Contact lens market on the rise due to autonomous mobility, market research on trends – bolivar commercial

The contact lens market is very lucrative due to the growing popularity of contact lenses and the growing number of eye disorders. Technological advancements in contact lenses and increasing acceptance of silicone hydrogel contact lenses provide an opportunity for market growth. However, the complications associated with contact lenses and the availability of contact lens alternatives are hampering the growth of the market.

Contact lenses may seem like a recent trend in the eye care market, but they date back to 1880 when the first contact lenses were invented. The number of contact lens users is increasing dramatically due to the availability of technologically improved products and better comfort, which can be used for a long time with less management requirements. Currently, near vision problems go a little beyond presbyopia. Research by CooperVision suggests that regular users of these digital devices complain of eye strain (75%) and dry eyes. Over 90% of adults use digital devices for more than 2 hours a day and almost 60% use them for more than 5 hours a day.

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Market analysis:

The global contact lens market is expected to experience a CAGR of 6.4% during the forecast period 2018-2024. The market is analyzed based on four segments: products, designs, applications, and regions.

Regional analysis:

The regions covered in the report are North America, Europe, Asia Pacific and Rest of the World (RoW). North America is the leading region for contact lens market growth, followed by Europe. Asia-Pacific and the rest of the world should be the emerging regions. India and China are expected to be the most attractive destinations due to a largely untapped market.

Product analysis:

On the basis of the products, the market is segmented into soft lens, gas permeable lens, and hybrid lens. Soft lenses are then segmented into daily disposable, weekly disposable, monthly disposable, and annual disposable lenses. The daily disposable lenses market is gaining in importance in recent years and is expected to grow at the highest CAGR.

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Design analysis:

On the basis of the lens design, the market is segmented into spherical lens, toric lens, and multifocal lens. The spherical lens segment held almost 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 believed to be seen in the multifocal contact lens segment, as these lenses provide individuals with dual vision.

Application analysis:

On the basis of contact lens applications, the market is segmented into corrective, therapeutic, cosmetic, and others. Corrective contact lenses held a significant market share in 2017.

Key players:

Novartis AG, Cooper Companies (CooperVision), Johnson & Johnson, Valeant Pharmaceuticals International, Essilor International, Contamac Holdings Ltd., Carl Zeiss Meditec AG, Accu Lens, SynergEyes and Hoya Corporation.

Competitive analysis:

Business partnerships, mergers and acquisitions and a multi-faceted pipeline are the main strategies of market players. The Vision Care franchise achieved sales of $ 4.1 billion in 2017, an increase 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 the digitalization of eye care. Various companies are focused on geographic growth. For example, CooperVision recently launched the MyDay Toric Disposable Daily Contact Lenses in the United States.

Advantages:

The report provides full details on the usage and adoption rate of contact lenses during the forecast period. Through this, key stakeholders can know the main trends, drivers, investments and verticals, as well as the details of the lenses available in the market. Additionally, the report provides details of the key challenges that are going to impact the growth of the market. Further, the report gives complete details on major business opportunities for major stakeholders to grow their business and capture revenue in specific verticals to analyze before investing or expanding the business in this market.

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