Market Research Future (MRFR) Conducted an Elaborate Study on the Global Contact Lenses Market that predicts the growth of the market with a substantial Growth during the forecast period of 2019-2023. Covered All the Segments and Sub Segments, Along With Top Industry Players and Geological Region.
The upsurge in the incidence rate of visual problems and eye disorders are one of the prime reasons stimulating the growth of the global contact lenses market. Visual inaccuracies such as myopia, hyperopia, astigmatism, and presbyopia have become very common, and in all such eyesight issues, spectacles are generally recommended for overcoming them. However, contact lenses have become the choice of most consumers with eyesight problems due to self-consciousness about appearance.
Contact Lenses just like eyeglasses/ spectacles, correct vision problems caused by refractive errors. In other word, contact lenses improve the eyesight for people with these refractive errors such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism (distorted vision), and presbyopia (changes to near vision that normally happen with age).
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Recognizing the kind of growth, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global contact lenses market gaining further prominence will register a spectacular growth crossing the valuation of USD 11 Bn. by 2023 at a striking CAGR from 2018 – 2023. The market had valued at USD 7.9 Billion in 2017.
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.
- Novartis AG
- Johnson & Johnson
- CLEARLAB SG PTE LTD
- BAUSCH + LOMB
- NEOVISION CO LTD
- Hoya Corporation
- Menicon Co. Ltd and more.
Global Contact Lenses Market: Segmental Analysis
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: Regional 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.
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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.
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