Contact Lenses Market Overview
A contact lens is a thin and curved lens which is placed on the surface of the eye. They can be used for vision correction or for cosmetic and novelty purpose. Contact Lenses are medical devices, regulated by Food and Drug Administration (USA), hence requires prescription. The various types of contact lenses are Soft contact lenses, Silicone Hydrogel Contact Lenses, and Rigid Gas Permeable Contact Lenses, among others. Contact lenses come with wear schedules such as Disposable Contact Lenses and Extended Wear Contact Lenses. Disposable Contact Lenses can be discarded after use, whereas Extended Wear Contact Lenses can be worn overnight for a period ranging from 6 to 30 days. As contact lenses, do not contain water traces, it can withstand any deposits build up.
The growth of Contact Lenses market is majorly driven by factors such as rising public awareness, improving economy, growth in online sales, increase in disposable income, wider range of products, affordability, convenient to use, presence of umpteen numbers of brands, growth in eye disorder, and consumers’ preference for lenses over glasses. Additionally, consumer group, specifically youngsters are drawn towards cosmetic lenses to enhance their appearance, thereby spurring up the demand for the product. The increase in aging population is also expected to boost the demand for the product. The advanced technology in contact lenses made it possible for people suffering from presbyopia and astigmatism to opt for contact lenses, thereby spiking the demand for the product. The key restraints of the market are cut-throat competition, increase in demand for corrective eye surgery (Laser-Assisted in Situ Keratomileusis ‘LASIK’ and Photorefractive Keratectomy ‘PRK’), economic slowdown, and serious hazards of contact lenses (infections, itchiness in the eye, eye dryness, conjunctivitis, and corneal ulcer, among others).
Contact Lenses Market Forecast Report (2018-2023)
Global Contact Lenses Market is expected to reach USD 17.54 billion by 2023 from USD 12.96 billion in 2018, growing at a CAGR of 7.60 % during the forecast period, 2018-2023.
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Contact Lenses Market Segmentation
The global Contact Lenses Market is segmented based on Material, Application, and Design. Based on Material, the market is classified into Soft Contact Lenses, Silicone Hydrogel Lenses, Rigid Gas Permeable (RGP) Contact Lenses, Hybrid Contact Lenses, and Polymethyl Methacrylate (PMMA) Contact Lenses. Based on Application, the market is classified into Therapeutic Contact Lenses, Cosmetic Contact Lenses, and Others. Based on Design, the market is classified into Spherical, Bifocal, Orthokeratology and Toric.
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Middle-East and Africa. North America is expected to command the major market share of 37% in 2018 followed by Europe. Asia Pacific contact lenses market is anticipated to be the fastest growing region for the product with a CAGR of 8.16% during the forecast period 2018-2023.
The major companies dominating this market for its products and services are
- Johnson & Johnson (USA),
- Bausch & Lomb (USA),
- CooperVision (USA),
- Hydrogel Vision Corp (USA),
- Abbott Medical Optics, Inc. (USA),
- Alcon Laboratories, Inc (USA),
- Carl Zeiss AG (Germany),
- CIBA Vision (USA),
- Essilor International (France), and Contamac (United Kingdom)
Key Takeaways from this Report:
· For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
· Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
· Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
· Increase overall revenue by understanding the geographical impact on sales and distribution channels.
· Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
· Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
· Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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