According to the report Global Contact Lenses Market is projected to reach USD 15.1 billion by 2021, at a CGSR of 7.60% from 2016 to 2021.
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A contact lens is a thin and curved lens which is placed on the surface of the eye. They can be used for cosmetic and novelty purpose or for vision correction.
Contact Lenses are medical devices, regulated by Food and Drug Administration (USA) hence requires prescription.
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Contact lenses come with particular wear schedules such as Extended Wear Contact Lenses and Disposable Contact Lenses. Extended Wear Contact Lenses can be worn overnight for a period ranging from 6 to 30 days, whereas Disposable Contact Lenses can be discarded after use.
As contact lenses, do not contain water traces, it can withstand any deposits build up.
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The growth of Contact Lenses market is majorly driven by factors such as rising public awareness, affordability, convenient to use, presence of umpteen numbers of brands, improving economy, growth in online sales, increase in disposable income, wider range of products, growth in eye disorder, and consumers’ preference for lenses over glasses. Additionally, consumer group, specifically youngsters are drawn towards cosmetic lenses to improve their appearance, thereby spurring up the demand for the product.
The rise in aging population is also expected to increase the demand for the product. The advanced technology in contact lenses made it possible for people suffering from astigmatism and presbyopia to opt for contact lenses, thereby spiking the demand for the product.
The key constraints of the market are increase in demand for corrective eye surgery (Laser-Assisted in Situ Keratomileusis ‘LASIK’ and Photorefractive Keratectomy ‘PRK’), cut-throat competition, economic slowdown, and serious hazards of contact lenses (infections, eye dryness, itchiness in the eye, conjunctivitis, and corneal ulcer, among others).
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The products are segmented based on Material, Application, and Design and studied for a deep-level understanding of the Contact Lenses Market. Each sub segment is accompanied with Market Size Estimations and Y-o-Y Forecasts as well.
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Based on Material:
- Soft Contact Lenses
- Silicone Hydrogel Lenses
- Rigid Gas Permeable (RGP) Contact Lenses
- Hybrid Contact Lenses
- Polymethyl Methacrylate (PMMA) Contact Lenses
- Y-o-Y Growth Analysis, By Product
- Market Attractiveness Analysis, By Product
- Market Share Analysis, By Product
Based on Application:
- Therapeutic Contact Lenses
- Cosmetic Contact Lenses
- Y-o-Y Growth Analysis, By Type
- Market Attractiveness Analysis, By Type
- Market Share Analysis, By Type
Based on Design:
- Y-o-Y Growth Analysis, By Application
- Market Attractiveness Analysis, By Application
- Market Share Analysis, By Application
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Middle-East and Africa. North America is expected to command the major market share of 37% in 2016 followed by Europe.
Asia Pacific is anticipated to be the fastest growing region for the product with a CAGR of 8.16% during the forecast period 2016-2021.
The key players in Global Contact Lenses Market are Johnson & Johnson (USA), Bausch & Lomb (USA), Carl Zeiss AG (Germany), CooperVision (USA), Alcon Laboratories, Inc (USA), Hydrogel Vision Corp (USA), Abbott Medical Optics, Inc. (USA), CIBA Vision (USA), Essilor International (France), and Contamac (United Kingdom).
Future trend of Contact Lenses is Smart Contact Lenses mains that a contact lens integrates a set of electronic components and forming a specific function. They may be used to monitor diabetes by measuring intraocular pressure, tear glucose, or for presbyopia and myopia control, low vision.
The Contact Lenses Market study offers the following deliverables:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- Segment-level analysis in terms of Material, Application, and Design along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
- Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
- A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
- Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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