Transparency Market Research Report Added "Contact Lens Market" to its database.
Albany, NY -- (SBWIRE) -- 02/08/2017 -- According to a new market report published by Transparency Market Research "Contact Lens Market By Product Type (Soft Lens and Gas Permeable) By Design Type (Spherical, Toric, Multifocal, Others) By Technology (Spin Casting, Cast Molding, Lathe Cutting) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016– 2024", the Global contact lens market was valued at USD 9.74 billion in 2015 and is expected to reach USD 18.70 billion by 2024, growing at a CAGR of 7.6% from 2016 to 2024. In terms of volume the global contact lens market was valued 1,305.4 million units in 2015 and is expected to reach 2,135.0 million units by 2024.
Contact lenses are mainly used by people who suffer from various ophthalmological disorders such as myopia, astigmatism and hypermetropia. The lenses serve the purpose of vision correction with comfort of not wearing glasses. Demand of contact lenses is gradually increasing as more number of people is being prone to ophthalmological disorders globally. For example, one of the major reasons of the increase in this population is unhealthy lifestyles and increased usage of digital gadgets by all age groups. With increase in younger population suffering from ophthalmological disorders, there is a continual demand for contact lenses among the population that is currently helping the growth of the contact lens market globally.
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As per current trend, wearing glasses on a regular basis is a discomfort arena for most of the users especially in developed nations. Also, wearing glass is considered as old fashioned among moderate users and especially youth in between age group of 10 to 30. Contact lenses are a great alternative for glasses and consumers are inclining towards it due to the comfort and convenience it provides of not wearing traditional glasses. The variety of options available such as daily disposable soft contact lenses makes them more interesting and consumers prefer to wear contact lenses on a regular basis instead of glasses. Due to all these factors, this driver is expected to impact the market moderately and will remain a major driver as per its advantage.
By geography, market is segmented into, North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America dominated the market in 2015 accounted for more than 30% of the global contact lens market. Europe held the second largest market share in 2015 of the global contact lens market. Asia Pacific includes India China Japan and Rest of Asia pacific. This region is expected to witness fastest growth during the forecast period, attributed to the growing opportunities in rural areas for the contact lens market owing to the improving disposable income and changing lifestyles. In addition, huge capital investment by major companies in emerging markets since 2009 has resulted in decrease in price of contact lens., which in turn is expected to boost the market growth of contact lens in this region.
Furthermore, Contact lens has gained popularity among the urban population of almost every country worldwide. Improved economic conditions in countries of APAC, MEA and Latin America have resulted in growth of purchasing power of the people, which has positively impacted the contact lens market. In APAC, the contact lens market is popular in countries such as China, Japan, India, among others. Japan holds the largest market for contact lenses in the Asia Pacific followed by China in 2016. In addition, the young generations' growing penchant for their appearance has changed the scenario of contact lens market in rural areas of APAC, MEA and LATAM. The improving healthcare facility across the untapped rural markets globally, is also expected to boost the growth of the contact lenses market. Additionally, limited presence of major players across all regions is expected to offer lucrative expansion opportunities for new players to enter in contact lens market.
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Additionally, North America includes U.S. and Rest of North America The region displayed the highest market share in the global contact lens market in 2015. Owing to the increasing number of middle aged and senior ophthalmological patient in this region market is expected to grow considerably throughout the forecast period. In addition, due to the rising young generation's vision problem and their self-conscious about their appearance is further supporting the market. Moreover, the growing variation of contact lens such as daily disposable soft contact lenses (at cheaper cost) makes them more interesting and consumers prefer to wear contact lenses on a regular basis instead of glasses.
The Europe market is segmented into the U.K, Germany, France, Russia, Italy and Rest of Europe. This region is expected to grow consistently over the forecast period as the users are consistently using contact lenses and more and more youth is suffering from eye diseases due to excessive use of digital gadgets such as mobile phones and computers among others. Additionally, increased use of colored contact lenses for fashion and cosmetics purpose is also triggering market growth in this region. Increased use of disposable contact lenses for hygiene purpose is also a major reason for the growth of this market during the forecast period.
The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments. Major market participants profiled in this report Valeant Pharmaceuticals (Québec, Canada), Menicon Group (Nagoya, Japan), Johnson and Johnson (New Jersey, U.S.), Novartis International AG (Basel, Switzerland), The Cooper Companies, Inc. (California, U.S.), SynergEyes Inc. (California, U.S.), STAAR Surgical (Californi, U.S.), Carl Zeiss AG (Oberkochen, Germany), Abbott Medical Optics, Inc. (California, U.S.) and Essilor International S.A. (Charenton-le-Pont, France) among others.
Global Contact Lens Market, by Product Type
Gas Permeable (GP)
Global Contact Lens Market, by Design Type
Global Contact Lens Market, by Technology Type
Global Contact Lens Market, by Geography
Rest of North America
Rest of Europe
Rest of APAC
Rest of Latin America
Middle East and Africa
Rest of Middle East & Africa
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