Contact Lenses Market (Technology - Spin Casting, Cast Molding, and Lathe Cutting; Product - Soft Lens and Gas Permeable (GP) Lens; Design - Spherical, Toric, Multifocal, and Others): Global Industry Analysis, Trends, Market Size and Forecasts to 2024. According to the report, the global contact lenses market is projected to grow at a CAGR of 7.5% over the forecast period of 2018-2024.
Pune, India -- (SBWIRE) -- 04/23/2019 -- The latest report has been added to the wide database of Contact Lenses Market by Infinium Global Research. This report studies the contact lenses market by technology (spin casting, cast molding, lathe cutting), product (soft, gas permeable (GP) lens), design (spherical, toric, multifocal) market status and outlook of global and major regions, from manufacturers, and end industries. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. contact lenses market provides opportunities in micro markets for stakeholders to invest along with the detailed analysis of the competitive landscape, latest trends, and product offerings of the major companies in the contact lenses market.
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Asia Pacific Region to Contribute to Growth in the Global Contact Lenses Market over the Next 6 Years
North America has accounted to be the leading region in the contact lens market. The U.S accounts for the major share in the North America contact lenses market owing to factors such as growing vision problem among young generation and enhancement of aesthetic appearance. Contact lenses are essentially important in sports and driving, these are essentially favorite among athletes as it does not provide any obstruction. Also, rising health awareness for better eye care and increasing geriatric population, are a further supportive factor for the market in the North America region. Europe and Asia Pacific are the second and third prominent region in this market. Increasing disposable income along with economic growth is the key factor providing growth opportunities in the Asia Pacific region.in addition, developing countries such as India and Middle East countries is projected to open new avenues for regional industry growth.
Research and Development Activities and Rising Disposable Income to Promote Growth in the Contact Lenses Market Over 2018 to 2024
The growing number of ophthalmological disorders among patients is one of the main factors which is driving the growth of the contact lenses market. In addition, the rapidly increasing population in order to increase the Aesthetics and cosmetics appearance among the youngster are fueling the demand for contact lens. Moreover, research and development activities, improving healthcare infrastructure and rising disposable income over the globe are expected to trigger the adoption of the contact lenses. Increasing occurrence of eye-related disorder such as hyperopia, astigmatism, and myopia likely to have a positive impact on the contact lenses market. However, use of contact lenses causes eye related risk such as corneal ulcers, eye infection and increasing acceptance of corrective procedures like LASIK are restraining the growth of contact lenses market. Going further, the technical advancement such as electronic contact lens (ECLs) is anticipated to provide growth opportunities for the contact lens market over the forecast period.
The leading players in the contact lenses market are Johnson and Johnson, Bausch and Lomb, Essilor International S.A., Alcona Inc., Novartis International AG, Carl Zeiss AG, The Cooper Companies.
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Mergers And Acquisitions to Remain Key Expansion Strategies of the Leading Players in the Contact Lenses Market between 2018-2024
"Bausch + Lomb partners with Tangible Science for custom contact lens coating"
In July 2018, Bausch + Lomb has entered into a worldwide licensing agreement with Tangible Science to offer the Tangible Hydra-PEG advanced contact lens coating technology on several of its Boston gas-permeable materials and scleral lenses.
"Bausch + Lomb offers high power cylinder in Ultra for Astigmatism"
In July 2018, Bausch + Lomb announced the availability of Ultra for Astigmatism contact lenses with a cylinder power of -2.75 D.
"Torrent completes acquisition of Novartis brands"
Torrent Group announced the acquisition of two leading women's healthcare brands from global pharma giant NovartisNSE AG in the niche therapy segment.