Contact Lenses Market to exceed USD 18 billion by 2024
Date: 2018-12-12   Author: Rahul Varpe  Category: #market

Contact Lenses Market to exceed USD 18 billion by 2024

Global Market Insights, Inc. adds a new Contact Lenses Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Over the past few years, the global contact lenses market has depicted plethora of dynamic changes pertaining to the rapid influx of technological & medical advancements in vision correction. Contact lenses market growth is majorly fuelled by the increasing prevalence of optical disorders such as hypermetropia, myopia, presbyopia, and astigmatism coupled with the changing consumer lifestyle & fashion trends. The rise in number of consumers availing contact lenses instead of corrective eyewear has been a vital factor augmenting contact lenses industry share, which was worth USD 9.5 billion in 2016.   

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It is important to register the fact that the rising population suffering from optical disorders have a profound impact on the contact lenses market. As per estimates provided by WHO, around 1.9 billion people worldwide were diagnosed with myopia in 2015, and it is further projected to affect more than 2 billion people by 2020.

Rise in the instances of visual deficiencies, ophthalmic disorders, weakened eyesight, and refractive errors have been the most influential factors that have provided a significant boost to the overall contact lenses industry. Contact lenses ability to provide clear peripheral vision, easy to carry benefits, & elimination of glare has further fuelled the product demand. In addition, easy availability of coloured lenses in affordable prices and disposable varieties has led to a substantial increase in the overall growth of contact lenses industry.

Increasing popularity of contact lenses as a fashion accessory to provide better aesthetic appearance, particularly amongst the youngsters is a key factor driving the growth of contact lenses market in the cosmetics sector. The rising trend of coloured lenses to enhance eye appearance with advanced product materials have further supported the product demand. Owing to its ease of use & throw option, daily disposable contact lenses are gaining considerable traction of late, especially in GermanyEstimates claim that daily disposable contact lenses in Germany accounts for more than 15% of the overall industry share.

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Considering the geographical aspects, North America has been touted to be one of the lucrative growth grounds for contact lenses market. The region in fact, registered over 390 million units in terms of volume in 2016 and is further estimated to grow at a CAGR of 3.2% over 2017-2024.

The United States is one of the principal regions driving the rapid growth of North America contact lenses market. Presence of better awareness regarding personal wellbeing and eye care is likely to bring substantial growth in the region. As reported by the National Eye Institute, in 2014, over 2.9 million Americans suffered from low vision disorder and more than 5 million Americans are further estimated to suffer from low vision by 2030.

The aforementioned statistics provide vital evidence to the extensive scope of contact lenses market size in the region. In 2015, according to the U.S. Centres for Disease Control & Prevention report, there were over 40.9 million contact lens wearers in the region, which represented 16.7% of the country’s adult population. This extensive product penetration in the region can be credited to the presence of numerous international brands and the marginally high consumer spending of late.

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The competitive spectrum of contact lenses market comprises the big shots such as Johnson & Johnson, Novartis, Cooper Vision, Blanchard, Contamac, and Valeant Pharmaceuticals, sharing majority of the industry share. These companies have been continuously striving to consolidate their position across the value chain, in a bid to innovative new product line and reduce operational costs.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. 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. ...

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