Transparency Market Research estimates that the global contact lens market will expand at a healthy 7.6% CAGR over the period between 2016 and 2024. Expanding at this pace, the market, which had a valuation of US$9.74 bn in 2015 in terms of revenue, is projected to rise to US$18.70 bn by 2024. In terms of volume, the market is expected to rise to 2,135.0 mn units by 2024.
In the global eyewear and eye care industries, the segment of contact lenses has witnessed a sweeping transformation from being once considered lifestyle products to common eye accessories sought as a convenient and fashionable replacement to glasses. The vast rise in product varieties and easy affordability of contact lenses have led to a vast rise in users of contact lenses or a regular basis these days.
Read Full Report: http://www.transparencymarketresearch.com/contact-lens-market.html
Rising Prevalence of Ophthalmic Disorders and Rising Popularity as Fashion Accessory Boost Global Sales of Contact Lenses
The vast rise in the world’s population that suffers from a variety of ophthalmic disorders has emerged as the primary growth driver of the global contact lens market lately. The rise in younger population with issues such as refractory errors and weakened eyesight have especially increased the global consumption of contact lenses, which are being increasingly preferred for their comfort, convenience, and aesthetics.
The easy availability of colored, disposable, and affordable varieties of contact lenses have also led to the vast rise in their usage as fashion accessories globally. Attempts made by contact lens manufacturers to educate masses about the proper and safe use of contact lenses and the availability of vast product varieties across distant corners of the globe have also helped stimulate the growth of the global contact lens market in the past few years.
Download exclusive Sample of this Report: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1787
Emerging Economies to Present Excellent Growth Opportunities
Nevertheless, the vast untapped opportunities in developing regions can allow vendors in the market to gain substantial traction in the next few years. Expansion across these regions will require innovative marketing strategies and ways of educating the masses about the proper usage of contact lenses will have to be adopted. Over the period between 2016 and 2024, the market for contact lenses in Asia Pacific is expected to expand at a considerable CAGR. The APAC market is expected to reach US$4.76 bn by 2024.
Prominent vendors in the market, including Novartis International AG, Menicon Group, STAAR Surgical, Carl Zeiss AG, SynergEyes Inc., Abbott Medical Optics, Inc., Essilor International S.A., Valeant Pharmaceuticals, and Bausch and Lomb have strengthened their hold in regional markets with these approaches. Strategies such as innovation and new product development, high investments in research and development, and exploitation of novel marketing and sales channels have also helped key companies hold sway in the market in the past years. Incorporation of new technologies for upgradation of products and strategic acquisitions entered-in with the aim of expanding product portfolios and market position across regional markets will help companies in beating competition in the next few years.
Transparency Market Research
90 State Street,
NY – 12207
USA – Canada Toll Free 866-552-3453