Market outlook of the global contact lens market
The global contact lens market is expected to grow steadily at a CAGR of around 10% during the forecast period. While the Americas have been dominating the global market since 2014, however, APAC is predicted to be the fastest-growing region in the market. Europe, which previously held the second highest position in the market is expected to witness a decline in market share due to product saturation.
The contact lens market is also seeing constant innovations based on new technology. For instance, Alcon, Novartis's contact lens manufacturing division, is in talks to license Google’s smart lens technology. This technology can be embedded in contact lenses along with sensors to help read a patient's glucose level. This information could then be transmitted wirelessly to the patient's mobile device for the convenience of both the patients and the doctors.
Leading vendors in the contact lens market
The top vendors in the market are: -
Bausch & Lomb
Johnson & Johnson
Other prominent vendors in the market are All Pro Intraocular Lens, Allied Medical, Blanchard, Carl Zeiss, Conforma, Contamac U.S., Eagle Optics, GKB, Hoya, Hydrogel Vision, Iridex, Medennium, Medicure Instruments, Nidek, Synergeyes, Wesley Jessen, and X-CEL Contacts.
Segmentation of the global contact lens market by product
Soft contact lens
The global contact lens market is dominated by the soft contact lenses segment, followed by RGP lenses and hybrid contact lenses, and this trend is expected to continue during the forecast period.
Segmentation of the global contact lens market by design
Spherical contact lens
Toric contact lens
Multifocal contact lens
Spherical lenses are used to correct myopia or hyperopia and oldest and most convenient contact lenses in use. They occupy the largest share of this segment at around 72%, followed by toric and multifocal contact lens.
Segmentation of the global contact lens market by usage
The global corrective lens market is predicted to reach nearly $7 billion by 2019. The growing occurrence of vision disorders globally along with a growth in the number of people opting for contact lenses over glasses have been the major drivers for the growth of this market. Technavio’s analysts predict that while the three segments would witness a steady growth during the forecast period, the cosmetic contact lens market would see the fastest growth among them.
Segmentation of the global contact lens market by geography
The Americas has the largest revenue share in the global market of around 36%, followed by Europe and APAC. The report predicts that by the end of the forecast period, APAC would emerge as the fastest growing region, with countries like China and India being the major markets in this region. Nearly 75% of the population in Asia suffer from some form of myopia or hyperopia and require corrective lenses.
Other sections of the report include an analysis of the following
Key drivers, challenges, trends and their impact on the global contact lens market
Five forces analysis of the contact lens market
Market challenges for the global contact lens market
Detailed vendor analysis including key offerings
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