New York City, 21 January 2019: The Global Contact Lenses Market is anticipated to reach USD 18.9 billion
by 2026. Once of the key factor driving the contact lenses market is to enhance
aesthetic appearance by using them as fashion accessory particularly, by the
youth population. Also, constant development in technology of product materials
and given a boost to colored or decorative contact lenses, which is further
anticipated to influence the demand. Moreover, the rising incidences of visual
imparities such as myopia, presbyopia, hyperopia and astigmatism is propelling
the market growth. The World Health Organization, in 2015, estimated that
approximately 1.9 billion people across the globe have been affected by myopia
and the number is anticipated to be more than 2 billion by 2020. Thus, the demand
for contact lenses during the forecast period will experience a growth.
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The contact lenses manufacturers and
vendors are appealed by the high profit margins offered by the contact lenses
thus, boosting its manufacturing as well as enhancing the network of
distribution. Also, advancements in technology in form of material will provide
new opportunities to the manufacturers with time. By type segment, the Rigid
Gas Permeable (RGP) Lenses was valued over USD 800 million in 2017 owing to
factors including, sharp vision, high oxygen permeability, cost-effectiveness
in the long run, and durability.
The contact lenses market by usage type
is segmented into Corrective, Therapeutic, Cosmetic, Prosthetic, and
Lifestyle-oriented. The corrective lenses usage segment is currently growing at
a CAGR of more than 6.2%. The demand is attributed to its various applications.
Whereas, cosmetic lenses segment is expected to witness high growth during the
forecast period. On the basis of design, the hybrid lens segment is anticipated
to experience a noteworthy growth as it is a combination of both soft lenses
and rigid gas permeable lenses. Thus, it provides comfort of soft lenses
coupled with the visual clarity offered by rigid gas permeable lenses. The
growth of hybrid lenses segment is expected to propel with the increased demand
from people with keratoconus and astigmatism conditions.
Competitive
Landscape and Key Vendors:
The North America market holds the
largest share owing to presence of better eye care treatment facilities as
increasing elderly population. Although, the Asia Pacific market is expected to
bolster with a high CAGR attributed to the increased awareness regarding
contact lenses among the population as well as their increasing ability for
healthcare spending.
The key strategies adopted by the
market players include long-term partnerships among the other players in supply
chain particularly, distributors and suppliers with an aim to increase their
geographical footprint. For instance, in 2016, Vision Direct Group Ltd. was
acquired by Essilor International S.A. for the enhancement of its online
retailing business presence. Major industry players include Alcon Laboratories,
Inc., Abbott Medical Optics, Inc., Bausch + Lomb, Incorporated, Carl Zeiss AG,
CooperVision, Inc., Contamac U.S., Inc., Hoya Corporation, Essilor
International S.A., Medennium and Johnson & Johnson Vision Care, Inc. among
others.
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