Global contact lenses market was valued at US $ XX Mn in 2017 and expected to grow at 6.5% Compound Annual Growth Rate (CAGR) over 2018 to 2024
Market Outline: Contact Lenses Market
Contact lenses are the medical devices that are thin, curved lens placed on the film of tears, which covers the surface of the eye. It is naturally clear but is often given a tinge of color which enables easy handling. The contact lens are either hard or soft in texture. The soft contact lens are soft, flexible plastic material which allow to pass through the cornea. They are easy to adjust and more comfortable when compared with that of the rigid gas permeable lenses. The rigid gas permeable (RPG) lens are resistant, durable and usually provide clearer vision. They are less expensive compared with that of the soft contact lenses. Contact lenses help providing clear peripheral vision unlike glasses.
Market Dynamics: Contact Lenses Market
Increase in the prevalence of the eye disorders and growing number of the geriatric population are likely to drive the growth of the contact lens market over the forecast period. The increasing tendency to switch over the lenses is anticipated to drive the growth of the market. The technological advancements are adding fuel for the growth of the market. The adoption of the new treatment options among the patient pool is another factor driving the growth of the market. However, the risks associated with the use of the lenses such as eye infection and corneal ulcers are likely to restrain the growth of the market. The lesser awareness among the patient population is hindering the growth of the market.
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Market Scope: Contact Lenses Market
Contact lenses market is segmented based on the type, design, usage, product and distribution channel
Based on the type, the market is segmented into the following:
Soft Lens
Rigid Gas Permeable (RPG) Lens
Hybrid Lens
Based on the design, the market is segmented into the following:
Spherical
Bifocal
Multifocal
Toric
Based on the usage, the market is segmented into the following:
Daily Disposable
Weekly Disposable
Monthly Disposable
Annual Disposable
Based on the product, the market is segmented into the following:
Corrective
Therapeutic
Cosmetic
Prosthetic
Based on the distribution channel, the market is segmented into the following:
Hospitals
Ophthalmic diagnoses center
Others
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Regional Analysis: Contact Lenses Market
Geographically, global contact lenses market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America contact lenses market is dominant owing to its increasing prevalence of the eye disorders. According to the Centers for Disease Control and Prevention (CDC) in the year 2015, there were more than 30 million people who were using the contact lenses. The growing awareness among the patient pool regarding the new treatment options is expected to drive the growth of the market in this region. The Asia Pacific is another region which is expected to exhibit significant growth over the forecasted period owing to increasing awareness among the patient pool.
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Competition Assessment: Contact Lenses Market
Some of the players in the global contact lenses market include:
Alcon Laboratories (U.S)
Abbott Medical Optics (U.S)
CooperVision (U.S)
Bausch & Lomb (U.S)
CIBA Vision (U.S)
Hoya Corp (Japan)
Carl Zeiss (Germany)
Johnson & Johnson (U.S)
Notable Market Developments: Contact Lenses Market
In March 2018, Alcon has launched new US-specific packaging for AIR OPTIX plus HydraGlyde contact lenses.
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