Between 2018 and 2025, the global contact lenses market is predicted to log at a 4.6% CAGR to earn an US$ 11.9 Bn by the end of the assessment year. In 2017, the global contact lenses market attained a valuation of US$ 8,350 Mn.
According to the report, global sales of close to a 16.7 Bn units was achieved by the contact lenses market in 2017.
Global Contact Lenses Market: Drivers
The rising popularity of advanced contact lenses designed for sporting activities is prophesied to provide tailwinds to the global market. Contact lenses provide a wider field of vision and do not steam up as opposed to eyeglasses. Such useful advantages of contact lenses are expected to increase their adoption in the coming years. The aesthetic factor could also play a decisive part in pushing the demand for contact lenses. Some people give a high preference for contact lenses over eyeglasses.
However, there are some disadvantages of using contact lenses: etching and redness in the eyes, low resistance to dust, etc. If the quality of contact lenses is low, they could cause discomfort to the wearer. Furthermore, the cost of high-quality contact lenses is expensive. In addition, eyeglasses require one-time investment, whereas contact lenses are disposable. Such factors could pose a challenge to the global contact lenses market.
Global Contact Lenses Market: Forecast by Application
By application, the global contact lenses market is classified into cosmetic lenses and lifestyle-oriented lenses, therapeutic lenses, corrective lenses, and others. All of these segments are closely looked into in the report.
Global Contact Lenses Market: Forecast by Type
On the basis of type, the global contact lenses market is categorized into rigid, hybrid, and soft. Each segment is assessed in relation to market share, price, revenue, and other factors.
Global Contact Lenses Market: Forecast by Region
The U.S. holds the largest consumption share of the global contact lenses market. In terms of consumption, it collects a 32% share of the global contact lenses market. By sales value, it secures a 30.5% share of the global contact lenses market. However, as per the findings of the report, it considered to be a relatively concentrated contact lenses market. Four major contact lenses manufacturers account for a whopping 94% share of the U.S. market.
Holding a 21% share of the global sales of contact lenses, Europe treads upon the heels of the U.S. market. Japan is also a significant market for contact lenses which accounts for a 16% share of the global sales.
On the other hand, China could witness market adjustment as it finds itself in a state of chaos due to the uneven quality of products. Nevertheless, the China market is expected to experience some relief owing to breakthroughs in the research and development of contact lenses.
Global Contact Lenses Market: Key Players
The report profiles prominent players of the global contact lenses market, such as Bausch + Lomb, CooperVision, Novartis, Vision Care, and Johnson & Johnson. The research analysts observe the market competition to be quite intense. As the global contact lenses market expands further, there could be more players joining the competition.
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