Outlook of Contact Lenses Market status and development trends reviewed in new report

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Global Contact Lenses Market to exceed 1 billion
units by 2024
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Global 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.

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• 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.

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• 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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