Future For Contact Lenses Market...By 2024
Contact Lenses, Contact Lenses Market, Contact Lenses Market Size, Contact Lenses Industry, Contact Lenses Market share
Contact Lenses Market size will likely surpass USD 18 billion by 2024; according to a new research report.
Globally, rise in instances of visual deficiencies such as presbyopia, astigmatism, myopia and hypermetropia/hyperopia will propel contact lenses market. In 2015, WHO estimated that myopia has affected around 1.9 billion people worldwide and it is projected to affect over 2 billion people by 2020.
Increasing popularity of contact lenses as a fashion accessory to provide aesthetic appearance, especially among youngsters is a key factor driving contact lenses market growth. Ongoing technological advances in the product materials and capabilities along with rising trend of decorative or colored lenses will support product demand.
Global industry is competitive owing to the presence of few industry players holding majority of the market share. Some of major players include Cooper Vision, Johnson & Johnson, Novartis, Valeant Pharmaceuticals, Blanchard, Zeiss International, Bausch & Lomb and Hoya.
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High profit margins provided by the contact lenses market will lure manufacturers and vendors to boost the product's manufacturing & improving supply chain network for the higher profit margins. Technological advancement in form of silicone hydrogel material will create new avenues for manufacturers.
Rigid Gas Permeable (RGP) was valued at over USD 2.5 billion in 2016. Factors such as high oxygen permeability, sharp vision, durability and cost in the long run are stimulating product demand.
Polymer material segment will observe gains at 2.9% up to 2024. Low material & fabrication cost and high impact resistance are key factors supporting the industry growth. High optical quality, light weight and less resistant to shattering will provide the positive outlook to this segment's demand.
Online stores were valued at over USD 2 billion in 2016. Reduced overheads, lower promotion costs, expanded geographical reach, greater flexibility and increased visibility for the business are the key factors fueling industry growth from the distribution channel.
However, increasing acceptance of corrective procedures including, Photorefractive Keratectomy (PRK) & LASIK and ophthalmology devices are the major factors, hampering the industry growth.
Toric design lenses is expected to witness significant gains owing to increasing demand to reduce corneal astigmatism. This are also used by the surgeons to clear the patient's vision during cataract surgery.
Prosthetic product accounted for more than 7% share in 2016. Improved appearance of eyes that have been disfigured due to birth defects, eye diseases or trauma is expected to product demand. For instance, 60% blindness cases among new born are caused by many inherited eye diseases including eye malformations, retinal degeneration, congenital glaucoma, congenital and cataracts.
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Germany accounts for over 50% of the overall industry share in monthly disposable usage segment. More resistance to drying out relative to daily disposable segment and offers best value in price for the regular wearers which anticipated to provide lucrative opportunities for this segment's growth.
North America contact lenses market will grow at 3.2% up to 2024. The growth is mainly driven by growing geriatric population and presence of numerous international brands. Other factors such as digital technology integration with the contact lenses will also augment the industry .
APAC market was valued at over USD 2 billion in 2016. Changing lifestyle and growing eye health conciseness among people are the key drivers influencing the industry demand.
Companies are anticipated to compete to capture a bigger share in global contact lenses market. New product launch, mergers, acquisitions and agreements are the growth strategies adopted by the key manufacturers.
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Contact Lenses market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Contact Lenses Market, By Type
Contact Lenses Market, By Material
Contact Lenses Market, By Distribution Channel
Independent brand showrooms
Contact Lenses Market, By Design
Bifocal and multifocal
Contact Lenses Market, By Product
Contact Lenses Market, By Usage
Chapter 1. Methodology Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Definitions forecast parameters
1.2. Data sources
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