Global Contact Lenses market - Comprehensive Study Explores Huge Growth in Future including Leading Key Players: Alcon Laboratories, Inc., Abbott Medical Optics, Inc., Bausch + Lomb, Incorporated, Carl Zeiss AG, CooperVision, Inc., Contamac U.S., Inc., Ho
The contact lenses manufacturers and vendors are appealed by the high profit margins offered by the contact lenses thus, boosting its manufacturing as well as enhancing the network of distribution. Also, advancements in technology in form of material will provide new opportunities to the manufacturers with time. By type segment, the Rigid Gas Permeable (RGP) Lenses was valued over USD 800 million in 2017 owing to factors including, sharp vision, high oxygen permeability, cost-effectiveness in the long run, and durability.
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The contact lenses market by usage type is segmented into Corrective, Therapeutic, Cosmetic, Prosthetic, and Lifestyle-oriented. The corrective lenses usage segment is currently growing at a CAGR of more than 6.2%. The demand is attributed to its various applications. Whereas, cosmetic lenses segment is expected to witness high growth during the forecast period. On the basis of design, the hybrid lens segment is anticipated to experience a noteworthy growth as it is a combination of both soft lenses and rigid gas permeable lenses. Thus, it provides comfort of soft lenses coupled with the visual clarity offered by rigid gas permeable lenses. The growth of hybrid lenses segment is expected to propel with the increased demand from people with keratoconus and astigmatism conditions.
The North America market holds the largest share owing to presence of better eye care treatment facilities as increasing elderly population. Although, the Asia Pacific market is expected to bolster with a high CAGR attributed to the increased awareness regarding contact lenses among the population as well as their increasing ability for healthcare spending.
The key strategies adopted by the market players include long-term partnerships among the other players in supply chain particularly, distributors and suppliers with an aim to increase their geographical footprint. For instance, in 2016, Vision Direct Group Ltd. was acquired by Essilor International S.A. for the enhancement of its online retailing business presence. Major industry players include Alcon Laboratories, Inc., Abbott Medical Optics, Inc., Bausch + Lomb, Incorporated, Carl Zeiss AG, CooperVision, Inc., Contamac U.S., Inc., Hoya Corporation, Essilor International S.A., Medennium and Johnson & Johnson Vision Care, Inc. among others.
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