DUBLIN--(BUSINESS WIRE)--The "Contact Lenses Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global contact lenses market is estimated to reach revenues of more than $12 billion by 2024, growing at CAGR of around 6% during 2018-2024.
The advent of low-cost manufacturing techniques and the invention of new silicone hydrogel-based polymers will boost the demand for daily use, the disposable lens in the market. The leading vendors are launching new variants with advanced features, which include advanced technologies providing the best visual acuity and ocular comfort to consumers in the market.
The global contact lenses market is driven by the launch of specialized products with advanced features, which provide high optical comfort, better oxygen permeability, high visual acuity, and minimal or no risk of lenses-related adverse effects. The market research report provides in-depth market analysis and segmental analysis of the global contact lenses market by design, usage, application, distribution channels, and geography.
The report considers the present scenario of the global contact lenses market and its market dynamics for the period 20192024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study includes both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Contact Lenses Market - Dynamics
The global contact lenses market witnessed a plethora of advancements in terms of design and manufacturing. Recent innovations witnessing in vision care industry have led to advancements in contact lenses as well as increased the available options for end-users. With increasing technological innovations, currently, the choices are vast for consumers.
Vendors are especially focused on using innovative technological platforms to increase the comfort and ease-of-use for contact lenses. The usage pattern of various contact lens materials has also changed significantly over the past decade. Earlier generation soft contact lenses were made of plastic polymers, which provided comfort, but featured poor oxygen breathability. Vendors are strategically focusing on the development and commercial launches of their contact lenses for visual impairment disorders like presbyopia, myopia, hypermetropia, astigmatism, Aphakia, and keratoconus.
New product approvals/launches coupled with R&D activities help the vendors to expand their presence, enhance market growth, and sustain their market position in the heart valve repair and replacement devices market. Vendors are actively involved in launching innovative devices to penetrate and tap the huge growth potential prevailing in the market.
Contact lens technology has significantly advanced in the last few decades. In recent years, contact lens manufacturers have introduced innovative contact lens designs featuring advanced technology and lens materials, which offer utmost optical comfort and provide crystal clear vision and high permeability. Some of the new generation lenses have features to enhance the limbal ring.
Contact Lenses Market - Segmentation
The global contact lenses market by design is classified into spherical, toric, and multi-focal. Spherical segment occupied more than 50% of the total market share in 2018, growing at a CAGR of over 4% during the forecast period. These products are typically fabricated as rounded design lenses, which are used to correct myopia (nearsightedness) or hyperopia (farsightedness) in the market. The continual innovations in product designs and the increasing presbyopic population will fuel the requirement for the multifocal lens in the global contact lenses market.
The usage segment in the worldwide contact lenses market is categorized into the daily disposable and replacement lens. Daily disposable lens is the fastest growing segment in the global market, at a CAGR of around 8% during the forecast period. The extensive use of daily disposable products for aesthetic purposes or people with allergies or dry eyes is driving the growth of this segment in the global market. The emergence of new generation extended wear contact lenses with features such as high oxygen permeability, and high ocular comfort is expected to drive the global contact lenses market in the foreseeable future.
Contact Lenses Market - Geography
The geographical segment in the worldwide contact lenses market is classified into North America, Europe, APAC, Latin America, and MEA. APAC is the fastest growing region in the global market, at a CAGR of over 6% during the forecast period. The increasing investment in R&D across the healthcare sector including vision care, free trade economics across the region supported with progressive government policies, and availability and access to pharmaceutical and medical device products are some of the factors contributing to the growth of the APAC market. The rise of refractive vision disorders, ocular ailments, and a high preference for cosmetic lenses with better access to eye care services is driving the market in North America. The UK, Germany, France, Spain, and Italy accounted for nearly 80% of the European region in the global market.
Key Vendor Analysis
The global contact lenses market is witnessing intense competition and is subjected to continual technological changes and evolving vision correction requirements. The leading vendors are competing by product variety, pricing, quality, technical leadership and innovation, and efficacy. The increasing number of partnerships between healthcare providers and eye care professionals will intensify the competition in the market.
Top players are focusing on implementing various strategies such as product launches and approvals, marketing and promotional activities, acquisitions, increase R&D investment, and strengthen their distribution networks to enhance their global contact lenses market share.
The major vendors in the global market are:
- Johnson & Johnson
- Novartis
- The Cooper Companies
-
Bausch & Lomb
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research process
4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Inclusions
5.3 Exclusions
5.4 Currency Conversion
5.5 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Vision Function and Impairment: An Overview
7.1.1 Treatment Options
7.1.2 Causes of Visual Impairment
7.1.3 Epidemiology
7.2 Contact Lenses
8 Eye Disorders Requiring Contact Lens Intervention: Overview
8.1 Myopia
8.1.1 Symptoms
8.1.2 Treatment
8.2 Hypermetropia
8.3 Astigmatism
8.4 Presbyopia
8.5 Aphakia
8.6 Keratoconus
8.7 Glaucoma
9 Market Dynamics
9.1 Market Growth Enablers
9.1.1 Growing Prevalence of Vision-related Disorders and Increasing Geriatric Population
9.1.2 Growing Computer Vision Syndrome (CVS) and Increasing Exposure to Digital Content
9.1.3 Increasing Preference for Daily Disposable Contact Lenses
9.1.4 Widening Usage Scope and Availability of Broad Range of Innovative Contact Lenses
9.2 Market Growth Restraints
9.2.1 Rise in LASIK Procedures for Vision Correction
9.2.2 Low Accessibility, Affordability, and Financial Exclusion for Large Patient Pool
9.2.3 Associated Risks of Contact Lenses Usage
9.3 Market Opportunities & Trends
9.3.1 New Product Approvals/Launches
9.3.2 Increase in Strategic Acquisitions and Partnerships
9.3.3 Rise of E-commerce as Preferred Distribution Channel
9.3.4 Product Innovations and Advent of Smart Contact Lenses
10 Value Chain Analysis
10.1 Value Chain Overview
10.1.1 Raw Materials
10.1.2 Manufacturers
10.1.3 Distributors
10.1.4 Retailers
10.1.5 End-user Consumers
11 Global Contact Lenses Market
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Porter's Five Forces Analysis
12 By Material Type
12.1 Market Overview
12.2 Silicone Hydrogel Contact Lenses
12.3 Hydrogel Contact lenses
12.4 RGP Contact Lenses
12.5 Others
13 By Application Type
13.1 Market Overview
13.2 Corrective Contact Lenses
13.3 Therapeutic Contact Lenses
13.4 Cosmetic Contact Lenses
14 By Design Type
14.1 Market Overview
14.2 Spherical Contact Lens
14.3 Toric Contact Lenses
14.4 Multi-focal Contact Lenses
15 By Usage Type
15.1 Market Overview
15.2 Daily Disposable Contact Lenses
15.3 Frequent Replacement Contact Lenses
15.4 Frequent Replacement Contact Lenses Market Segmentation
15.5 Monthly Use Contact Lenses
15.6 Weekly Use Contact Lenses
15.7 Others
16 By Distribution Channels
16.1 Market Overview
16.2 Optical Retail Stores
16.3 Hospitals and Eye Clinics
16.4 Online Stores
17 By Geography
17.1 Market Overview
18 North America
19 APAC
20 Europe
21 Latin America
22 Middle-East & Africa
23 Competitive Landscape
23.1 Competitive Scenario
23.2 Market Vendor Share Analysis 2017
23.3 Key Competitive Strategies of Vendors
23.4 Strategic Recommendations for Market Participants
24 Key Company Profiles
24.1 Johnson & Johnson
24.1.1 Business Overview
24.1.2 Global Contact Lenses Market
24.1.3 Major Product Offerings
24.1.4 Key Strategies
24.1.5 Key Strengths
24.1.6 Key Opportunities
24.2 Novartis
24.3 The Cooper Companies
24.4 Bausch & Lomb
25 Other Prominent Vendors
25.1 CARL ZEISS
25.1.1 Company Overview
25.1.2 Product Offerings
25.1.3 Key Strengths
25.1.4 Key Strategies
25.1.5 Key Opportunities
25.2 Essilor International
25.3 Hoya
25.4 Menicon
25.5 Sensimed AG
25.6 SynergEyes
25.7 UltraVision CLPL
25.8 Ginko International
25.9 St. Shine Optical
25.10 Visioneering Technologies
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