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Latest Research Report On Contact Lenses Market Predicts Favorable Growth And Forecast Till 2025

07-20-2017 03:50 PM CET | Health & Medicine

Press release from: TMR Research

Latest Research Report On Contact Lenses Market Predicts

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.

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.

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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.

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.

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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.

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About TMR Research :

TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.

Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.

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