The global contact lenses market size is expected to reach over $13 billion by 2023, growing at a CAGR of more than 5% 2017-2023.
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This market research report on contact lenses market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by usage (daily use, weekly use, and bi-weekly/monthly use contact lens), by design (spherical, toric, and multifocal), by application (corrective lenses, therapeutic lenses, and cosmetic and lifestyle-related lenses), by distribution channel (retail store, hospitals & clinics, and online stores), and by geography (North America, Europe, APAC, Latin America, and MEA).
This market research report on contact lenses market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by usage (daily use, weekly use, and bi-weekly/monthly use contact lens), by design (spherical, toric, and multifocal), by application (corrective lenses, therapeutic lenses, and cosmetic and lifestyle-related lenses), by distribution channel (retail store, hospitals & clinics, and online stores), and by geography (North America, Europe, APAC, Latin America, and MEA).
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Contact Lenses Market Overview
The growing adoption of lenses for restoring multiple vision dysfunctions including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia will promote the growth of the global contact lenses market. The use of lenses offers varied medical and lifestyle-related benefits.
Some of the therapeutic benefits of using lenses are corneal protection, for post-surgical conditions, and for corneal pain relief and healing.
The growing focus on aesthetic look and popularity of colored contact lensesin the fashion industry will boost the demand for these eye glasses and contact lenses products. The introduction of daily disposable lenses that offer multiple advantages will create new business opportunities for the vendors.
The advent of low-cost manufacturing techniques and the introduction of innovative novel silicone hydrogel-based polymers will revolutionize the market.
The introduction of lenses with minimal or no risk of adverse effects and no requirement for lens care solutions is boosting the demand for vision care products. The use of innovative technology to offer advanced features that provide best visual acuity and optical comfort will have a positive impact on the market growth.
The global contact lenses market is anticipated to generate revenues of more than $13 billion by 2023 and expected to grow at a CAGR of over 5% during the forecast period.
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North America dominated the global market accounting for around 36% of the total market share in 2017 and is anticipated to grow at a CAGR of close to 6% during the forecast period. The US accounts for more than 90% of the total sales in North America.
Factors such as well-established healthcare infrastructure, better access to vision care services, adequate reimbursement services, high affordability to cosmetic contact lens, and significantly high population density are driving the market in North America. The leading vendors in North America are offering a wide range of contact lens through various distribution channels such online and retail to gain a larger contact lenses market share during the forecast period.
Key Countries Profiled: US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Brazil & Mexico
Key Vendor Analysis
The global contact lenses market has a very limited number of major players that occupy the predominant market share. The market is oligopolistic in nature and has created a strong entry barrier for new players.
The leading players are offering varied contact lens products with advanced features, launching innovative products, and using product manufacturing technologies to sustain the competition in the contact lenses market. The vendors are also introducing product features by leveraging advanced technology to gain a competitive edge and strengthen market competitiveness.
Moreover, the increasing focus to enhance geographical outreach across various regions will propel the growth of the global market during the forecast period.
The major vendors in the global market are:
- CooperVision Inc
- Novartis
- Johnson & Johnson
- Bausch & Lomb Incorporated
Other prominent vendors include CARL ZEISS, Contamac Holdings Limited, Essilor International SA, Hoya Corp., Menicon Co. Ltd, Sensimed AG, SynergEyes, UltraVision, Ginko International Co.
Ltd, and St. Shine Optical Co. Ltd.
Key market insights include:
- The analysis of contact lenses market provides market size and growth rate for the forecast period 2018-2023.
- The market research report offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the contact lenses market.
- The industry analysis report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
- It offers a complete overview of market segments and the regional outlook for the market.
- The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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