Contact Lenses Market Highlights
The Global Contact Lenses Market size is poised to exceed USD 11 Billion by 2023, as per a new report by Market Research Future (MRFR). Contact lenses are medical devices used in correcting poor vision of consumers. Its ability to provide peripheral vision without being a bother like spectacles is likely to attract demand for lenses. In addition, they do not retain moisture or obstruct the view. It can be worn in conjunction with sunglasses and other eyewear without a prescription. This can work in favor of the market leaders launching new lenses annually.
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Some of the eminent leaders of the market include
- Novartis AG
- Johnson & Johnson
- CLEARLAB SG PTEBAUSCH + LOMB
- NEOVISION CO
- Hoya Corporation
- CAMAX OPTICAL CORP
- St. Shine Optical
- Oculus Private Limited.
Contact Lenses Adoption Rate to Rise
Developments and breakthroughs with regards to function and design have catapulted the product as a must-have in social circles. High prevalence of eye disorders is expected to be one of the primary factors driving market growth. For instance, the National Health and Nutrition Examination Survey (NHANES) reported the cost of correcting vision to be in the range of USD 3.9-7.2 Bn, giving an impetus to adoption of contact lenses. Furthermore, changing lifestyles of consumers and sedentary lifestyle choices are other factors which can have a positive impact on demand in the coming years.
Global Contact Lenses Market – Segmentations
MRFR has segmented its analysis into four key dynamics for enhanced understanding.
By Types : Therapeutic Lenses, Corrective Lenses, and Cosmetic & Lifestyle oriented Lens among others.
By Materials : Silicone Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens, and Methacrylate Hydrogel Soft Contact Lens among others.
By Designs : Spherical, Toric, and Multifocal among others.
By Regions : Europe, North America, APAC and Rest of the World.
Global Contact Lenses Market – Geographical Analysis
The North American region is projected to account for the dominating market for contact lenses, globally, possessing the significant market share. Growing prevalence of vision problems and other eye diseases & disorders that can affect the eyesight are driving the market growth in the region. Moreover, increasing number of middle age populace and the rising vision problems in youngsters along with the self-consciousness about their appearance supports the contact lenses market in the region.
Furthermore, increasing number of product launches alongside the presence of the leading players and their expansion strategies is expected to act as one of the predominant driving forces propelling the market growth in the region.
Whereas the Europe & Asia Pacific markets stand at the second & third positions respectively, in terms of the market share.
The European contact lenses market is expected to demonstrate healthy growth during the review period. Also, factors such as the increase in research and development activities, and new product approvals are fuelling the market growth. Moreover, rising rates of eyesight disorders and other eye diseases along with the growing number of the middle-aged population are driving the market growth in the region. Increase in focus of key players to expand business in the region along with the well-spread awareness about health care is propelling the growth of the contact lenses market in the European region.
The Asia-Pacific region, on the other hand, is rapidly emerging as a promising market for contact lenses. Factors such as growing incidences of optical diseases coupled with the availability of a range of cost-completive options and verities of contact lenses are driving the market growth in the region. Large untapped needs among the hugely populated countries such as India and China along with the spreading awareness about eye care are anticipated to fuel the growth of the contact lenses market in this region, attracting many market players.
Owing to the availability of cost-competitive labor force and ample availability of materials required in the production of lenses, key players are increasingly shifting their production bases to this rapidly developing region, which in turn, drives the market growth in the region.
Global Contact Lenses Market – Competitive Analysis
Contact Lenses market appears to be competitive & fragmented owing to the presence of several matured & small key players forming a competitive landscape. Strategic initiatives such as partnership, acquisition, expansion, collaboration, and product/ technology launch, remain the key strategies of market players to achieve competitive advantage.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
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