Albany, NY -- (SBWIRE) -- 01/22/2019 -- A fresh business intelligence report compiled at Transparency Market Research (TMR) has detected a moderately consolidated competitive landscape in the global contact lenses market. The major players of the contact lens market, such as Johnson and Johnson, Bausch and Lomb, The Cooper Companies, and Alcona Inc., are well-organized and cater to International demands. While there are quite a few players who operate at regional levels, such as Essilor International S.A., Novartis International AG, and Carl Zeiss AG, the entry barriers of the contact lenses market are quite high owing to the cost of technology.
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And hence, the threat from newer player to eat into the global shares are less. To gain greater shares, the major players are indulging into business expansion via acquisitions, enhancement of product portfolio through research and development activities, and geographical expansion. These strategies not only helps companies to add to their product and technology portfolios but also build customer relationships and incorporate engineering know-how. Acquisitions also enables companies to gain new resources and competencies.
global contact lens market
Global Contact Lenses Market to be worth US$18.70 bn by 2024
As per the projections of the TMR report, the demand in the global contact lenses market will propagate at a formidable CAGR of 7.8% during the forecast period of 2017 to 2024. In terms of revenue, the opportunities in this market are estimated to translate into US$18.70 billion, considerably more than the market's evaluated valuation of US$11.15 billion as of 2017. Technology-wise, the report segments the contact lenses market into spin casting, cast molding, and lathe cutting, whereas on the basis of product type, the market has been bifurcated into gas permeable (GP) and soft lenses. Based on design type, the market has been categorized into multifocal, toric, spherical, and others. Geographically, North America is expected hold onto its position as the region with maximum potential, although Europe and Asia Pacific are also highlighted as highly lucrative regions.
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