October 09, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Contact Lenses Market Growth 2019-2024’, the worldwide contact lenses market is anticipated to amass US $10900 million by the year 2024.
Contact lenses are lightweight corrective devices that are generally placed directly over the cornea of the eye. They can either be therapeutic or cosmetic. Contact lenses benefit the wearers by aiding practicality and enhancing appearance. Most of the people choose contact lenses over eyeglasses as they offer a wide field vision, do not steam up, and are more appropriate for many sport activities. Increasing research & development activities, coupled with advancements in vision technology, and rising screen time leading to vision disorders are the major drivers influencing the contact lenses market growth.
According to the report, contact lenses market was worth US $8350 million in 2019 and is projected to grow with a CAGR of 4.6% by the year 2024. Furthermore, the report offers a comprehensive insight about market growth, trends, drivers, challenges, and opportunities impacting the industrial growth.
The worldwide contact lenses market is analysed on the basis of application spectrum, type and regional landscape. Speaking of the application spectrum, the market is segmented as therapeutic lenses, corrective lenses, lifestyle-oriented lenses & cosmetic lenses, and others. While considering the type, the market is fragmented as hybrid contact lenses, soft contact lenses and rigid contact lenses.
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Based on the regional landscape, contact lenses market is bifurcated into four major regions; Europe comprises of UK, Russia, France, Italy, Spain, and Germany; the U.S, Brazil, Canada, Mexico, and Brazil fall under Americas; India, Japan, China, Australia, Southeast Asia, and Korea come under Asia Pacific; and Egypt, Israel, South Africa, Turkey, and GCC countries fall under Middle East & Africa region. Furthermore, the United States dominated the contact lenses market with 32% consumption share in 2019, whereas Europe acquired 21% sales share during the same year.
The prominent companies operating in contact lenses market include OVCTEK, Novartis, Hoya Corp, Cooper Vision, Camax, Bausch + Lomb, Oculus, St. Shine Optical, Clearlab, Menicon, NEO Vision, Hydron, Bescon, Seed and Weicon.