Contact Lenses Market Analysis

Material (Gas Permeable, Silicon Hydrogel, Hybrid)

The global contact lenses market is segmented and analyzed for demand and supply by material into gas permeable, silicone hydrogel, and hybrid. Out of these, the silicone hydrogel segment is attributed to garnering the highest market share by 2037 owing to the comfort and hydration provided while wearing lenses. It is estimated that silicone hydrogel materials are adopted in 78% of contact lens fittings. This ratio is significantly greater for patients who wear frequent replacement contact lenses, 83% of these lenses are made of silicone hydrogel materials.

Major Macro-Economic Indicators Impacting the Market Growth

According to the statistics, by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864,313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to a health care expenditure of USD 10,623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditure (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in the upcoming years.

Our in-depth analysis of the global market includes the following segments: