Contact Lenses Market research report by 2017 to 2024

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What will be the size of Contact Lenses Market in
2017 to 2024...?
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Global Market Scenario of Contact Lenses Industry

• The evolution of contact lenses market can be
  primarily attributed to the rising incidences of
  myopia, presbyopia, hyperopia, and
  nearsightedness across the globe. It would also
  be noteworthy to mention that the advent of new
  technologies such as augmented reality and
  virtual reality have indeed revolutionized this
  business space.
• It has been observed that the younger populace,
  spending quite some time within the confines of
  their homes, glued to smartphone and laptop
  screens, are more prone to loss of distant vision
  than the yesteryear generation, thereby
  necessitating the requirement of contact lenses
  over eyeglasses or vision surgery.
• In consequence, this demand has had quite a
  proportional impact on contact lenses industry
  size, which was pegged at USD 9.5 billion in
  2016. Reliable sources have quoted that over 40
  million of the U.S. population wear contact
  lenses with most of them being soft lenses made
  from hydrogels.

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• According to authentic estimates, nearly half of
  the Asian youth populace has been suffering from
  nearsightedness. It has been witnessed that the
  majority of the global population affected due to
  vision problems reside in the developing regions.
  
• As per the current global rankings, India and
  China have the highest population with poor
  vision problems. Researchers have estimated that
  negligence towards eye-care has resulted in the
  global costs amounting to nearly USD 3 trillion
  dollars annually. This has undeniably created
  global awareness toward the use of eyewear such
  as contact lenses, thereby accelerating contact
  lenses market trends.

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360 Industry Analysis

• New product developments taking place taking
  across the eyewear sector are also predicted to
  provide rapid momentum to the expansion of
  contact lenses industry. Researchers at Oregon
  State University have recently introduced contact
  lenses for diabetes patients with implanted
  indium gallium Zinc Oxide biosensors to determine
  their glucose levels. Alongside, Google Inc. is
  also expected to penetrate contact lenses market
  with the development of smart contact lenses
  comprising wireless chips as well as the tiny
  glucose sensor devices.
• Researchers have claimed that these lenses have
  the ability to transfer monitored information to
  external instrument. Reputed firms such as Bausch
  Lomb are not that far behind either, when it
  comes to making appreciable contributions to the
  contact lenses industry. The firm has in fact,
  launched the all-new Biotrue ONEday across twenty
  countries in Europe. The new products unique
  dehydration barrier feature helps in restoring
  98 of moisture till 16 hours, and it is
  exclusively designed to meet the needs of
  astigmatic patients.

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• Regional Analysis
• It is anticipated that the Asia Pacific contact
  lenses industry will grow at a rate of more than
  4 over 2017-2024, having accounted for a revenue
  of over USD 2 billion in 2016.
• In North America, on the other hand, the rise in
  the aging population and introduction of new
  technologies across the eye care sector are
  expected to help augment the regional contact
  lenses market. As per estimates, North America
  contact lenses industry is expected to record a
  CAGR of 3.2 over 2017-2024.
• Competitive Analysis
• Global contact lenses market share, as per
  analysts, is partially consolidated, with a
  select few players such as Bausch Lomb,
  Novartis International AG, ZEISS, and Hoya
  Corporation predominantly covering a major
  portion of the industry share via product
  innovations and strategic alliances. The business
  sphere has been forecast to reach commendable
  heights in the ensuing years, given the projected
  demand for these lenses across the developing and
  established economies. According to Global Market
  Insights, Inc., contact lenses market is set to
  hit a targeted revenue margin of over USD 18
  billion by 2024.

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