New York, NY, June 21, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Contact Lenses Market by Product (Soft Lenses, and Hard Lenses), by Design Type (Spherical, Toric, and Cylindrical), By Usage (Corrective, Therapeutic, Cosmetic, and Prosthetic), By Material (Hydrogel, Silicone Hydrogel, and Polymers), and Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, and General Retail Stores) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global contact lenses market was valued at approximately USD 10.91 billion in 2017 and is expected to generate revenue of around USD 17.64 billion by the end of 2024, growing at a CAGR of around 7.10% between 2017 and 2024.
Contact lenses are prescription lenses designed in such a way that they can correct the refractive errors of the eye and maintain the ocular health. They offer an improved vision and a clear peripheral image, unlike the corrective glasses. These are easy to wear and are considered as more comfortable as compared to the glasses. The benefit of using contact lenses is that they can be worn during any climatic conditions or outdoor activities. Aesthetics and cosmetics are the main factors for which people want to avoid wearing glasses and also to change their appearance. Contact lenses are very sensitive and are included among the safest form for vision correction when proper care is taken.
Browse through 88 Tables & 37 Figures spread over 110 Pages and in-depth TOC on "Global Contact Lenses Market Size & Share 2017: Industry Trends, Growth Analysis and Forecast, 2024”.
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By product, the contact lenses market is segmented into soft lenses and hard lenses. The soft lenses segment is expected to dominate the contact lenses market due to better vision & durability, and better oxygen permeability. On the basis of design type, the contact lenses market is segmented into spherical, toric, and cylindrical. The spherical segment is anticipated to dominate the contact lenses market in the forecast period. The usage segment is divided into corrective, therapeutic, cosmetic, and prosthetic. Corrective lenses segment is expected to dominate the market due to its high comfort and the increasing shift of population from spectacles to lenses for improved lifestyle and its high comfort. On the basis of material, the contact lenses market is segmented into the hydrogel, silicone hydrogel, and polymers. Silicone hydrogel segment is expected to dominate the contact lenses market in the forecast period. Visual acuity, simple to fit, and high initial and comfort, are expected to drive the growth of this segment. The distribution channel segment is further segmented into optical stores, independent brand stores, online stores, and general retail stores. Different services provided by optical stores are expected to drive the demand of optical stores segment.
North America is anticipated to dominate the global contact lenses market within the forecast period. In 2017, North America accounted for approximately 45% of the total global market revenue. The increasing number of middle-aged population and senior ophthalmological patients count in North America is expected to drive the growth of contact lenses market in this region. The rise in young generation’s vision problem, rise in health awareness for eye care, and their self-consciousness for appearance are also expected to drive the growth of contact lenses market in North America. As major key players are located in North America, with the development of new products by them, there is an increase in the revenue of the contact lenses market in this region.
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Europe is expected to grow at a significant growth rate within the forecast period. Growing prevalence of eye-related diseases increased adoption of contact lenses, and growing awareness about eye-related diseases is expected to drive the contact lenses market in Europe. Also, the increase in geriatric population which is more prone to eye diseases is expected to drive the growth of the contact lenses market in this region. The use of contact lenses in place of spectacles by the population for their appearance is also anticipated to increase the growth of the contact lenses market on this region.
Asia Pacific is expected to grow with the highest CAGR over the forecast period in the global contact lenses market. Increase in the disposable income, the rise in popularity of the product, the introduction of new products, the presence of branded retail outlets, and growth in online sales are the factors which are anticipated to drive the growth of the market in this region. Also, increase in the number of youngsters drawn towards cosmetic lenses to enhance appearance and lifestyle is also spurring the demand for the contact lenses market in this region. The rising awareness about the eye health is expected to drive the growth of the market.
Browse the full "Contact Lenses Market by Product (Soft Lenses and Hard Lenses), by Design Type (Spherical, Toric, and Cylindrical), By Usage (Corrective, Therapeutic, Cosmetic, and Prosthetic), By Material (Hydrogel, Silicone Hydrogel and Polymers), and Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, and General Retail Stores) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/contact-lenses-market
The Middle East and Africa and Latin America are expected to witness the least growth among all regions within the forecast period. Increase in the number of ophthalmological patients, change in lifestyle, increase in disposable income, and adaption of western culture is expected to drive the growth of contact lenses market in this region.
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The key players in the global contact lenses market are Johnson & Johnson Services Inc., Bausch & Lomb Incorporated, CooperVision Inc., CIBA Vision, Carl Zeiss AG, Valeant Pharmaceuticals, Novartis International AG, Abbott Medical Optics, Essilor International S.A., and SynergEyes Inc. The players, in the contact lenses market, are involved in the technological advancement of contact lenses to make them user-friendly.
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This report segments the global contact lenses market as follows:
Global Contact Lenses Market: Product Segment Analysis
- Soft Lenses
- Hard Lenses
Global Contact Lenses Market: Design Type Segment Analysis
- Spherical
- Toric
- Cylindrical
Global Contact Lenses Market: Usage Segment Analysis
- Corrective
- Therapeutic
- Cosmetic
- Prosthetic
Global Contact Lenses Market: Material Segment Analysis
- Hydrogel
- Silicone Hydrogel
- Polymers
Global Contact Lenses Market: Distribution Channel Segment Analysis
- Optical Stores
- Independent Brand Showrooms
- Online Sales
- General Retail Stores
Global Contact Lenses Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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