Title: Outlook of Contact Lenses Market status and development trends reviewed in new report
1Global Contact Lenses Market to exceed 1 billion
units by 2024
2Global Market Scenario of Contact Lenses Industry
- Contact Lenses Market size is estimated to exceed
USD 18 billion by 2024 according to a new
research report by Global Market Insights, Inc. - Increasing popularity of contact lenses as a
fashion accessory to provide aesthetic
appearance, especially among youngsters is a key
factor driving contact lenses market growth.
Ongoing technological advances in the product
materials and capabilities along with rising
trend of decorative or colored lenses will
support product demand. - Globally, rise in instances of visual
deficiencies such as presbyopia, astigmatism,
myopia and hypermetropia/hyperopia will propel
contact lenses market. In 2015, WHO estimated
that myopia has affected around 1.9 billion
people worldwide and it is projected to affect
over 2 billion people by 2020. - Polymer material segment will observe gains at
2.9 up to 2024. Low material fabrication cost
and high impact resistance are key factors
supporting the industry growth. High optical
quality, light weight and less resistant to
shattering will provide the positive outlook to
this segments demand.
3Continue-
- High profit margins provided by the contact
lenses market will lure manufacturers and vendors
to boost the products manufacturing improving
supply chain network for the higher profit
margins. Technological advancement in form of
silicone hydrogel material will create new
avenues for manufacturers. - Rigid Gas Permeable (RGP) was valued at over USD
2.5 billion in 2016. Factors such as high oxygen
permeability, sharp vision, durability and cost
in the long run are stimulating product demand. -
- Online stores were valued at over USD 2 billion
in 2016. Reduced overheads, lower promotion
costs, expanded geographical reach, greater
flexibility and increased visibility for the
business are the key factors fueling industry
growth from the distribution channel. - However, increasing acceptance of corrective
procedures including, Photorefractive Keratectomy
(PRK) LASIK and ophthalmology devices are the
major factors, hampering the industry growth.
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360 Analysis-
- Toric design lenses is expected to witness
significant gains owing to increasing demand to
reduce corneal astigmatism. This are also used by
the surgeons to clear the patients vision during
cataract surgery. - Prosthetic product accounted for more than 7
share in 2016. Improved appearance of eyes that
have been disfigured due to birth defects, eye
diseases or trauma is expected to product demand.
For instance, 60 blindness cases among new born
are caused by many inherited eye diseases
including eye malformations, retinal
degeneration, congenital glaucoma, congenital and
cataracts. - Germany accounts for over 50 of the overall
industry share in monthly disposable usage
segment. More resistance to drying out relative
to daily disposable segment and offers best value
in price for the regular wearers which
anticipated to provide lucrative opportunities
for this segments growth. - North America contact lenses market will grow at
3.2 up to 2024. The growth is mainly driven by
growing geriatric population and presence of
numerous international brands. Other factors such
as digital technology integration with the
contact lenses will also augment the industry
size. - APAC market was valued at over USD 2 billion in
2016. Changing lifestyle and growing eye health
conciseness among people are the key drivers
influencing the industry demand.
7- Competitive Analysis
- Global industry is competitive owing to the
presence of few industry players holding majority
of the market share. - Some of major players include Cooper Vision,
Johnson Johnson, Novartis, Valeant
Pharmaceuticals, Blanchard, Zeiss International,
Bausch Lomb and Hoya. - Companies are anticipated to compete to capture a
bigger share in global contact lenses market. New
product launch, mergers, acquisitions and
agreements are the growth strategies adopted by
the key manufacturers.
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