Growing Vision Inaccuracies is the major factor propelling the growth of global Contact Lens Market
According to a new report published by Reports Monitor titled, “Global Contact Lens Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the Contact Lens Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Contact lens is a thin curved lens placed on the eye to correct the vision inaccuracies. There are variations available in the contact lens based on the needs and preferences. Contact lenses are used to correct various vision disorders such as myopia, hyperopia, astigmatism, and presbyopia.
Rise in the number of visual inaccuracies is one of the significant factors propelling the market growth. Growing concern of aesthetics and cosmetics factor within the people also affects the market growth positively. However, high maintenance cost and complexities involved lens disinfection may result in hampering the market growth.
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The Contact Lens market report has been categorized in three sections, the first section entitled as market overview offers a holistic view of the market, coupled with its key trends, drivers, restraints and opportunities. Our analyst implements, several qualitative tools such as SWOT analysis, Porter’s five force analysis among other to interpret and represent key industry findings. The second section provides estimated market size and forecast for key market segments and regional market. The final part includes the study of competitors operating in the market, which includes their mergers/acquisitions, new product development and their financial overview.
The global contact lens market is majorly bifurcated on the basis of lens type, design and usage. Based on the lens type, market is segmented into: soft, hard and RPG lens, while on the basis of design market is segmented into: spherical, multifocal and others. Based on the usage of lens, market is segmented into: corrective, therapeutic, cosmetic, prosthetic and others.
Global Contact Lens market is analyzed across: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Increase in the ophthalmological rates within the people is the major factor influencing growth in North American region. Increased adoption of circular cosmetic lenses to enhance the appearance of eyes majorly drives the market growth in Asia Pacific.
The key industry participants in the market are: Johnson and Johnson, Essilor International S.A., Bausch and Lomb, Alcona Inc., Novartis International AG, The Cooper Companies, and Carl Zeiss AG. In November 2016, Hubble Contacts, New York based company raised $7.2 million to deliver disposable lenses to the consumers.
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