Contact Lenses Market spell tremendous opportunity by 2025

Global Contact Lenses Market: Snapshot

The global contact lenses market is foreseen to find lucrative growth opportunities produced by specific types of products such as corrective contact lenses. Some of the important applications of corrective contact lenses include the treatment of visual deficiencies, viz. presbyopia, astigmatism, myopia, and hyperopia/hypermetropia. The growth of the market could be further expanded by the growing number of visual inaccuracies. Soft lens is anticipated to be a major contributor to the market because of its wide range of applications. Between 2017 and 2025, players could acknowledge developments in contact lens technology as a significant factor augmenting their market growth.

Drug delivering lenses and other trends have been growing in prominence in the recent time due to their increasing adoption. Players could sign up for long-term partnerships with distributors and suppliers in order to strengthen their geographical presence and product portfolios. For instance, Vision Direct Group Ltd. was acquired by Essilor International S.A. in 2016 to bolster the latter’s retail business and sale of online optical offerings. On account of their ability to incorporate multiple prescriptions, multifocal lenses are predicted to embrace an amplified demand in the coming years. These are mainly engaged in the treatment of age-related ophthalmic diseases such as presbyopia.

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The global contact lenses market is envisaged to perceive a rising count of consolidations brought about by the execution of strategic initiatives such as acquisitions, mergers, and alliances. This could be because of the loyalty base and brand value built up by market players while establishing their global footprint.

Global Contact Lenses Market: Overview

Contact lenses are wafer-thin plastic lenses, placed directly on the eye ball to rectify vision or for decorative purposes. On account of being sensitive, they need to be handled carefully to prevent dislocation and infections. Depending upon the eye disorder, different types of contact lenses are available in the market, namely bifocal lens for astigmatism, scleral contact lenses, bifocal contact lenses, color contact lenses, and daily disposable contact lenses.

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Contact lenses have contributed substantially to the global eyewear and eye care industries. From being considered lifestyle products to becoming common eye accessories supplanting the traditional glasses – they have come a long way.

Global Contact Lenses Market: Key Trends

Two of the primary growth drivers in the global market for contact lenses are a wide array of lenses and competitive prices. Additionally, the burgeoning world population afflicted with different ophthalmic disorders such as refractory errors and weakened eyesight is also bolstering growth in the market. The youth are a major contributor to the sales in the market. Efforts by contact lens manufacturers to train people about the correct and safe use of contact lenses coupled with the different types of products available for sale has also led to an uptick in demand.

Extra caution needs to be exercised while wearing contact lenses as they are placed directly on the cornea of the eye and can easily cause eye infections, ulcerations and other eye diseases. They also need to be stored and handled carefully. This is one factor that is posing a roadblock to their swift uptake. Further, the fact that most practitioners are not equipped enough to prescribe contact lenses in certain developing countries in Asia Pacific and Middle East, is also negatively impacting the market to some extent.

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Global Contact Lenses Market: Market Potential

Exhaustive research and development to come up with cutting-edge contact lenses by integrating it with recent technologies is slated to revolutionize the market in the near future. Google and Novartis, for example, are working on a contact lens that can measure glucose levels. In fact, the smart contact lens is one of the most eagerly awaited medical IoT (Internet of Things) technologies. Such groundbreaking applications of contact lenses along with an ageing population, economic upliftment, resultant rise in GDP, and growing urbanization will spell tremendous opportunity for the market in the next couple of years.

Among the different technologies used in manufacturing of contact lenses, cast molding technology contributes to a lion’s share in the revenue. Going forward, the contribution of lathe cutting technology to revenues will likely increase at maximum pace.

Global Contact Lenses Market: Regional Outlook

Geographically, the key segments of the global contact lenses market are Asia Pacific, North America, Europe, and the Rest of the World. Among them, North America leads the market with a dominant share on account of the increase in ophthalmic issues among people of all age groups. In terms of pace of growth, on the contrary, Asia Pacific is slated to overtake all other regions due to the growing awareness about correct usage and benefits of contact lenses, application of sophisticated technologies in the manufacture of contact lenses, rising fortunes of people, and swift pace of urbanization.

Global Contact Lenses Market: Competitive Analysis

The global contact lenses market is dominated by a handful of players and hence is consolidated in nature. The prominent players holding a sway over the market that have been studied in the report are Johnson & Johnson, Alcona Inc., the Cooper Companies, and Bausch and Lomb.

Contact Lenses Market Feeding-off Strong Prevalence of Ophthalmological Disorders among Children

A fresh business intelligence report compiled at Transparency Market Research (TMR) has detected a moderately consolidated competitive landscape in the global contact lenses market. The major players of the contact lens market, such as Johnson and Johnson, Bausch and Lomb, The Cooper Companies, and Alcona Inc., are well-organized and cater to International demands. While there are quite a few players who operate at regional levels, such as Essilor International S.A., Novartis International AG, and Carl Zeiss AG, the entry barriers of the contact lenses market are quite high owing to the cost of technology.

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And hence, the threat from newer player to eat into the global shares are less. To gain greater shares, the major players are indulging into business expansion via acquisitions, enhancement of product portfolio through research and development activities, and geographical expansion. These strategies not only helps companies to add to their product and technology portfolios but also build customer relationships and incorporate engineering know-how. Acquisitions also enables companies to gain new resources and competencies.

Global Contact Lenses Market to be worth US$18.70 bn by 2024

As per the projections of the TMR report, the demand in the global contact lenses market will propagate at a formidable CAGR of 7.8% during the forecast period of 2017 to 2024. In terms of revenue, the opportunities in this market are estimated to translate into US$18.70 billion, considerably more than the market’s evaluated valuation of US$11.15 billion as of 2017. Technology-wise, the report segments the contact lenses market into spin casting, cast molding, and lathe cutting, whereas on the basis of product type, the market has been bifurcated into gas permeable (GP) and soft lenses. Based on design type, the market has been categorized into multifocal, toric, spherical, and others. Geographically, North America is expected hold onto its position as the region with maximum potential, although Europe and Asia Pacific are also highlighted as highly lucrative regions.

Strong Benefits over Spectacles Driving Demand for Contact Lenses

Since its inception, contact lens has undergone significant changes with technological shifts and demand of the people across globe. Contact lenses offer many benefits for wearers and has become essential for various professionals worldwide. With increasing number of ophthalmological disorders among patients, the market of contact lens is expanding steadily worldwide. In addition, increasing trend for cosmetic needs and fashion enhancements by altering the eye color is also expected to provide a positive impact on the demand for contact lens globally. Moreover, in recent times the adoptions of contact lens over glasses have also increased among civilian which in turn is expected to continue bolstering the global market of contact lens over the forecast period. Steadily increasing percentage of geriatrics in the global population who commonly suffer from ophthalmological disorders, increasing brand-preferences among patients, improving healthcare infrastructure in emerging economies, and persistent research and development activities are some of the other drivers of the global contact lenses market.

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Corrective Lenses to Remain in Demand in Global Contact Lenses Market

San Francisco, California, December 27, 2017: A recent market research report by TMR Research presents a thorough assessment of the global market for contact lenses. The report is titled “Contact Lenses Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025.” The report states that the market will expand at a promising pace over the report’s forecast period, owing chiefly to the rising demand for specialty products such as corrective contact lenses. The availability of a variety of contact lenses at competitive prices and the rising global population of people affected by ophthalmic diseases such as weakened eyesight and refractory errors are also driving the market. Youngsters are the most lucrative demographic and is expected to remain so in the next few years as well.

The increased demand for contact lenses across the globe has fueled extensive research and development activities in the market and a number of cutting-edge products, featuring new technologies, have entered the market. A number of new companies have also ventured in the highly promising market. Companies are tapping growth opportunities in emerging economies by introducing lucrative offers and launching massive marketing strategies.

The demand for corrective contact lenses is presently high owing to their vast set of benefits including the treatment of visual conditions such as myopia, presbyopia, hypermetropia, and astigmatism. The demand for corrective contact lenses is expected to further rise in the next few years owing to rising consciousness among the global population regarding their aesthetic appearance. The increased aversion to spectacles among youngsters and middle-aged people could work in favor of the market for corrective contact lenses. Of the variety of lenses based on their make-up, the segment of soft lenses is expected to remain the most lucrative one over the report’s forecast period.

The market has witnessed the introduction of a variety of contact lenses, including the drug delivering varieties. Such innovative lenses are finding increased adoption across the globe and are expected to continue to find strong demand across a number of applications and diseases over the report’s forecast period.

The report covers the global contact lenses market across regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report states that the global contact lenses market acquired a large share in its revenue from sales across the North America market in 2016. The regional market is expected to continue to account for a significant share in the overall market over the forecast period, owing to the vast patient pool of several vision deficiencies and high disposable incomes. Presence of some of the leading manufacturers of contact lenses in the region could also work in favor of the market in the next few years.

The market could also witness highly promising growth opportunities in Asia Pacific over the report’s forecast period. The market in Asia Pacific will benefit from the presence of vast untapped growth opportunities, rising disposable incomes of the population, and the rising patient pool of several visual conditions.

The report also presents a comprehensive examination of the vendor landscape of the global contact lenses market. Along with business profiles of some of the leading vendors in the market, the report presents a complete account of the recent developments in the market. Some of the leading companies operating in the market are Alcona Inc., Johnson & Johnson, Bausch and Lomb, and the Cooper Companies.

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