Contact Lenses Market to exceed $18bn by 2024
Published Date: September 14, 2017 Author: Global Market Insights, Inc.
Contact Lenses Market size is estimated to exceed USD 18 billion by 2024; according to a new research 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 industry 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.
High profit margins provided by the contact lenses industry 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 contact lenses industry growth. High optical quality, light weight and less resistant to shattering will provide the positive outlook to this segment’s demand.
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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 contact lenses market 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 contact lenses industry growth.
Browse key industry insights spread across 270 pages with 537 market data tables & 14 figures & charts from the report, “Contact Lenses Market Size By Type (RGP, Soft Contact, Hybrid Contact), By Material (Hydrogel, Polymers), By Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores), By Design (Spherical, Toric, Bifocal And Multifocal), By Product (Corrective, Therapeutic Lens, Cosmetic Lens [Colored, Circle] Prosthetic Lens), By Usage (Daily Disposable, Weekly Disposable, Monthly Disposable, Annual) Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Spain, Italy, Switzerland, Nordic Countries, Belgium, Luxembourg, Ireland, Poland, Russia, China, India, Japan, South Korea, Thailand, Indonesia, Malaysia, Vietnam, Taiwan, Singapore, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE, Egypt, Tunisia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
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
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 contact lenses market 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 industry 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 contact lenses industry 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 contact lenses 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.
Contact lenses market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million units and revenue in USD million from 2013 to 2024, for the following segments:
Contact Lenses Market, By Type
- Soft contact
- Hybrid contact
Contact Lenses Market, By Material
Contact Lenses Industry, By Distribution Channel
- Optical stores
- Independent brand showrooms
- Online stores
- Retail stores
Contact Lenses Market, By Design
- Bifocal and multifocal
Contact Lenses Market, By Product
- Therapeutic lens
- Cosmetic lens
- Prosthetic lens
Contact Lenses Market, By Usage
- Daily disposable
- Weekly disposable
- Monthly disposable
The above information has been provided on a regional and country basis for the following:
- North America
- Nordic Countries
- Asia Pacific
- South Korea
- Latin America (LATAM)
- Saudi Africa
- Saudi Arabia