Contact Lenses Market To Record Lucrative Growth, Revenue To Surge To US$17.64 Billion By 2024

10-Oct-2018 | Zion Market Research

With the presence of a large pool of participants, the global contact lenses market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Johnson & Johnson Services Incorporation, Bausch & Lomb Incorporated, CooperVision Inc., CIBA Vision, Carl Zeiss AG, Valeant Pharmaceuticals, and Novartis International AG are some of the key vendors of contact lenses across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the contact lenses market study.

Citing an instance, in September 2018, Alcon—a Swiss-based medical firm specializing in eye care products—decided to expand its eyewear product portfolio through the launching of AIR OPTIX® plus HydraGlyde® Multifocal contact lenses. Reportedly, the new innovation provides presbyopic patients a unique blend of technologies for constant vision at all distances along with improved moisture benefits.

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This review is based on a report by Zion Market Research, titled Contact Lenses Market by Product (Soft Lenses and Hard Lenses), by Design Type (Spherical, Toric, and Cylindrical), By Usage (Corrective, Therapeutic, Cosmetic, and Prosthetic), By Material (Hydrogel, Silicone Hydrogel and Polymers), and Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, and General Retail Stores) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024.”-

Global Contact Lenses Market

As estimated in this report, the global contact lenses market stood at US$ 10.91 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2024, the revenue in this contact lenses market is expected to reach US$ 17.64 billion by the end of the forecast period. The main products available in this contact lenses market are soft lenses and hard lenses. Among them, the demand for soft lenses is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Growing Prevalence Of Vision Defects & Visual Inaccuracies To Spur Growth

“Rising occurrence of vision disorders along with growing cases of myopia, presbyopia, hypermetropia, and astigmatism witnessed across the globe are expected to spur the growth of contact lenses market over the coming years,” says the author of this study. Apart from this, massive need for maintaining ocular health and getting a clear peripheral image is expected to drive contact lenses market trends. In addition, new product development and technological innovation in the eyewear sector has prompted industry players to manufacture new kinds of contact lenses, thereby generating more demand for contact lenses market over the years to come.

Massive Awareness About Eye Health To Support North America’s Dominance

Regionally, North America has been leading the worldwide contact lenses market and is anticipated to continue on the dominant position in the years to come, states the contact lenses market study. The meteoric rise in the middle-aged population as well as presence of senior ophthalmological patients in the region is the main factor behind the dominance of the North America contact lenses market. The presence of key market players in North America is another significant factor that is supporting the growth of this regional contact lenses market.  In addition, rise in the occurrence of vision problems in young generation along with increase in the eye health awareness are the key factors likely to influence the growth of contact lenses market in North America.

The global contact lenses market is segmented as follows:

By Product

  • Soft Lenses
  • Hard Lenses

By Design

  • Spherical
  • Toric
  • Cylindrical

By Usage

  • Corrective
  • Therapeutic
  • Cosmetic
  • Prosthetic

By Material

  • Hydrogel
  • Silicone Hydrogel
  • Polymers

By Distribution Channel

  • Optical Stores
  • Independent Brand Showrooms
  • Online Sales
  • General Retail Stores

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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