Contact lenses help to restore multiple vision dysfunctions including refractive errors such as myopia, hyperopia, astigmatism, presbyopia, and the therapeutic benefits. The advantages of using therapeutic contact lenses include corneal protection, for post-surgical conditions, for corneal pain relief, and healing. The growing popularity of colored contact lenses and multifocal contact lenses will create lucrative opportunities for key players in the global market. The increasing prevalence of visual dysfunctions and eye ailments in both developed and developing countries will boost the adoption of these devices in the global market.

The global contact lenses market is estimated to reach revenues of around $14 billion by 2023, growing at a CAGR of approximately 6% during the forecast period.

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The different design of contact lenses available in the market are:

Spherical Contact Lenses

A spherical contact lens is fabricated as rounded design lenses, which are used to correct myopia or hyperopia. Spherical lenses have an even uniform curvature throughout of the surface area of the lens and work by inducing spherical aberration. The lenses designed with positive dioptric power induce positive spherical aberration. Conversely, the lenses designed with negative dioptric power induces negative spherical aberration. The key players are launching products that feature specialized technologies which improve optical comfort along with the provision of vision correction.

Spherical contact lens market is likely to grow at a CAGR approximately 5% during the forecast period.

Toric Contact Lenses

A toric contact lens is gaining traction and is being considered as an effective vision corrective and therapeutic option in recent years. The increasing number of optometrists are prescribing toric lenses for vision correction will propel the growth of this segment in the global market. The awareness about the optical comfort and vision correction benefits provided by toric contact lenses will increase its product uptake in the forecast period. Furthermore, these products are far superior to eye glasses or spherical lens. The toric contact lens market is projected to generate revenues of more than $2 billion by 2023, growing at a CAGR of around 7% during the forecast period.

Multifocal Contact Lenses

Multifocal contact lenses are designed to provide crystal clear vision at all distances for individuals who suffer from refractive errors. These lenses are typically recommended for vision correction in individuals experiencing presbyopia, the normal age-related decline in near vision. Multifocal lenses have multiple prescriptions in a single lens and are similar to progressive eyeglasses. They are designed with a gradual transition between a prescription for close reading on one end and a prescription for normal distance viewing on the other end of the lens curvature. Conventional multifocal lenses are available in standardized designs, and the common is a pattern of concentric circles of lens powers prescribed for varied viewing distances. Additionally, there are also blended designs, which maintains both the near and distance prescriptions close to the center of your eye and thus mimics a natural viewing experience by correcting the specific points of eye aberrations. Multifocal contact lenses are available as both soft and rigid gas permeable lenses. Few manufacturers are also manufacturing hybrid multifocal contact lenses to attract new consumers in the global market. Product innovations and the introduction of multifocal contact lenses design made from silicone hydrogel materials will propel the growth of this segment in the global market. The multifocal contact lenses market is estimated to grow at a CAGR of around 8% during the forecast period.

The key players in the global contact lenses market are CARL ZEISS, Contamac Holdings Limited, Essilor International SA, Hoya Corp., Menicon Co. Ltd, Sensimed AG, SynergEyes, UltraVision, Ginko International Co. Ltd, and St. Shine Optical Co. Ltd.