A recent report published by Infinium Global Research on
contact lenses market provides an in-depth analysis of segments and sub-segments
in global as well as regional contact lenses market. The study also highlights
the impact of drivers, restraints and macro indicators on the global and
regional contact lenses market over the short term as well as long term. The
report is a comprehensive presentation of trends, forecast and dollar values of
global contact lenses market. According to the report, the global contact lenses
market is projected to grow at a CAGR of 7.5% over the forecast period of
2018-2024.
Contact lenses are the lens that is
directly placed on the surface of the eye. This lens itself is naturally clear
but is given slight color to make them easier for the wearer to handle. This
can be used by the one who needs vision correction and doesn’t want to wear
eyeglasses full time. The contact lenses can be used for a maximum of 10-12 hours
per day and wearing the lenses for a long time may lead to red eyes or become
prone to infection. Contact lens wearers can also wear goggles or other eyewear without worrying about the compatibility with glasses. Contact lenses are
considered as medical devices and are regulated by the food and drug admiration.
Growing number of ophthalmological
disorders among patients is one of the main factors which is driving the growth
of the contact lenses market. In addition, the rapidly increasing population in order to
increase the Aesthetics and cosmetics appearance among the youngster are
fueling the demand for contact lens. Moreover, research and development
activities, improving healthcare infrastructure and rising disposable income
over the globe are expected to trigger the adoption of the contact lenses.
Increasing occurrence of eye related disorder such as hyperopia, astigmatism
and myopia likely to have a positive impact on the contact lenses market.
However, the use of contact lenses causes eye related risk such as corneal ulcers,
eye infection and increasing acceptance of corrective procedures like LASIK are
restraining the growth of the contact lenses market. Going further, the technical
advancement such as electronic contact lens (ECLs) is anticipated to provide
growth opportunities for the contact lens market over the forecast period.
North America has accounted to be
the leading region in the contact lens market. The U.S accounts for the major share in
the North America contact lenses market owing to factors such as growing vision
problem among young generation and enhancement of aesthetic appearance. Contact
lenses are essentially important in sports and driving, these are essentially favorite
among athletes as it does not provide any obstruction. Also, rising health
awareness for better eye care and increasing geriatric population, are a further supportive factor for the market in the North America region. Europe and Asia-Pacific are the second and third prominent region in this market. Increasing
disposable income along with economic growth is the key factor providing growth
opportunities in the Asia-Pacific region.in addition, developing countries such
as India and Middle East countries is projected to open new avenues for
regional industry growth.
The report on global contact lenses market covers segments such
as technology, product, and design. On the basis of technology the global contact lenses market is
categorized into spin casting, cast molding, and lathe cutting. On the basis of the product, the global contact lenses market is categorized into soft lens and
gas permeable (GP) lens. On the basis of design the global contact lenses
market is categorized into spherical, toric, multifocal and others.
Geographic Coverage
The countries covered in the North America region include the
U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India,
South Korea, Malaysia, and among others. Moreover, Germany, U.K., France,
Spain and Rest of Europe are included in the European region. The U.S. drives
the growth in the North America region as it is the largest market in the
region. The Asia-Pacific region offers a substantial potential for the market
growth owing to rapid growth in markets such as India and China. The APAC
region is projected to experience growth at a CAGR of x.x% over the period of
2018-2024.
The report provides profiles of the companies in the global
contact lenses market such as Valeant Pharmaceuticals, Menicon Group, Johnson
& Johnson, Novartis International AG, The Cooper Companies Inc., SynergEyes
Inc., STAAR Surgical, Carl Zeiss AG, ABBott Medical Optics and Essilor
International S.A.
The report provides deep insights on demand forecasts, market
trends, and micro and macro indicators. In addition, this report provides
insights into the factors that are driving and restraining the global contact
lenses market. Moreover, IGR-Growth Matrix analysis given in the report brings
an insight into the investment areas that existing or new market players can
consider. The report provides insights into the market using analytical tools
such as Porter's five forces analysis and DRO analysis of contact lenses
market. Moreover, the study highlights current market trends and provides
forecast from 2018-2024. We also have highlighted future trends in the contact
lenses market that will impact the demand during the forecast period. Moreover,
the competitive analysis given in each regional market brings an insight into the
market share of the leading players. This report will help manufacturers,
suppliers, and distributors of the contact lenses market to understand the
present and future trends in this market and formulate their strategies
accordingly.
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