The vast rise in the world’s population that suffers from a variety of ophthalmic disorders has emerged as the primary growth driver of the global contact lens market lately. The rise in younger population with issues such as refractory errors and weakened eyesight have especially increased the global consumption of contact lenses, which are being increasingly preferred for their comfort, convenience, and aesthetics. The easy availability of colored, disposable, and affordable varieties of contact lenses have also led to the vast rise in their usage as fashion accessories globally. Attempts made by contact lens manufacturers to educate masses about the proper and safe use of contact lenses and the availability of vast product varieties across distant corners of the globe have also helped stimulate the growth of the global contact lens market in the past few years.
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As per current trend, wearing glasses on a regular basis is a discomfort arena for most of the users especially in developed nations. Also, wearing glass is considered as old fashioned among moderate users and especially youth in between age group of 10 to 30. Contact lenses are a great alternative for glasses and consumers are inclining towards it due to the comfort and convenience it provides of not wearing traditional glasses. The variety of options available such as daily disposable soft contact lenses makes them more interesting and consumers prefer to wear contact lenses on a regular basis instead of glasses. Due to all these factors, this driver is expected to impact the market moderately and will remain a major driver as per its advantage.
Contact lenses are gaining importance among different age groups globally. The major reasons for this growth are the general eye disorders and advancement in medical sciences to deal with ophthalmological diseases. Currently, children are being prescribed by doctors for using contact lenses, whose are born with congenital eye disorders. In addition, pre-teens and teens often want to wearing contact lenses as they become more self-conscious about their appearance. Furthermore, the usage of contact lenses by young adults is also increasing globally, owing to the factors such as avoiding the inconvenience of replacing and repairing eyeglass frames during outdoor activities and sports.
In addition, increasing awareness regarding the handling and safe usage of contact lens is also penetrating the market. Many governments across the world are taking several initiatives to reduce the manufactures of harmful contact lens or local unsafe contact lenses. Governments in countries such as the U.S., Japan, China, and countries in the European Union had created stringent laws regarding medical conservation, there preventing the sale of contact lenses in beauty parlors, convenience stores, flea markets or other non-optical outlets. Other developing countries in the APAC region such as India and Hong Kong have also implemented this law.
By design, the market is segmented into spherical, toric, multifocal and others. Moreover, the report also provides cross sectional analysis of all the above segments across different countries within different regions such North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America includes the U.S. and Rest of North America. Europe includes U.K., Germany, France, Russia, Italy and Rest of Europe. Asia Pacific includes country such as India, China, Japan and Rest of APAC. In addition, Latin America comprise of countries such as Brazil and Rest of Latin America. Middle East and Africa includes country such as GCC, South Africa and Rest of Middle East and Africa.
Geographically, the Asia Pacific contact lens market is predicted to experience the fastest growth from 2016 to 2024 in global contact lens market. The increasing variation of contact lens such as daily disposable soft contact lenses (at cheaper cost) makes them more interesting and consumers prefer to wear contact lenses on a regular basis instead of glasses. This factor is enhancing the Asia Pacific contact lens market. In order to get a better understanding of the contact lens market, a key trends analysis has been included for all the segments. In addition, the key players in the market have also been profiled in terms of their product segments, financial overview, recent developments and business strategies adopted by them.
The leading players in the market include Valeant Pharmaceuticals (Québec, Canada), Menicon Group (Nagoya, Japan), Johnson and Johnson (New Jersey, U.S.), Novartis International AG (Basel, Switzerland), The Cooper Companies, Inc. (California, U.S.), SynergEyes Inc. (California, U.S.), STAAR Surgical (California, U.S.), Carl Zeiss AG (Oberkochen, Germany), Abbott Medical Optics, Inc. (California, U.S.) and Essilor International S.A. (Charenton-le-Pont, France) among others.
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