Contact Lenses Market by distribution
channel is divided as Optical Stores, Independent Brand Showrooms, Online
Stores, Retail Stores. Online stores were valued at over USD 2 billion in 2016.
Contact
Lenses Market size is
estimated to exceed USD 18 billion by 2024; according to a new market analysis
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 market growth. Ongoing
technological advances in the product materials and capabilities along with
rising trend of decorative or colored lenses will support product demand.
Globally, rise in instances of visual
deficiencies such as presbyopia, astigmatism, myopia and
hypermetropia/hyperopia will propel contact lenses market. In 2015, WHO
estimated that myopia has affected around 1.9 billion people worldwide and it
is projected to affect over 2 billion people by 2020.
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High profit margins provided by the
contact lenses market will lure manufacturers and vendors to boost the
product’s manufacturing & improving supply chain network for the higher
profit margins. Technological advancement in form of silicone hydrogel material
will create new avenues for manufacturers.
Rigid Gas Permeable (RGP) was valued
at over USD 2.5 billion in 2016. Factors such as high oxygen permeability,
sharp vision, durability and cost in the long run are stimulating product
demand.
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 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 industry growth from the distribution
channel.
However, increasing acceptance of
corrective procedures including, Photorefractive Keratectomy (PRK) & LASIK
and ophthalmology devices are the major factors, hampering the industry growth.
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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.
Prosthetic product accounted for more
than 7% share in 2016. Improved appearance of eyes that have been disfigured
due to birth defects, eye diseases or trauma is expected to product demand. For
instance, 60% blindness cases among new born are caused by many inherited eye
diseases including eye malformations, retinal degeneration, congenital
glaucoma, congenital and cataracts.
Germany accounts for over 50% of the
overall industry 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.
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.
APAC market was valued at over USD 2
billion in 2016. Changing lifestyle and growing eye health conciseness among
people are the key drivers influencing the industry demand.
Global industry is competitive owing
to the presence of few industry players holding majority of the 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.
Contact Us:
Arun
Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
The market of contact lenses is really going higher due to this it becomes easier to buy contact lenses online in India easily after seeing this.
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