Global Contact Lenses Market is expected to reach USD 14.72 billion by 2024: Radiant Insights

“Market Research Report | Radiant Insights”
Contact Lenses Market Analysis By Product Type (RPG, Soft, Hybrid), By Design Type (Spherical, Toric, Multifocal & Others), By Usage Type (Corrective, Therapeutic, Cosmetic, Prosthetic, Lifestyle-oriented), By Region, And Segment Forecasts, 2014 – 2024

The worldwide contact lenses market is categorized on the basis of types, designs, usage, and regions. Rigid gas permeable (RPG), soft, and hybrid lens are the three major types of contact lenses. Hybrid lenses can register growth at a significant CAGR during the forecast period. These lenses are a combination of soft and RGP lenses. They feature RGP in the central zone, which is surrounded by a soft peripheral skirt. This portion consists of silicone hydrogel. Hybrid lenses provide the wearing comfort of soft lenses and visual clarity of the RGP lenses. High preference by keratoconus astigmatism patients is projected to propel market growth in the forthcoming years.

According to a new report available on Radiant Insights, Inc.; the global contact lenses market is anticipated to witness substantial growth over the forecast period (from 2014 to 2024). Preference for wearing contact lenses during outdoor activities and playing sports is a key growth driver. Growing acceptance of cosmetic contact lenses by entertainment & media is expected to further boost the market growth. In addition, high occurrence of ophthalmic disorders such as myopia, astigmatism, and hypermetropia can positively affect market expansion during the next few years.

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According to designs, the fragments are multifocal, toric, spherical, and ortho-k lenses or orthokeratology. Multifocal lenses may experience a robust growth in demand during the forecast period. Ability of these lenses to incorporate multiple prescriptions in a single lens can boost the market till 2024. Preference by the patients of age-related ophthalmic ailments and presbyopia can further support the demand. Spherical lenses may emerge as one of the fastest growing segments in the near future.

As per usage, the market is segregated into cosmetic, therapeutic, prosthetic, corrective, and lifestyle-oriented. Therapeutic may hold a significant market share on account of demand in 2015. Cosmetic technology on the other hand, is expected to lead the overall market in terms of demand during the forecast period.

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Geographically, the global market is divided into North America, Asia-Pacific (APAC), Europe, and Rest of the World (RoW). Japan is anticipated to showcase tremendous growth opportunities over the forecast period. Some of the major participants operating in the global contact lenses market are Bausch & Lomb Inc.; Johnson & Johnson Services, Inc.; Cooper Vision, Inc.; and CIBA Vision (Alcon). Most companies opt for novel product development and portfolio enhancement to maintain their market position.

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A Canadian optometrist has invented Ocumetics Bionic Lens. These lenses can improve eyesight to a level that is three times superior to 20/20, which is the common standard for normal vision. It is expected to be launched in 2017 once all the medical trials & tests are completed. The lenses are inserted in the eyes with the help of a quick and painless surgery. According to the developers, this surgery is somewhat similar to cataract surgery. These lenses are anticipated to be durable so the users can enjoy clear vision without the fear of failing vision or cataracts. These implanted lenses feel natural and can avoid various kinds of eye strains that are caused by regular contact lenses.

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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.

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