Contact lens market share expected to be substantial
Contact lens market
The contact lens market is expected to grow at a CAGR of 5.5% during the forecast period.
A contact lens is a thin, curved lens placed directly over the corner of the eye. The mechanism is the same as a pair of glasses to adjust the focus power by correcting refractive errors in the cornea and lens of the eye. The lens is clear; however, it is usually given the slightest shade of color to make them easier to handle for wearers. The United States Food and Drug Administration (FDA) considers contact lenses to be medical devices, regardless of the purpose for which the wearer is using them.
The Contact Lenses market is expected to grow rapidly in its development areas during the forecast period between 2019 and 2026. The Contact Lenses Market report focuses on the key drivers and restraints for the major players and presents the state of competition with growth prospects. The Contact Lens Market report is professional and in-depth research conducted by experts on the current state of the Contact Lens industry. The Contact Lenses market research report provides the most recent industry data and future industry trends, enabling you to spot the products and end users that are driving revenue growth and profitability.
The contact lens market is primarily driven by the surge in incidents of visual impairments, such as myopia, hyperopia / hyperopia, presbyopia and astigmatism around the world. Young children using cell phones and tablets near their eyes can damage eyesight at an early stage. According to the WHO, 1 billion people worldwide have a visual impairment, which includes far moderate or severe visual impairment or blindness due to uncorrected refractive error, cataracts, glaucoma, corneal opacities , diabetic retinopathy and trachoma. In addition, in high-income countries, diseases such as diabetic retinopathy, glaucoma and age-related macular degeneration are common causes of vision disturbances.
The hybrid lens material provides patients with sharper vision as it is combined with a central gas permeable zone, as well as the comfort of a soft lens. Hybrids are more comfortable, have better balance and are more stable. Compared to soft lenses, hybrids are only indicated when the quality of vision is affected by high order residual aberrations or when toned soft contact lenses fail to provide stable vision.
Therapeutic segment, meanwhile, holds the largest market share, as they are useful in various diseases of the ocular surface. These lenses are mainly used to relieve pain, protect the ocular surface, promote corneal healing and epithelial regeneration, seal a leaking corneal wound, and deliver ophthalmic drugs to the ocular surface.
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The main players covered in this report:
Abbott Medical Optics (AMO) (Johnson & Johnson Services, Inc.
Alcon Management SA
Bausch & Lomb Incorporated
ZEISS International (Germany)
HOYA Company. (Japan)
SEED Co., Ltd. (Japan), and more …
By distribution channel
Eye care professionals
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Growing domestic demand and expanding pharmaceutical sector to drive contact lens demand in APAC region
The Asia-Pacific region is expected to hold the largest market share in the global contact lens market during the forecast period 2019-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam and Indonesia, which account for the largest share in this region. India is one of the largest producers of contact lenses and a major exporter of the product to various countries across the world. India accounts for around 80% of global contact lens exports. Favorable climatic conditions and the growth of agricultural inputs and related services like cold storage and warehousing in India are leading to increased production.
In April 2019, Johnson & Johnson Vision announced the launch of its new one-of-a-kind ACUVUE OASYS contact lenses with transitions. The glasses feature intelligent light technology, dispersed throughout the material in the form of billions of photochromic molecules. The lenses, which also provide vision correction, help the eyes adjust to darkness or light better than they would independently.
The CooperVision MiSight Contact Lens is designed for ages 8 to 12. It is designed to slow the progression of myopia and has received approval from the Food and Drug Administration (FDA)
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The report covers a comprehensive analysis of
Parent market overview
Global Contact Lens Market Segments, Dynamics, Market Size, Share, Price, Volume and Cost
Historical, current and projected market size in terms of volume and value
Global Contact Lenses Market Forecast 2019 to 2026
Supply and demand value chain
Global Contact Lens Market Dynamics including Current Trends / Drivers / Threats / Restraints / Challenges
Potential and niche segments / regions showing promising growth
Market landscape, competition and main companies involved
Strategies of leading companies and product offerings
Key questions answered in this report:
What will the market size be by the end of the forecast period?
What are the factors driving the growth of the market?
What are the trends and developments likely to drive the growth of the market?
Who are the main players operating in the market?
What are the challenges, threats and opportunities facing key players?
What are the strengths and weaknesses of the main market players?
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