Global Contact Lenses Market to Clock CAGR of 4.3% During 2019 - 2027, New Technologies Focus on Comfort and Functionality: Transparency Market Research
Manufacturers of contact lens are increasingly geared for reducing the economic burden of uncorrected refractive errors in populations worldwide
They are leaning on design advancements, incorporating new biocompatible materials to enhance wearer's comfort to improve compliance among patients. Next-generation contact lens technology can serve as biomarkers for ocular diseases
ALBANY, New York, Feb. 10, 2020 /PRNewswire/ -- Rising numbers of people with myopia in numerous regions across the world and substantial burden of vision impairment from uncorrected presbyopia in worldwide populations have been proportionately augmenting the numbers of contact lens wearers, observes a new study on the contact lens market. The global contact lenses market is projected to garner a CAGR of 4.3% from 2019 to 2027 and reach worth of US$ 10.75 bn by 2027, reveals the study by Transparency Market Research (TMR). The valuation of the market was pegged at US$ 7.31 bn in 2017.
"Relentless focus to test new materials for meeting the needs of the troika of comfort, functionality, and aesthetics among wearers of contact lens will continue to raise the ante higher for incumbent players. Additionally, addition of people with ocular diseases in the workforce and shifting demographic toward young adults have catalyzed investments in contact lens technology," notes analysts at TMR.
Key Findings of the Market Study
Offline leads the type of distribution channel for the sales of the contact lens, increasingly fueled by the growing popularity of multi-brand stores.
Growth in the online distribution channel is also expected to gather pace through 2027.
Among the various types, reusable held the leading share in the contact lenses market in 2017.
Disposable contact lens technology is expected to gain popularity among wearers, due to ease of maintenance and practicality of its usage.
Spherical contact lens with regard to design type dominated the market in 2017.
Explore 415 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Contact Lenses Market (Product Type – Soft Lenses (Daily Wear, Extended Wear), Gas Permeable; Design Type – Spherical, Toric, Multifocal, Others; Wear Type – Disposable, Reusable; Distribution Channel – Online (E-commerce Portal, Company Owned Portal), Offline (Exclusive Stores, Multibrand Stores)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027 at https://www.transparencymarketresearch.com/contact-lens-market.html
Contact Lenses Market: Key Driving Factors
According to the in-depth assessment of the growth dynamics shaping demands in the contact lens market, growing socio-economic burden of uncorrected refractive error is a key aspect. The marked prevalence of myopia, hyperopia, and astigmatism in various key regions of the world is bolstering demand for ocular prosthetic devices, catalyzing the market prospects. The following statistics points to several lucrative avenues for players in the contact lenses market.
Adults in South-East Asian countries have substantial prevalence of myopia and astigmatism.
According to several reports by the WHO, refractive errors are the first cause of visual impairment.
According to a recent estimate of the global blindness prevalence by IAPB Vision Atlas, 1.1 billion people suffer from near vision impairment, which can be corrected with ocular prosthetics
The report on the contact lens market asserts that the number of contact lens wearers is unarguably growing; however, numerous factors have impeded the penetration of new contact lens technologies.
A growing body of studies in developed markets reiterate the problem of behavioral non-compliance with contact lens wear and care practices. The complications associated with contact lens wear are primarily due to lack of hygiene awareness, and practices that expose wearer to infections
Manufacturers in the contact lens market are grappling with attaining the correct trade-off between wearer comfort and functionality.
Low and middle-income countries are still opening to the prospect of premium products. As a result, the scope of commercialization may be limited in these regions.
Among the various geographies, North America has been holding the major share in the global contact lens for some time now. Constant advancements in materials and the growing awareness of the role of ocular prosthesis to correct refractive errors in the regional populations have catalyzed prospects.
On the other hand, Asia Pacific is expected to play a more prominent role by charting a higher growth in opportunities during the assessment period (2019 -2027). The prevalence of myopia and the rising incidence of ocular diseases in aging population have unlocked lucrative opportunities for manufacturers and suppliers. Further, growing awareness of the need for prosthetic for correcting presbyopia in some nations in the regional market has also helped cement its potential.
Analyze contact lens market growth in 30+ countries including US, Canada, Germany, United Kingdom, India, China, and Japan. Request a sample of the study.
Two persistent leanings of manufacturers in the contact lens market are on testing new materials and surface modification processes to improve the wettability characteristics. A key example is silicone hydrogel. Few aspiring players are betting on artificial intelligence and micro-optics to develop the next-generation of smart contact lens. Such developments will enable players to redefine the contours of the technological landscape in the next ten years. In coming years, contact lens may serve as biomarkers to intraocular pressure, glaucoma, and diabetes mellitus. Further, a growing numbers of contact lens manufacturers are adopting cutting-edge techniques, such as based on electronics miniaturization, to unveil better technologies.
Names of few who are at the forefront of such technology developments in the contact lens market are Menicon Co. Ltd, BenQ Materials Corporation, Hoya Vision Care Company, Johnson & Johnson Vision Care, Inc., Alcon, and Bausch & Lomb.
The contact lenses market is segmented on the basis of:
Company owned portal
Middle East & Africa (MEA)
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