The Global Contact Lenses Market accounted for USD XX billion in 2017 and is expected to reach USD XX billion in 2017 and USD XX billion by 2022, growing at a CAGR of X% during the forecast period. Contact lenses not only serve the need to alleviate the use of hard to manage and bulky spectacles, but also provide the added benefit of enhancing oneâ€™s aesthetic appeal. The increasing innovations in the production of contact lenses during the last decade, has led to the use of various materials for producing these lenses, which serve multiple purposes. Contact lenses are also used to treat common eye disorders such as myopic, hypermetropia, presbyopia, astigmatism, and glaucoma.
Drivers & Restraints:
With a rise in the aging population, as estimated for the forecast period, and more people avoiding the use of corrective spectacles and switching to lenses, the market is projected for a continuous growth. The increasing tendency of people, especially todayâ€™s youth, to enhance their aesthetic appearance is driving the growth of cosmetic contact lenses market. The current prevalence of optical disorders is rising to new levels, hence the need for therapeutic and corrective contact lenses is also increasing, which is driving the market for such products. Improving economy and increasing disposable incomes across the world is another reason for the market to grow at a fast pace. The market, however, is facing hindrance due to the increasing acceptance of ophthalmology devices and corrective procedures like LASIK and Photorefractive Keratectomy (PRK). Use of contact lenses causes pore risks, such as eye infections and corneal ulcers and also leads to complications such as poor fitting and dryness of eyes, thus demotivating people to continue using them. This is another major hindrance for the market.
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Global Contact Lenses Market Segmentation:
Global contact lenses market is segmented by –
Type of product:
Rigid Gas Permeable Contact Lenses
Soft Contact Lenses
Hybrid Contact Lenses
Corrective Contact Lenses
Therapeutic Contact Lenses
Cosmetic Contact Lenses
Prosthetic Contact Lenses
Lifestyle-Oriented Contact Lenses
Design of the lenses:
The Middle East and Africa
In the type of contact lenses segment, soft contact lenses hold a major share, which accounts for more than three-fourth of the total market share. Soft contact lenses are further classified depending on how frequent a user needs to replace them, say, daily, weekly, monthly, annually, or not that frequently. Some users might need many unplanned replacements, which further drives the market. By usage, corrective lenses have captured almost half the contact lenses market. Segmentation by the design of lenses is dominated by spherical lenses and more than half the users prefer or are prescribed spherical contact lenses. The primary use of such lenses is to correct vision disorders like myopia and hypermetropia. Presbyopia and other vision disorders, related to advancing age, are generally treated by using multifocal lenses.
The North American market for contact lenses currently holds the largest share of the global market. However, the Asia-Pacific market is expected to grow at the fastest rate due to increasing awareness among people from growing economies in the same region.
Key Players in the Study:
Some of the largest market players in the contact lenses market are
Abbott Medical Optics
Bausch & Lomb
Johnson & Johnson
STAAR Surgical Company
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Market analysis for the global contact lenses, with region specific assessments and competition analysis.
Market definition along with the identification of key drivers, restraints opportunities and challenges.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with company profiles of key players with the analysis of their current strategic interests and key financial information.
Identification and analysis of the macro and micro factors that affect the global contact lenses market.
Insights of the market in the regions that have the highest potential for growth and also identify the markets that are still untapped.