Global Contact Lenses Market to Aggregate $16.9 Billion by 2024 and Grow at a CAGR of 6.4% During the Forecast Period 2018-2024
Growing popularity of contact lenses and increasing number of eye disorders are expected to foster the market growth during the forecast period.
Bangalore, India, May 22, 2018 (Newswire.com) - Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Contact Lenses Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (April 2018).
According to Infoholic Research the contact lenses market is highly lucrative due to growing popularity of contact lenses and increasing number of eye disorders. Technological advancements in contact lenses and increasing acceptance of silicone hydrogel contact lenses are providing an opportunity for the market to grow. However, complications associated with contact lenses and the availability of alternatives for contact lenses are hampering the market growth.
The global contact lenses market is expected to grow at a CAGR of 6.4% during the forecast period 2018–2024 to touch an aggregate of $16.9 billion by 2024.
Business partnerships, mergers & acquisitions, and a multifaceted pipeline are the primary strategies of the market players. The Vision Care franchise attained revenue of $4.1 billion in 2017, a rise of 45.9% from 2016, due to the acquisition of Abbott Medical Optics (AMO). In August 2017, Carl Zeiss announced the acquisition of Veracity Innovations, LLC to continue to lead in advancing the digitalization of eye care. Various companies are concentrating on growing geographically. For instance, CooperVision recently launched MyDay Toric daily disposable contact lenses in the US
The market is analyzed based on four segments: products, designs, applications, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US is set to be the leading country. Europe is set to be the second leading region and hold more than 28.4% of the market share in 2018. In Asia Pacific, India, Republic of Korea, and China are the most attractive countries for the market players with enormous business opportunities.
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Based on the design of the lens, the market is segmented into spherical lens, toric lens, and multifocal lens. The spherical lens segment held nearly half of the market share in 2017 and is expected to grow at a steady rate during the forecast period. The highest growth rate is supposed to be seen in the multifocal contact lens segment as these lenses provide a dual vision for individuals.
Based on products, the market is segmented into soft lens, gas permeable lens, and hybrid lens. Soft lenses are further segmented into daily disposable, weekly disposable, monthly disposable, and annually disposable lenses. The market for daily disposable lenses is gaining importance and is expected to grow at the highest CAGR.
Based on applications of contact lenses, the market is segmented into corrective, therapeutic, cosmetic, and others. Corrective contact lenses held a significant market share in 2017.
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Further, the report also aims to cover the below-mentioned points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals.
- Provides the complete details about various types of contact lenses’ overview.
- Provides the complete details about the analysis of top 10 players.
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.
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Source: Infoholic Research LLP