The global contact lenses market is estimated to reach revenues of more than $12 billion by 2024
LONDON, March 25, 2019 /PRNewswire/ -- The global contact lenses market is estimated to reach revenues of more than $12 billion by 2024, growing at CAGR of around 6% during 2018-2024.
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The advent of low-cost manufacturing techniques and the invention of new silicone hydrogel-based polymers will boost the demand for daily use, the disposable lens in the market. The leading vendors are launching new variants with advanced features, which include advanced technologies providing the best visual acuity and ocular comfort to consumers in the market.The global contact lenses market is driven by the launch of specialized products with advanced features, which provide high optical comfort, better oxygen permeability, high visual acuity, and minimal or no risk of lenses-related adverse effects. The market research report provides in-depth market analysis and segmental analysis of the global contact lenses market by design, usage, application, distribution channels, and geography.
The report considers the present scenario of the global contact lenses market and its market dynamics for the period 2019?2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study includes both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Contact Lenses Market – Dynamics
The global contact lenses market witnessed a plethora of advancements in terms of design and manufacturing. Recent innovations witnessing in vision care industry have led to advancements in contact lenses as well as increased the available options for end-users. With increasing technological innovations, currently, the choices are vast for consumers. Vendors are especially focused on using innovative technological platforms to increase the comfort and ease-of-use for contact lenses.The usage pattern of various contact lens materials has also changed significantly over the past decade. Earlier generation soft contact lenses were made of plastic polymers, which provided comfort, but featured poor oxygen breathability.Vendors are strategically focusing on the development and commercial launches of their contact lenses for visual impairment disorders like presbyopia, myopia, hypermetropia, astigmatism, Aphakia, and keratoconus. New product approvals/launches coupled with R&D activities help the vendors to expand their presence, enhance market growth, and sustain their market position in the heart valve repair and replacement devices market. Vendors are actively involved in launching innovative devices to penetrate and tap the huge growth potential prevailing in the market.Contact lens technology has significantly advanced in the last few decades. In recent years, contact lens manufacturers have introduced innovative contact lens designs featuring advanced technology and lens materials, which offer utmost optical comfortability and provide crystal clear vision and high permeability. Some of the new generation lenses have features to enhance the limbal ring.
Contact Lenses Market – Segmentation
This market research report includes a detailed segmentation of the market by design, usage, application, distribution channels, and geography.The global contact lenses market by material type is segmented into the silicone hydrogel lens, hydrogel lens, RGP, and others. Silicone hydrogel lens dominated more than half of the total market share in 2018, growing at a CAGR of approximately 6% during the forecast period. Silicone hydrogel is an advanced type of material, and these allow five times more oxygen to reach the cornea than any other products that are available in the global market.RPG companies are offering custom products after receiving orders from eye care professionals as per end-user requirement to sustain the competition in the market. PMMA and hybrid lens comprise of the other material segment in the global contact lenses market.The application segment in the worldwide contact lenses market is divided into corrective, therapeutic, and cosmetic. The cosmetic application is the fastest growing segment in the global market, at a CAGR of more than 7% during the forecast period. The increase in disposable income and high demand for the colored and special-effect cosmetic lens is fueling the growth of this segment in the global market.
Corrective lenses in addition to vision correction, also offer protection from pollutants, microbial repulsion, digital eye strain protection, and high ocular comfort with high oxygen permeability and moisture retention in the market. The therapeutic lens is used for surgical healing and protection by end-users in the global contact lenses market.The global contact lenses market by design is classified into spherical, toric, and multi-focal. Spherical segment occupied more than 50% of the total market share in 2018, growing at a CAGR of over 4% during the forecast period. These products are typically fabricated as rounded design lenses, which are used to correct myopia (nearsightedness) or hyperopia (farsightedness) in the market.The continual innovations in product designs and the increasing presbyopic population will fuel the requirement for the multifocal lens in the global contact lenses market.
The usage segment in the worldwide contact lenses market is categorized into the daily disposable and replacement lens. Daily disposable lens is the fastest growing segment in the global market, at a CAGR of around 8% during the forecast period. The extensive use of daily disposable products for aesthetic purposes or people with allergies or dry eyes is driving the growth of this segment in the global market.The emergence of new generation extended wear contact lenses with features such as high oxygen permeability, and high ocular comfortability is expected to drive the global contact lenses market in the foreseeable future.
The global contact lenses market by end-users is segmented into optic retail sales, hospitals & eye clinics, and online. Optical retail stores dominated the largest market share in 2018, growing at a CAGR of more than 5% during the forecast period. The easy access to a broad customer base and the availability of personalized attention to each of the consumer's needs is fueling the growth of the optical retail stores in the global market.Eye care clinics are the healthcare facilities that exclusively focus on the treatment of eye ailments and offer specialized treatment in the market. The use of virtual reality and 3D mapping to create a personalized experience for consumers is the new future of online stores in the global market.
Market Segmentation by Material Type
• Silicone Hydrogel Lens
• Hydrogel Lens
• RGP
• Others
Market Segmentation by Design
• Spherical
• Toric
• Multi-focal
Market Segmentation by Usage
• Daily Disposable
• Replacement Lens
Market Segmentation by Application
• Corrective
• Therapeutic
• Cosmetic
Market Segmentation by End-users
• Optic Retail Stores
• Hospitals & Eye Clinics
• Online Stores
Contact Lenses Market – Geography
The geographical segment in the worldwide contact lenses market is classified into North America, Europe, APAC, Latin America, and MEA. APAC is the fastest growing region in the global market, at a CAGR of over 6% during the forecast period. The increasing investment in R&D across the healthcare sector including vision care, free trade economics across the region supported with progressive government policies, and availability and access to pharmaceutical and medical device products are some of the factors contributing to the growth of the APAC market.The rise of refractive vision disorders, ocular ailments, and a high preference for cosmetic lenses with better access to eye care services is driving the market in North America. The UK, Germany, France, Spain, and Italy accounted for nearly 80% of the European region in the global market.
Market Segmentation by Geography
• North América
• US
• Canada
• APAC
• Japan
• China
• India
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Latin América
• Brazil
• Mexico
• Middle-East & Africa
Key Vendor Analysis
The global contact lenses market is witnessing intense competition and is subjected to continual technological changes and evolving vision correction requirements. The leading vendors are competing by product variety, pricing, quality, technical leadership and innovation, and efficacy. The increasing number of partnerships between healthcare providers and eye care professionals will intensify the competition in the market. Top players are focusing on implementing various strategies such as product launches and approvals, marketing and promotional activities, acquisitions, increase R&D investment, and strengthen their distribution networks to enhance their global contact lenses market share.
The major vendors in the global market are:
• Johnson & Johnson
• Novartis
• The Cooper Companies
• Bausch & Lomb
Other prominent vendors include CARL ZEISS, Essilor International, Hoya, Menicon, Sensimed AG, SynergEyes, UltraVisionCLPL, Ginko International, St. Shine Optical, and Visioneering Technologies.
Key market insights include
1. The analysis of global contact lenses market provides market size and growth rate for the forecast period 2019-2024.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the global contact lenses market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of global contact lenses market
5. The report provides a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain a competitive advantage.
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