Contact Lenses Market
Contact Lenses Market Overview:
Global contact lens market growth is due to the growing incidence of optical diseases, increasing inclination to improve aesthetics, and increasing disposable income. As of 2017, age-related macular degeneration AMD ranked third among the worldwide causes of visual deficiency, with the incidence of blindness being 8.7%. It is the main cause of visual impairment in industrialized countries. Additionally, an emerging major cause of visual impairment in developed world areas is uncorrected refractive errors. According to WHOs 2010 evaluation, cataract was liable for 51% of world blindness, representing about 20 million individuals. As life expectancy increases, especially in the worlds developed region, the number of people with cataract is expected to grow. Consequently, cataract is a major cause of low vision in advanced and developing nations. Higher disposable income means higher spending in all areas of personal expense. Increasing disposable income in developed countries is prompting the purchase of low-priority commodities, especially cosmetics. Consequently, increasing disposable income in developed countries is a driver of global contact lens market growth.
Global Contact Lenses Market Scope of the Report:
Contact lenses not only serve the need to ease the use of hard-to-manage and bulky spectacles, but also the added benefit of improving ones esthetic attraction. Increasing developments in the manufacturing of contact lenses over the previous century have resulted to the use of various materials to produce multi-purpose lenses.
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Contact lenses are also used to treat prevalent eye conditions like myopia, hypermetropia, presbyopia, astigmatism, and glaucoma.
Global Contact Lenses Market Key trends: –
Rigid Gas Permeable Contact Lenses Segment is expected to show the fastest growth over the forecast period:
A rigid gas-permeable lens is also known as a RGP lens. It’s a lens made of oxygen-permeable polymers. Theyre porous, allowing oxygen to pass through them. These rigid lenses substitute the corneas natural shape with a fresh refracting surface. These lenses have substituted non-porous polymethyl methacrylate PMMA contact lenses since their advent. These lenses often provide sharper vision, particularly if someone has astigmatism, than smooth and silicone hydrogel contacts. The eyes generally need some time to adapt to these lenses, but after this original adaptation period, most individuals find these lenses as pleasant as hydrogel lenses. Though these lenses have dominated the market earlier, they have lost significant value in the past two decades with market advances in soft lenses. Therefore, they are much more cost-effective and generally last long when properly cared for, as long as you dont need a prescription change. The forecast period may be a driving factor.
North America Captured the Largest Market Share and is Expected to Retain its Dominance:
North America maintains the biggest share in the worldwide contact lens industry, with the US being the biggest contributor to its income. The U.S. is one of the main nations in the contact lens industry, owing to the countrys healthcare equipment and elevated healthcare circumstances. In terms of the contact lens industry, factors such as the existence of geriatric population and incidence of eye diseases and accidents mainly fuel growth. The National Eye Institute estimated that in 2014 over 2.9 million inhabitants were identified with low vision. The number is anticipated to rise further, reaching around 5 million by 2030. In addition, as reported by the U.S. Center for Disease Control and Prevention, about 40.9 million contact lens wearers were aged 18 or older, representing about 16.7% of the U.S. adult population in 2015. This rise is expected to accelerate the country’s contact lens wearer’s growth over the forecast period.
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Global Contact Lenses Market Competitive Landscape:
The worldwide contact lens industry is extremely competitive, with several significant players. Major industry players such as Essilor International SA, Novartis AG, Bausch Health Companies Inc., Zeiss Group, and The Cooper Companies are, in turn, improving the general competitive market rivalry. In this industry, with moderate sustainable competitive advantage through innovative products and low competition between online and offline businesses, mild competitive rivalry is noted.
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