Eye Glasses and Contact Lenses Market Global Market Key Players – Cooper Vision, Essilor International SA, Novartis AG, Luxottica Group S.p.A & Johnson & Johnson – Analysis and Forecast to 2023

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According to the latest industry analysis the global eye glasses and contact lenses market size is expected to reach $72.6 billion by 2023, growing at an impressive CAGR of 3.66% 2017-2023. The market research report provides in-depth market and segmental analysis of the market by product type, distribution channels, and geography.

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The global eye glasses and contact lenses market is primarily driven by increasing awareness of various visual dysfunctions and growing demand for specialized vision care products. The increasing investment in R&D for product innovation with advanced features will propel the demand for eye glasses and contact lenses during the forecast period.

The rising prevalence of visual dysfunctions such as myopia, hyperopia, astigmatism, presbyopia, and cataracts in both developed and emerging countries is driving the demand for vision care products. The availability of low-cost eyeglasses, high product enhancement, and minimal side effects makes eyeglasses the largest segment in the vision care market. The growing demand for specialized vision care products across different regions in the globe will help vendors launch innovative products in the market.

The development of innovative, specialized vision care products, which features advanced features and provides higher vision correction efficiency will help vendors to gain market share in the global eye glasses and contact lenses market. The growing popularity of other vision care products such as contact lens, intraocular lens (IOLs), and other such products will contribute to the sale revenue of the global market.

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The major vendors in the global market are:
• Cooper Vision
• Essilor International SA
• Novartis AG
• Luxottica Group S.p.A
• Johnson & Johnson

Other prominent vendors include Seiko Optical Products Co. Ltd., Bausch & Lomb, Hoya Corp., Menicon Co. Ltd., Rodenstock GmbH, SynergEyes, CARL ZEISS AG, and Fielmann AG.

New business opportunities in APAC and MEA are helping leading companies to enhance their product portfolios and expand their businesses by establishing strong distribution networks and strategic partnerships. The introduction of multi-focal contact lens is likely to drive the demand for superior vision care products. The global eye glasses and contact lenses market is expected to generate revenue of $72.60 billion by 2023, growing at a CAGR of 3.6% during the forecast period.

The growing preference for disposability and the shrinking usage cycles of vision care products can be attributed to the growth of the global eye glasses and contact lenses market. The market is witnessing a growing inclination toward daily or weekly disposables contact lenses, which, is creating a demand for these products in the global market. The rapid improvement in the performance and attributes of frames and glasses in terms of weight, strength, and durability is encouraging end-users to replace eyeglasses sooner. Emerging fashion trends and attractive price points and buyback schemes are some of the factors attributing to the reduced lifecycle of various eye glasses and contact lenses that are available in the global market. Moreover, the ease of cleanup and reduced risks of contracting infections is propelling the demand for daily disposables in the global eye glasses and contact lenses market.

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The distribution channels segment in the eye glasses and contact lenses market is categorized into retail stores, hospitals and clinics, and online stores. The retail stores segment was the largest distribution channel, occupying more than 59% of the total vision care market share in 2017 and will generate revenue of $42.65 billion by 2023. The easy access to a wide customer base and the availability of personalized services to each of the consumer’s needs can be attributed to the popularity of retail stores in the global market. The trend of researching products online and purchasing offline is helping retailer leverage this opportunity and ensure last-minute fulfillment of orders. Such demand for retail store purchases will help generate high revenues in this market segment and promote the development of the global eye glasses and contact lenses market.

The key countries profiled in the report are:
• US
• Canada
• Germany
• France
• UK
• Italy
• Spain
• Japan
• China
• India
• Brazil
• Mexico

Key market insights include
1. The analysis of the eye glasses and contact lenses market provides market size and growth during the forecast period 2018-2023.
2. It offers comprehensive insights about current industry trends, trend forecast, and growth drivers about the eye glasses and 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 for the eye glasses and contact lenses market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

Related Reports:

Global Contact Lens Market with Focus on Soft Contact Lens - Industry Analysis & Outlook (2018-2022): A contact lens is a corrective, cosmetic, or therapeutic lens. They are usually placed on the cornea of the eye. The purpose of these lenses is similar to that of the conventional glasses. Contact lenses are thin, lightweight, virtually invisible, do not steam up, provide a wider field of vision, and are more suitable for a number of sporting activities. When compared with spectacles, contact lenses typically provide better peripheral vision, and do not collect moisture (from rain, snow, condensation etc.) or perspiration. Access Full Report @ https://bit.ly/2R42uMp.

The 2018-2023 World Outlook for Contact Lenses: https://bit.ly/2T7vzbB.

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