The contact lenses market is highly lucrative due to growing popularity of contact lenses and increasing number of eye disorders. Technological advancements in contact lenses and increasing acceptance of silicone hydrogel contact lenses are providing an opportunity for the market growth. However, complications associated with contact lenses and the availability of alternatives for contact lenses are hampering the market growth.
Contact lenses may appear to be a recent trend in the vision care market, but they are dated back to 1880 when the first contact lens was invented. The contact lens users count is significantly increasing due to the availability of technologically improved products and better comfort, which can be used for a long time with less requirement of management. Currently, close vision problems are just over presbyopia. The research done by CooperVision suggested that regular users of these digital devices complain about eye tiredness (75%) and dryness. Over 90% of grownups use digital devices for more than 2 hours every day, and almost 60% use them for over 5 hours a day.
The global contact lenses market is estimated to witness a CAGR of 6.4% during the forecast period 2018–2024. The market is analyzed based on four segments: products, designs, applications, and regions.
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The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is the leading region for the contact lenses market growth followed by Europe. Asia Pacific and RoW are set to be the emerging regions. India and China are set to be the most attractive destinations due to the largely untapped market.
Based on products, the market is segmented into soft lens, gas permeable lens, and hybrid lens. Soft lenses are further segmented into daily disposable, weekly disposable, monthly disposable, and annually disposable lenses. The market for daily disposable lenses is gaining importance in recent years and is expected to grow at the highest CAGR.
Based on the design of the lens, the market is segmented into spherical lens, toric lens, and multifocal lens. The spherical lenses segment held nearly half of the market share in 2017 and is expected to grow at a steady rate during the forecast period. The highest growth rate is supposed to be seen in the multifocal contact lenses segment as these lenses provide a dual vision for individuals.
Based on applications of contact lenses, the market is segmented into corrective, therapeutic, cosmetic, and others. Corrective contact lenses held a significant market share in 2017.
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Novartis AG, Cooper Companies (CooperVision), Johnson & Johnson, Valeant Pharmaceuticals International, Essilor International, Contamac Holdings Ltd., Carl Zeiss Meditec AG, Accu Lens, SynergEyes, and Hoya Corporation.
Business partnerships, mergers & acquisitions, and a multifaceted pipeline are the primary strategies of the market players. The Vision Care franchise attained revenue of $4.1 billion in 2017, a rise of 45.9% from 2016, due to the acquisition of Abbott Medical Optics (AMO). In August 2017, Carl Zeiss announced the acquisition of Veracity Innovations, LLC to continue to lead in advancing the digitalization of eye care. Various companies are concentrating on growing geographically. For instance, CooperVision recently launched MyDay Toric daily disposable contact lenses in the US.
The report provides complete details about the usage and adoption rate of contact lenses during the forecast period. With that, key stakeholders can know about the major trends, drivers, investments, and verticals along with the details of lenses available in the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.