The Global Contact Lenses Market Is Predicted To Reach USD 17.54 Billion With A CAGR Of 7.60% In 2021 According To Market Data Forecast Report

The Global Contact Lenses Market Is Predicted To Reach USD 17.54 Billion With A CAGR Of 7.60% In 2021 According To Market Data Forecast Report

ID: 1703 | April 2018 | Region: Global

Global Contact Lenses Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report, the Global Contact Lenses Market is predicted to rise to USD 17.54 billion with a CAGR of 7.60% from USD 12.16 billion in 2018. The global Contact Lenses Market is segmented on the basis of Material, Application, and Design. Based on Material, the market is classified into Soft Contact Lenses, Silicone Hydrogel Lenses, Rigid Gas Permeable (RGP) Contact Lenses, Hybrid Contact Lenses, and Polymethyl Methacrylate (PMMA) Contact Lenses. On the basis of Application, the market is classified into Therapeutic Contact Lenses, Cosmetic Contact Lenses, and others. On the basis of Design, the market is classified into Spherical, Bifocal, Orthokeratology and Toric.

The growth of Contact Lenses market is majorly driven by factors such as rising public awareness, improving economy, growth in online sales, increase in disposable income, wider range of products, affordability, convenient to use, presence of umpteen numbers of brands, growth in eye disorder, and consumers’ preference for lenses over glasses. Additionally, consumer group, specifically youngsters are drawn towards cosmetic lenses to enhance their appearance, thereby spurring up the demand for the product. The increase in aging population is also expected to boost the demand for the product.  The advanced technology in contact lenses made it possible for people suffering from presbyopia and astigmatism to opt for contact lenses, thereby spiking the demand for the product. The key restraints of the market are cut-throat competition, increase in demand for corrective eye surgery (Laser-Assisted in Situ Keratomileusis ‘LASIK’ and Photorefractive Keratectomy ‘PRK’), economic slowdown, and serious hazards of contact lenses (infections, itchiness in the eye, eye dryness, conjunctivitis, and corneal ulcer, among others).

North America is expected to command the major market share of 37% in 2018 followed by Europe. Asia Pacific is anticipated to be the fastest growing region for the product with a CAGR of 8.16% during the forecast period 2018-2023.

The major companies dominating the global Contact Lenses Drugs market are Johnson & Johnson (USA), Bausch & Lomb (USA), CooperVision (USA), Hydrogel Vision Corp (USA), Abbott Medical Optics, Inc. (USA), Alcon Laboratories, Inc (USA), Carl Zeiss AG (Germany), CIBA Vision (USA), Essilor International (France), and Contamac (United Kingdom).

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