Contact Lenses Market – Overview
Contact Lenses just like eyeglasses/ spectacles, correct vision problems caused by refractive errors. In other word, contact lenses improve the eyesight for people with these refractive errors such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism (distorted vision), and presbyopia (changes to near vision that normally happen with age).
Many risk factors can cause these refractive errors, such as certain deficiencies and accidents that can lead to disorders hampering the ability to see. In all sort of eyesight issues, spectacles are being recommended by ophthalmologists to overcome these issues. However, some people get over self-conscious about their appearance thinking that wearing spectacles is hindering with their look. The very notion could have been the reason for the advent of contact lenses.
Other reasons that not only have compelled people to consider contact lenses but have also garnered huge popularity for them include, the flexibility of contact licenses, they move with the eyeballs, allowing a natural field of view, without the obstruction of frames and greatly reduced distortions. Unlike glasses, they do not fog up or get splattered by mud or rain. Contact lenses make a great choice in sports and other physical activities.
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Although contacts lenses have been around in the market for more than a half-century now, technological advancements that took place in the field over the past couple of decades have brought about many novel innovations in terms of design and functionality of the product, making it more viable than ever. These betterments have increased the uptake of contact lenses, worldwide. The widened adoption is escalating the market of contact lenses allowing it to flourish, worldwide.
Recognizing the kind of growth, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global contact lenses market gaining further prominence will register a spectacular growth crossing the valuation of USD 11 Bn. by 2023 at a striking CAGR from 2018 – 2023. The market had valued at USD 7.9 Billion in 2017.
Additional factors substantiating the market growth include social and cultural factors such as the influence of media, fashion and film industry, peer pressure for appearance and beauty, etc. Improving economic conditions worldwide foster the market growth, enabling access to the quality life, and improved health care, also increasing consumers’ purchasing power.
Besides, fashion, media & entertainment industries are expected to provide impetus to the market growth, creating a huge demand for cosmetic lenses over the forecast period. Furthermore, seminal efforts and substantial amounts invested by the market players into the development of these prosthetics and technologies are paying off well, driving the market growth.
On the other hand, factors such as high cost of contact lenses are likely to impede the growth over the assessment period. Nevertheless, rapidly dropping prices along with the huge demand from the fashion industries, in turn, is expected to contribute to the market growth to a great extent.
Some of the eminent leaders of the market include Novartis AG, Johnson & Johnson, CooperVision, Inc., CLEARLAB SG PTE, LTD, BAUSCH + LOMB, NEOVISION CO, LTD, Hoya Corporation, Menicon Co., Ltd, Seed Co. Ltd, Bescon Co., Ltd, CAMAX OPTICAL CORP, St. Shine Optical Co., Ltd., and Oculus Private Limited.
MRFR has segmented its analysis into four key dynamics for enhanced understanding.
By Types: Therapeutic Lenses, Corrective Lenses, and Cosmetic & Lifestyle oriented Lens among others.
By Materials: Silicone Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens, and Methacrylate Hydrogel Soft Contact Lens among others.
By Designs: Spherical, Toric, and Multifocal among others.
By Regions: Europe, North America, APAC and Rest of the World.
The North American region is projected to account for the dominating market for contact lenses, globally, possessing the significant market share. Growing prevalence of vision problems and other eye diseases & disorders that can affect the eyesight are driving the market growth in the region. Moreover, increasing number of middle age populace and the rising vision problems in youngsters along with the self-consciousness about their appearance supports the contact lenses market in the region.
Furthermore, increasing number of product launches alongside the presence of the leading players and their expansion strategies is expected to act as one of the predominant driving forces propelling the market growth in the region.
Whereas the Europe & Asia Pacific markets stand at the second & third positions respectively, in terms of the market share.
The European contact lenses market is expected to demonstrate healthy growth during the review period. Also, factors such as the increase in research and development activities, and new product approvals are fuelling the market growth. Moreover, rising rates of eyesight disorders and other eye diseases along with the growing number of the middle-aged population are driving the market growth in the region. Increase in focus of key players to expand business in the region along with the well-spread awareness about health care is propelling the growth of the contact lenses market in the European region.
The Asia-Pacific region, on the other hand, is rapidly emerging as a promising market for contact lenses. Factors such as growing incidences of optical diseases coupled with the availability of a range of cost-completive options and verities of contact lenses are driving the market growth in the region. Large untapped needs among the hugely populated countries such as India and China along with the spreading awareness about eye care are anticipated to fuel the growth of the contact lenses market in this region, attracting many market players.
Owing to the availability of cost-competitive labor force and ample availability of materials required in the production of lenses, key players are increasingly shifting their production bases to this rapidly developing region, which in turn, drives the market growth in the region.
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