Press release
Contact Lenses Market $18bn by 2024 Top key Players include Novarti, Valeant Pharmaceuticals, Hoya, Essilor, Bausch & Lomb, SynergEyes, Inc., Johnson & Johnson, CooperVision
Increasing popularity of contact lenses as a fashion accessory to provide aesthetic appearance, especially among youngsters is a key factor driving contact lenses industry growth. Ongoing technological advances in the product materials and capabilities along with rising trend of decorative or colored lenses will support product demand.
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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 size.
Germany accounts for over 50% of the overall contact lenses market 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.
Contact Lenses Market size is estimated to exceed USD 18 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing popularity of contact lenses as a fashion accessory to provide aesthetic appearance, especially among youngsters is a key factor driving contact lenses industry growth. Ongoing technological advances in the product materials and capabilities along with rising trend of decorative or colored lenses will support product demand.
Contact Lenses Market, By Design
• Spherical
• Toric
• Bifocal and multifocal
• Others
Contact Lenses Market, By Product
• Corrective
• Therapeutic lens
• Cosmetic lens
• Colored
• Circle
• Prosthetic lens
Contact Lenses Market, By Usage
• Daily disposable
• Weekly disposable
• Monthly disposable
• Annual
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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 contact lenses 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 contact lenses market growth from the distribution channel.
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.
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Global industry is competitive owing to the presence of few industry players holding majority of the contact lenses market share. Some of major players include Cooper Vision, Johnson & Johnson, Novartis, Valeant Pharmaceuticals, Blanchard, Zeiss International, Bausch & Lomb and Hoya.
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.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
Phone:1-302-846-7766
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Email: sales@gminsights.com
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