The global contact lens market will follow a robust growth trail at 5% CAGR during the forecast period, 2019-2029. Being a test bed for advanced technologies, North America continues to be the hub of lucrative opportunities. In addition, top-line growth of e-commerce sector is propelling the contact lens market in Southeast Asia & Oceania.
“Expanding patient pool for visual defects such as presbyopia, astigmatism, and myopia in tandem with rising geriatric demographics that require vision correction are underpinning the growth of contact lens market. Customers, especially millennials, are increasingly shifting towards e-commerce platforms for buying contact lens,” Opines Fact.MR.
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Contact Lens Market – Key Findings
- Silicone hydrogel will maintain its primacy, driven by its better oxygen permeability, and flexibility.
- Owing to uniform distribution of lens power throughout the optical portion, spherical lenses account for leading value share.
- Sales via online channels will double attributable to burgeoning e-commerce ecosystem.
- Daily disposable usage of contact lenses is likely to significantly add to market revenue.
- North America will lead the global contact lens market; Southeast Asia & Oceania to offer worthwhile growth prospects.
Contact Lens Market – Key Driving Factors
- Rising cases of visual deformities to fuel the adoption of contact lens.
- Flourishing growth of e-commerce industry to boost sales of contact lens.
- Manufacturers are introducing innovative offerings with various features to enable mass-adoption.
Contact Lens Market – Key Restraints
- Dearth of skilled professionals remains an existing concern for market players.
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Competitive Landscape
Players in the contact lens market are focusing product innovations in order to gain competitive edge in the global landscape. Prominent players in the contact lens market include Johnson & Johnson., Alcon Vision LLC, Bausch & Lomb, Incorporated , EISS International (Stiftung), Contamac, CooperVision Inc. (Cooper Companies, Inc.), Essilor International S.A., Hoya Corporation, Medennium, Seed Co. Ltd., STAAR Surgical Company, SynergEyes Inc., and X-Cel Specialty Contacts.
About the Report
This 170-page study offers in-depth commentary on the contact lens market. The study provides compelling insights on the contact lens market on the basis of material (gas permeable, silicone hydrogel, and hybrid), design (spherical, toric, multifocal, and others), application (corrective, therapeutic, cosmetic, prosthetic, lifestyle-oriented, and corrective), distribution channel (online, and offline), usage (daily disposable, disposable, frequent replacement, and traditional), and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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Pankaj
Fact.MR
media@factmr.com