Contact Lenses Market 2023 Key Company Profile, Supply, Demand, Size and Share and SWOT Analysis

Report analyzes various types of contact lenses and their adoption pattern. It aims at estimating contact lenses market size & future growth potential of contact lenses market for different segments such as product type (model, design, material, color variation, and application), distribution channel,and region.

Pune, India - January 10, 2019 /MarketersMedia/ —

Contact lenses market is expected to reach USD 9.2 billion by 2023 from an estimated USD 7.2 billion in 2018, at a CAGR of 4.9%. Study involved four major activities to estimate current market size for contact lenses. Exhaustive secondary research was done to collect information on market, peer market, & parent market.

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Contact lenses market is dominated by top four players, namely, Johnson & Johnson (US), Alcon, Inc. (US), Cooper Vision, Inc. (US), and Bausch + Lomb (US). Some of other key players in contact lenses market are Carl Zeiss Meditech AG (Germany), HOYA Corporation (Japan), Essilor Group (France), SEED Co., Ltd. (Japan), Menicon Co., Ltd. (Japan), and BenQ Materials Corporation (Taiwan).

The major applications of corrective contact lenses are correction of refractive errors and treatment of visual deficiencies such as hypermetropia/hyperopia, myopia, astigmatism, and presbyopia. Advancements, such as drug delivering lenses, in contact lens technology and increasing adoption trends in various regional markets are expected to drive the market demand over forecast period. The rising number of visual inaccuracies is expected to further drive the global market over the forecast period.

Contact lenses market is segmented into spherical, toric, multifocal, cosmetic, and monovision contact lenses. Multifocal contact lenses segment is expected to grow at the highest CAGR during forecast period. Multifocal contact lenses are used to treat myopia, hyperopia, presbyopia, and astigmatism (in some cases). These lenses are soft as they avoid the risk of infection and are designed to adjust at various site zones so as to avoid the use of extra eyeglasses along with multiple contact lenses.

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Contact lenses market, by model, segmented into daily wear, extended wear, & traditional contact lenses. Daily wear contact lenses segment to dominate market in 2018. Large share of this segment can primarily be attributed to advantages offered by daily wear contact lenses, like easy wearability, no requirement of lens cleaning (in case of disposable daily wear contact lenses), & no requirement of overnight wear.

3 Executive Summary

Premium Insights
4.1 Contact Lenses: Market Overview
4.2 Contact Lenses Market: Developed vs Developing Countries/Region (USD Million)
4.3 Contact Lenses Market: Major Countries
4.4 Geographic Mix: Contact Lenses Market
4.5 Asia Pacific: Contact Lenses Market, By Application and Countries

Market Overview
5.1 Introduction
5.2 Market Dynamics: Impact Analysis
5.2.1 Market Drivers
5.2.1.1 Growing Prevalence of Myopia
5.2.1.2 Increasing Preference for Contact Lenses Over Prescription Eyeglasses
5.2.1.3 Growing Geriatric Population
5.2.2 Market Opportunities
5.2.2.1 Untapped Emerging Markets
5.2.3 Market Challenges
5.2.3.1 Regulatory Barriers
5.2.3.1.1 North America
5.2.3.1.2 Europe
5.2.3.1.3 Asia Pacific
5.2.3.2 Shortage of Ophthalmologists

Technological Scenario
6.1 Key Technologies in the Contact Lenses Market
6.1.1 Hydraclear Technology
6.1.2 ASD Technology
6.1.3 Lacreon Technology
6.1.4 Peg Technology
6.1.5 PC Technology
6.1.6 Optimized Toric Lens Geometry Technology
6.1.7 Digital Zone Optics Lens Design Technology
6.1.8 Lightstream Lens Technology
6.1.9 Smart Contact Lens Technology
6.1.10 Light Intelligent/Adaptive Technology
6.2 Contact Lenses Market: Future Outlook

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The contact lenses market is segmented into daily wear, extended wear, and traditional contact lenses. Daily wear contact lenses segment is expected to register the highest CAGR during the forecast period. High growth of this segment can primarily be attributed to the advantages offered by daily wear contact lenses, such as easy wearability, no requirement of lens cleaning (in the case of disposable daily wear contact lenses),

Break of primary participants was as mentioned below:
• By Company Type – Tier 1–35%, Tier 2–40% and Tier 3–25%
• By Designation – C-level–35%, Director Level–45%, Others–20%
• By Region – North America–27%, Europe–26%, AsiaPacific–29.0%, Rest of the World–18%

Emerging countries such as China and India is expected to witness the highest CAGR during the forecast period. This growth can be attributed to the rapidly developing healthcare industry in China and India, growth in aging population, rising prevalence of myopia, rising per capita income, increasing investments in these countries by key market players, the expansion of private-sector hospitals & clinics to rural areas.

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Release ID: 468657