Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
"The Demand for Contact Lenses Was valued At US$ ~9 Bn In 2019. It Is Projected to Witness a CAGR of 8.7% during the Forecast Period (2019-2028)"
Contact Lenses market is evolving on the back of increasing incidence of myopia, primarily on the young population, and is creating a momentous demand for contact lenses for vision correction. Additionally, revolutionary developments including drug-eluting lenses that address a potentially wide range of vision and eye defects are creating more opportunities in the contact lens market. Furthermore, factors including rapid urbanization, aging population and increasing prevalence of diabetes are expected to further fuel the market growth. The desire of customers for premium products also aids organizations to capitalize on R&D activities to create smart lenses. Increasing disposable incomes and a rise in the standard of living allows the young generation to wear contact lenses. Rising investments in the logistics & warehouses sector together with the expansion in the overall e-commerce industry is also expected to boost the market demand during the forecast period.
The increasing trend to wear contact lenses among youth in order to improve the aesthetic appearance is fuelling the growth of the market. Technological advancements in contact lenses have increased the adoption of contact lenses. Increasing demand for daily disposable contact lenses is expected to create potential growth opportunities for the market.
The global contact lenses market on the basis of product type segment is bifurcated into soft lenses (Daily Wear, and Extended Wear), and gas permeable. The geography segment is categorized into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
By design type, the toric lens is expected to witness the highest growth in the contact lenses market across the globe. It is expected to hold XX% of the total market.
On the basis of design type, the contact lenses market is further segmented into a spherical lens, toric lens, multifocal lens, and others. The multifocal lens segment is expected to grow at a moderate rate during the forecast period. This can be associated with the ability of these lenses to accommodate multiple prescriptions. Various kinds of ophthalmic disorders such as presbyopia are primarily treated with these. This offers a variety of advantages for consumers who need to integrate multiple medications into one single lens, such as increased visual acuity.
In 2018, the Spherical lens segment is expected to dominate the overall market accounting for over 65% of total market share. Toric lenses are primarily used to correct problems of astigmatism that result from a difference in corneal curvature. The growth in the demand for toric lenses is projected to grow significantly throughout the forecast period.
By wear type, a reusable segment is estimated to witness high sales in contact lenses market
In 2019, the overall sales of reusable segment registered sales of more than 70 million units and account for more than 50% of global market share. It is expected to dominate the market throughout the forecast period. This growth can be associated with the proliferating demand for reusable lenses, especially in developing nations. In contrast, the disposable segment will register the fastest growth during the forecast period and is expected to take the lead by the end of the forecast period. Owing to the increased investment in R&D of innovative products and new launches in the market. R&D of advanced disposable contact lenses is expected to augment the rate of adoption of these lenses in the future.
North America region dominates the overall contact lenses market in terms of revenue share.
North America region dominates the contact lenses market and accounts for approximately 33% of the market revenue of the global contact lens sales. This is due to the presence of a large number of manufacturers in the region including Pure Vision and Biofinity among others. In addition, technological advancements in a contact lens are expected to further fuel the growth of the market in the region. The market is expected to register a CAGR of XX% during the forecast period.
On the contrary, the Asia Pacific region is estimated to take the lead over the forecast period. This growth can be associated with the rising sales of reusable contact lenses in the region, especially in developing countries such as China, Japan, and South Korea among others.
Bausch Health Companies Inc (Bausch + Lomb, Inc.), Blanchard Contact Lenses, Carl Zeiss Beteiligungs-GmbH, Conforma Laboratories, Inc., Contamac, CooperVision, ESSILORLUXOTTICA (Essilor International S.A), Hoya Corporation, Johnson & Johnson (Johnson and Johnson Vision Care), Menicon, Novartis AG, SynergEyes, Inc., and UltraVision CLPL are few of the key players in the global contact lenses market.
Segmentation of Global Contact Lenses Market:
Contact Lenses Market by Product Type:
- Soft Lenses
- Daily Wear
- Extended Wear
- Gas Permeable
Contact Lenses Market by Design Type:
Contact Lenses Market by Wear Type:
Contact Lenses Market by Sales Channel:
- Company website
- Exclusive Store
- Multi-brand Store
Contact Lenses Market by Region:
- North America
- South America
- Middle East & Africa