2020-2027.

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Industry Developments:

Sept 2019: CooperVision announced that it has completed the acquisition of Blanchard Contact Lenses. The company will seek to expand its presence in the specialty segment.

Drop in Contact Lens Sales During Covid-19 Pandemic Impacts Market Growth

The recent outbreak of the coronavirus has created a sense of panic around the world. Efforts being made to stem the spread of the disease have had an adverse impact on several businesses around the world. The drop in contact lens sales during the pandemic is a result of strict measures taken to contain the spread of the disease. However, online commerce and business options will provide alternative avenues for businesses.

Contact lenses are widely used around the world due to the increasing number of eye diseases around the world. The advancement and efforts of big companies around the world are going to have a massive impact on the growth of the overall contact lens market in the coming years. The massive investments in research and development of efficient products will have a huge impact on the market growth. The rise…