Owing to rising public awareness coupled with increasing healthcare expenditure drive the market for contact lenses market on a global level.
Hyderabad, India -- (SBWIRE) -- 01/11/2018 -- The Global Contact Lenses Market is expected to reach USD 15.1 billion by 2021 from USD 10.5 billion in 2016, growing at a CAGR of 7.60 % during the forecast period, 2016-2021.
A contact lens is a thin and curved lens which are placed on the surface of the eye. They can be used for vision correction or for cosmetic and novelty purpose. Contact Lenses are medical devices, regulated by Food and Drug Administration (USA), hence requires a prescription. The various types of contact lenses are Soft contact lenses, Silicone Hydrogel Contact Lenses, and Rigid Gas Permeable Contact Lenses, among others. Contact lenses come with particular wear schedules such as Disposable Contact Lenses and Extended Wear Contact Lenses. Disposable Contact Lenses can be discarded after use, whereas Extended Wear Contact Lenses can be worn overnight for a period ranging from 6 to 30 days. As contact lenses, do not contain water traces, it can withstand any deposits build up.
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, a consumer group, specifically youngsters are drawn towards cosmetic lenses to enhance their appearance, thereby spurring up the demand for the product. The increase in ageing 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 because contact lens companies are on rampant increase. Growth 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).
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 market has also been geographically segmented into North America, Europe, Asia-Pacific and the Middle-East and Africa. North America is expected to command the major market share of 37% in 2016 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 2016-2021.
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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