New
York, 31 oct 2019 New report Global contact lenses market is
anticipated to reach USD 18.9 billion by 2026. and is estimated to grow at a
CAGR of 5.8% during the forecast period. The aim of the study is to define,
describe, and forecast the size on the basis of technologies, stages,
components, applications, deployment types, organization size, industry types,
and regions
Once of the key factor driving the contact lenses market is to
enhance aesthetic appearance by using them as fashion accessory particularly,
by the youth population. Also, constant development in technology of product
materials and given a boost to colored or decorative contact lenses, which is
further anticipated to influence the demand. Moreover, the rising incidences of
visual imparities such as myopia, presbyopia, hyperopia and astigmatism is propelling
the market growth. The World Health Organization, in 2015, estimated that
approximately 1.9 billion people across the globe have been affected by myopia
and the number is anticipated to be more than 2 billion by 2020. Thus, the
demand for contact lenses during the forecast period will experience a growth.
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The contact lenses manufacturers and vendors are appealed by the
high profit margins offered by the contact lenses thus, boosting its
manufacturing as well as enhancing the network of distribution. Also,
advancements in technology in form of material will provide new opportunities
to the manufacturers with time. By type segment, the Rigid Gas Permeable (RGP)
Lenses was valued over USD 800 million in 2017 owing to factors including,
sharp vision, high oxygen permeability, cost-effectiveness in the long run, and
durability.
Segment Analysis
The global Contact Lenses
market is segmented on the basis of type, design and by usage
By Product Type (Soft Lens, Hybrid
Lens, Rigid Gas Permeable (RGP) Lens);
By Design Type (Toric, Spherical,
Multifocal, Others);
By Usage (Corrective,
Therapeutic, Cosmetic/Lifestyle, Prosthetic)
By Regions (North America [U.S., Canada],
Europe [Germany, UK, France, Italy, Spain, Belgium, Netherlands, Rest of
Europe], Asia-Pacific [China, India, Japan, South Korea, Singapore, Malaysia,
Rest of Asia-Pacific], Latin America [ Brazil, Mexico, Argentina, Rest of Latin
America], Middle East and Africa [Israel, South Africa, Saudi Arabia, UAE, Rest
of MEA])
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Regional Analysis
The
contact lenses market by usage type is segmented into Corrective, Therapeutic,
Cosmetic, Prosthetic, and Lifestyle-oriented. The corrective lenses usage
segment is currently growing at a CAGR of more than 6.2%. The
demand is attributed to its various applications. Whereas, cosmetic lenses
segment is expected to witness high growth during the forecast period. On the
basis of design, the hybrid lens segment is anticipated to experience a
noteworthy growth as it is a combination of both soft lenses and rigid gas
permeable lenses. Thus, it provides comfort of soft lenses coupled with the
visual clarity offered by rigid gas permeable lenses. The growth of hybrid
lenses segment is expected to propel with the increased demand from people with
keratoconus and astigmatism conditions.
The North America market holds the largest share owing to
presence of better eye care treatment facilities as increasing elderly
population. Although, the Asia Pacific market is expected to bolster with a
high CAGR attributed to the increased awareness regarding contact lenses among
the population as well as their increasing ability for healthcare spending.
Competitive Landscape
The key strategies adopted by the market players include
long-term partnerships among the other players in supply chain particularly,
distributors and suppliers with an aim to increase their geographical
footprint. For instance, in 2016, Vision
Direct Group Ltd. was acquired by Essilor International S.A. for the
enhancement of its online retailing business presence. Major industry players
include Alcon Laboratories, Inc., Abbott Medical Optics, Inc., Bausch + Lomb,
Incorporated, Carl Zeiss AG, CooperVision, Inc., Contamac U.S., Inc., Hoya
Corporation, Essilor International S.A., Medennium and Johnson & Johnson
Vision Care, Inc. among others
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