Global Contact Lenses Market to Reach Values of $12 Billion During the Period 2018-2024 - Market Research by Arizton
CHICAGO, March 5, 2019 According to Arizton's recent research report, the global contact lenses market is estimated to reach revenues of more than $12 billion by 2024, growing at a CAGR of around 6% during the period 2018–2024.
Key HighlightsOffered in the Report:
- Johnson & Johnson, Novartis, The Cooper Companies, and Bausch & Lomb occupied around 95% of the total market share.
- The surge in demand for daily disposable contact lenses will enable this segment to occupy around 59% market share by 2024.
- Silicone hydrogel materials allow 5xmore oxygen to reach the cornea, thereby driving their popularity in the global contact lenses market.
- The use of colored cosmetic lens is likely toincrease exponentially across the entertainment and fashion industries during forecast period.
- The availability of both rigid and soft forms of spherical lens will boost revenues in the global market.
- New variants with features such as blink-activated moisture technology, high definition optics, and HydraClear technology make head way in the market.
- Advancements in healthcare infrastructure across the APAC region will fuel the growth of the global contact lenses market.
Key Offerings:
- Market Size & Forecast by Revenue | 2018–2024
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation –A detailed analysis by design, usage, application, distribution channels, and geography covering 12 regions
- Competitive Landscape – Profile of 14 prominent players.
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Contact Lenses Market – Segmentation
This market research report includes a detailed segmentation of the market by design, usage, application, distribution channels, and geography.
- Daily disposable lensesare the fastest growing segment in the global market, growing at a CAGR of around 8% by 2024.
- Silicone hydrogel lenses dominated more than half of the total market share in 2018, Silicone hydrogel is an advanced typeof material and allows five times more oxygen to reach the cornea than any other products.
Market Segmentation by Material Type
- Silicone Hydrogel Lens
- Hydrogel Lens
- RGP
- Others
Market Segmentation by Design
- Spherical
- Toric
- Multi-focal
Market Segmentation by Usage
- Daily Disposable
- Replacement Lens
Market Segmentation by Application
- Corrective
- Therapeutic
- Cosmetic
Market Segmentation by End-users
- Optic Retail Stores
- Hospitals & Eye Clinics
- Online Stores
Contact Lenses Market- Dynamics
The rising number of strategic acquisitions and partnerships among players to further consolidate their positions will intensify the competition in the global contact lenses market. Mergers and acquisitions will allow vendors to gain competitive advantage with a broad product portfolio and vast geographical reach, thereby driving the growth and profitability in the global market.
Key drivers and trends fueling the growth of the global market are:
- Growing Computer Vision Syndrome (CVS) and Increasing Exposure to Digital Content
- Increasing Preference for Daily Disposable Contact Lenses
- Rise of E-commerce as Preferred Distribution Channel
Contact Lenses Market –Geography
The geographical segment in the global contact lenses market is classified into North America, Europe, APAC, Latin America, and MEA. The UK, Germany, France, Spain, and Italy accounted for nearly 80% of the European region in the global market.
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Market Segmentation by Geography
- North America
- US
- Canada
- APAC
- Japan
- China
- India
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Latin America
- Brazil
- Mexico
- MEA
Geographical Market Size & Forecast | 2018–2024
- Revenues
- Key Regions and Countries
Major vendors in the global market are:
- Johnson & Johnson
- Novartis
- The Cooper Companies
- Bausch & Lomb
Other prominent vendors include CARL ZEISS, Essilor International, Hoya, Menicon, Sensimed AG, SynergEyes, UltraVisionCLPL, Ginko International, St. Shine Optical, and Visioneering Technologies.
Explore our Healthcare & Lifesciences portfolio to know more about the industry.
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About Arizton:
Arizton – Advisory and Intelligence is a premium and innovation-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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