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Contact Lenses Market to depict appreciable growth prospects over 2024

Author : Rahul Varpe | Published Date : 2019-04-03 

Rising diabetes incidences and expanding aging demographics has augmented Contact Lenses Market . According to industry estimates, one in every 12 people of age 40 and above suffering from diabetes prone to vision-threatening diabetic retinopathy. Globally, people aged around 80 and older estimated to hold 8% of the total population and account for 69% of the blindness.

Development of products using computerization technology will drive cost effective and bulk production. In addition, rising trend of colored or decorative lenses will support product demand. Increasing consumer awareness pertaining to eye health and penetration of vision correction, therapeutic and cosmetic purpose products particularly in developed economies will drive the product demand.

Increasing prevalence of eye disorders and cataract coupled with strong demand for fashionable eyewear are key factors driving contact lenses market growth. Technological development and penetration of innovative eyewear product range will further boost the industry growth.

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Younger generation, suffering from nearsightedness, are anticipated to prefer contact lenses over glasses. Thus, manufacturers are investing in research & development of innovative products that fit their customer lifestyles. Corrective procedures such as Photorefractive Keratectomy (PRK) & LASIK and ophthalmology devices coupled with fluctuating raw material prices are major factors restraining contact lenses market.

Hybrid lenses market is expected to surpass USD 9 billion by 2024. Increasing consumer demand for clarity and wearing has positively influenced product demand. The product is easier to handle, ensures more comfort, disinfect easily, don't dehydrate, and last longer than soft lenses. These factors are likely to augment product sales over the forecast period.

Daily disposable will register CAGR over 3.5% by 2024. The product provides the advantage of fewer complications and better comfort compared to counterparts. Thus, companies are ensuring expansion of their product portfolio. In addition, the cost per unit could be lower with daily disposables related to monthly or biweekly replacements.

Contact lenses market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million units and revenue in USD million from 2013 to 2024, for the following segments:

Contact Lenses Industry, By Distribution Channel

  • Optical stores
  • Independent brand showrooms
  • Online stores
  • Retail stores
  • Others

Contact Lenses Market, By Design

  • Spherical
  • Toric
  • Bifocal and multifocal
  • Others

Contact Lenses Market, By Product

  • Corrective
  • Therapeutic lens
  • Cosmetic lens
    • Colored
    • Circle
  • Prosthetic lens

Contact Lenses Market, By Usage

  • Daily disposable
  • Weekly disposable
  • Monthly disposable
  • Annual

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North America contact lenses market was more than USD 2.5 billion in 2016. Requirement for safety policies due to presence of number of employees working in high accidentally prone areas will trigger the demand. Several R&D facilities are increasingly coming up in the region to boost the industry.

Global contact lenses market share is consolidated in nature owing to strong dominance of few multinational players. Key industry manufacturers include Contamac, Essilor, Johnson & Johnson, Novartis and Valeant Pharmaceuticals.

Other prominent industry participants include Blanchard, Cooper Vision, Hoya, Conforma, Bausch & Lomb, Menicon, Zeiss International, UltraVision and Wesley Jessen. Manufacturers are likely to invest in new parameters and options within this lens modality with constantly changing consumer demand.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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