Dublin, April 19, 2018 (GLOBE NEWSWIRE) -- The "Contact Lenses Market - Global Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.

The global contact lenses market is anticipated to generate revenues of more than $13 billion by 2023 and expected to grow at a CAGR of over 5% during the forecast period.

Contact Lenses Market Overview

The growing adoption of lenses for restoring multiple vision dysfunctions including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia will promote the growth of the global contact lenses market. The use of lenses offers varied medical and lifestyle-related benefits. Some of the therapeutic benefits of using lenses are corneal protection, for post-surgical conditions, and for corneal pain relief and healing.

The growing focus on aesthetic look and popularity of colored contact lensesin the fashion industry will boost the demand for these eye glasses and contact lenses products. The introduction of daily disposable lenses that offer multiple advantages will create new business opportunities for the vendors. The advent of low-cost manufacturing techniques and the introduction of innovative novel silicone hydrogel-based polymers will revolutionize the market.

The introduction of lenses with minimal or no risk of adverse effects and no requirement for lens care solutions is boosting the demand for vision care products. The use of innovative technology to offer advanced features that provide best visual acuity and optical comfort will have a positive impact on the market growth.

Contact Lenses Market Dynamics

The growing preference for disposability and reduce usage cycles is boosting the market for daily usage lenses. The emerging fashion trends, pollution and varied intensity of usage, attractive price points, and buyback schemes, and launch of new product portfolios with value-added offerings are some of these reasons augmenting the growth of the global contact lenses market. Daily disposables offer the convenience of easy clean-up and no storage.

The growing popularity of color variants for different occasions is further boosting the demand for daily or bi-weekly/monthly lenses. Such demand trends will encourage the leading companies to launch innovative product portfolios such as bifocal contact lens or multifocal contact lens to attract new consumers and expand their businesses to new and emerging geographies.

Contact Lenses Market Segmentation

This market research report includes a detailed segmentation of the market by usage, design, application, distribution channel, and geography.

Contact Lenses Market - By Design

Spherical contact lenses are the most predominantly used lenses.

Spherical contact lens is largest design segment in the contact lenses market occupying more than 73% of total market share in 2017 and are projected to grow at a CAGR of close to 5% during the forecast period. The rising number of vision corrective disorders such as myopia and hyperopia and the growing preferability for contact lens is driving the growth. The leading players in the global market are offering a wide variety of spherical lenses which features specialized technologies that improve optical comfort along with the provision of vision correction.

Contact Lenses Market - By Geography

North America occupies the largest market share.

North America dominated the global market accounting for around 36% of the total market share in 2017 and is anticipated to grow at a CAGR of close to 6% during the forecast period. The US accounts for more than 90% of the total sales in North America. Factors such as well-established healthcare infrastructure, better access to vision care services, adequate reimbursement services, high affordability to cosmetic contact lens, and significantly high population density are driving the market in North America. The leading vendors in North America are offering a wide range of contact lens through various distribution channels such online and retail to gain a larger contact lenses market share during the forecast period.

Key Vendor Analysis

The global contact lenses market has a very limited number of major players that occupy the predominant market share. The market is oligopolistic in nature and has created a strong entry barrier for new players. The leading players are offering varied contact lens products with advanced features, launching innovative products, and using product manufacturing technologies to sustain the competition in the contact lenses market. The vendors are also introducing product features by leveraging advanced technology to gain a competitive edge and strengthen market competitiveness. Moreover, the increasing focus to enhance geographical outreach across various regions will propel the growth of the global market during the forecast period.

The major vendors in the global market are:

  • CooperVision Inc
  • Novartis
  • Johnson & Johnson
  • Bausch & Lomb Incorporated

Other prominent vendors include:

  • CARL ZEISS
  • Contamac Holdings Limited
  • Essilor International SA
  • Hoya Corp.
  • Menicon Co. Ltd
  • Sensimed AG
  • SynergEyes
  • UltraVision
  • Ginko International Co. Ltd
  • St. Shine Optical Co. Ltd.

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Inclusions
5.3 Exclusions
5.4 Currency Conversion
5.5 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview of Vision Function and Impairment
7.2 GLOBAL Visual Impairments BY Cause

8 Overview of Eye Disorders Requiring Contact Lens Intervention
8.1 Myopia
8.1.1 Symptoms
8.1.2 Treatment Alternatives
8.2 Hypermetropia
8.2.1 Symptoms
8.2.2 Treatment Alternatives
8.3 Astigmatism
8.3.1 Symptoms
8.3.2 Treatment Alternatives
8.4 APHAKIA
8.4.1 Symptoms
8.4.2 Treatment Options
8.5 Keratoconus
8.5.1 Symptoms
8.5.2 Treatment Alternatives
8.6 Glaucoma
8.6.1 Symptoms
8.6.2 Treatment Alternatives
8.7 Epidemiology

9 History of Contact Lenses

10 Market Dynamics
10.1 Market Growth Enablers
10.1.1 Increasing Aging Population and Age-related Eye Disorders
10.1.2 Growing CVS and increasing Exposure to Digital Content
10.1.3 Increasing Preference for Daily Disposable Contact Lenses
10.1.4 Widening Usage Scope with Advent of New Generation Contacts
10.2 Market Growth Restraints
10.2.1 Rise in LASIK Procedures for Vision Correction
10.2.2 Low Accessibility, Affordability and Financial Exclusion for Large Patient Pool
10.2.3 Associated Risks of Contact Lenses Usage
10.3 Market Opportunities & Trends
10.3.1 Product Innovations and Advent of Smart Contact Lenses
10.3.2 Rise of E-commerce as Preferred Distribution Channel
10.3.3 Increase in Strategic Agreements and Consolidations
10.3.4 Shrinking Usage Cycles and Preference for Disposability

11 Value Chain Analysis
11.1 Value Chain Overview

12 Global Contact Lenses Market
12.1 Market Size & Forecast
12.2 Porter's Five Forces Analysis

13 Market by Application Type
13.1 Market Overview
13.2 Corrective Contact Lenses
13.3 Therapeutic Contact Lenses
13.4 Cosmetic and Life-style Oriented Contact Lenses

14 Market By Design Type
14.1 Market Overview
14.2 Spherical Contact Lens
14.3 Toric Contact Lens
14.4 Multi-focal Contact Lens

15 Market by Usage Type
15.1 Market Overview
15.2 Daily Use Contact Lens
15.3 Weekly Use Contact Lens
15.4 Bi-weekly/Monthly Use Contact Lens

16 Market By Distribution Channels
16.1 Market Overview
16.2 Retail Stores
16.3 Clinics and Hospitals
16.4 Online Stores

17 Market by Geography

For more information about this report visit https://www.researchandmarkets.com/research/8j76nh/global_contact?w=12

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Related Topics: Optical , Eye Care and Eyewear