According to the report Global Contact Lenses Market, published by Market Data Forecast, the global market is projected to reach 15.1 billion by 2021, at a CAGR of 7.60 %, from 2016 to 2021.
A contact lens is a thin and curved lens which are placed on the surface of the eye. They can be used for vision correction or for cosmetic and novelty purpose. Contact Lenses are medical devices, regulated by Food and Drug Administration (USA), hence requires prescription. The various types of contact lenses are Soft contact lenses, Silicone Hydrogel Contact Lenses, and Rigid Gas Permeable Contact Lenses, among others. Contact lenses comes with particular wear schedules such as Disposable Contact Lenses and Extended Wear Contact Lenses. Disposable Contact Lenses can be discarded after use, whereas Extended Wear Contact Lenses can be worn overnight for a period ranging from 6 to 30 days. As contact lenses, do not contain water traces, it can withstand any deposits build up.
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Global Dental Equipment Market: Drivers & Restraints
The growth of Contact Lenses market is majorly driven by factors such as rising public awareness, improving economy, growth in online sales, increase in disposable income, wider range of products, affordability, convenient to use, presence of umpteen numbers of brands, growth in eye disorder, and consumers’ preference for lenses over glasses. The key restraints of the market are cut-throat competition, increase in demand for corrective eye surgery (Laser-Assisted in Situ Keratomileusis ‘LASIK’ and Photorefractive Keratectomy ‘PRK’), economic slowdown, and serious hazards of contact lenses (infections, itchiness in the eye, eye dryness, conjunctivitis, and corneal ulcer, among others).
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Global Contact Lenses Market: Segmentation
By Material type
- 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
- Therapeutic Contact Lenses
- Cosmetic Contact Lenses
- Y-o-Y Growth Analysis, By Type
- Market Attractiveness Analysis, By Type
- Market Share Analysis, By Type
- Y-o-Y Growth Analysis, By Application
- Market Attractiveness Analysis, By Application
- Market Share Analysis, By Application
simple data collation through secondary and primary research to
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Global Contact Lenses Market: Overview
In consumer group, specifically youngsters are drawn towards cosmetic lenses to enhance their appearance, thereby spurring up the demand for the product. The increase in aging population is also expected to boost the demand for the product. The advanced technology in contact lenses made it possible for people suffering from presbyopia and astigmatism to opt for contact lenses, thereby spiking the demand for the product. Therapeutic applications accounted for major portion of the total market share in 2015 and are expected to lose market share over the forecast period. Cosmetic technology segment is anticipated to be one of the leading industry segment’s with over 10.7% of the overall industry share in 2015.
In the type of contact lenses segment, soft contact lenses hold a major share, which accounts for more than three-fourth of the total market share. Soft contact lenses are further classified depending on how frequent a user needs to replace them, say, daily, weekly, monthly, annually, or not that frequently. Some users might need many unplanned replacements, which further drives the market. By usage, corrective lenses have captured almost half the contact lenses market.
Global Contact Lenses Market: Region-wise Outlook
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.
Key Questions Answered
- What is the current and future Global Contact Lenses Market outlook in global? What trends are affecting the global market?
- What is the competitive landscape and market share of major players in the Global Dental Equipment space globally?
- What are the key, high growth markets that Global Dental Equipment manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Global Dental Equipment Market currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Global Dental Equipment?
- What are the challenges and barriers that have hindered widespread adoption of Global Dental Equipment?
- A comprehensive mapping of the competitive landscape and the market participants behaviour ?
Global Contact Lenses Market: Key Players
The major companies dominating the global Contact Lenses Drugs market are Johnson & Johnson (USA), Bausch & Lomb (USA), CooperVision (USA), Hydrogel Vision Corp (USA), Abbott Medical Optics, Inc. (USA), Alcon Laboratories, Inc (USA), Carl Zeiss AG (Germany), CIBA Vision (USA), Essilor International (France), and Contamac (United Kingdom)
Reasons to buy Global Contact Lenses Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y 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 macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), 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
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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Source : https://www.medgadget.com/2017/06/global-contact-lenses-market-projected-to-reach-usd-15-1-billion-in-forecast-period.html