Report Ocean has published the latest research report on the Contact lenses market. In order to understand a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that relate specifically to the market under study. Moreover, the Contact lenses The market study demonstrates a detailed examination of the state of the company, which represents creative means for the growth of the company, financial factors such as production value, key regions and growth rate .
The global contact lens market is expected to reach USD 11036.45 Million by 2023 at a CAGR of 5.7% during the assessment period.
A contact lens is a thin lens placed directly on the surface of the eye. The increasing prevalence of visual inaccuracies and eye disorders is one of the major drivers of the contact lens market. The prevalence of various eye disorders, such as myopia, hyperopia and others, is also increasing at an alarming rate all over the world. These eye disorders are associated with a significantly increased risk of visual impairment due to conditions such as high myopia and other diseases.
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According to the World Health Organization (WHO), the prevalence of myopia will be much higher in high-income regions of Asia-Pacific, i.e. in East and South Asia -Is, and is also expected to increase to 24% by 2050. According to the Journal of Ophthalmology, the 2018 National Health and Nutrition Survey (NHANES) reported that the annual direct cost of correcting impairment distance vision due to refractive errors ranged from $3.9 billion to $7.2 billion in the United States.
Contact lenses are now commonly used to correct nearsightedness, farsightedness, astigmatism, and presbyopia. There are also other eye conditions, such as keratoconus and aniseikonia, which are best corrected with contact lenses.
Rising adoption of contact lenses for multiple vision correction detects including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia is propelling the growth of the market. Additionally, technological advancements in the field of contact lenses and growing preference for contact lenses among young adults are expected to contribute to the growth of the market over the forecast period. However, alternative therapies for the correction of refractive errors such as LASIK and PRK and safety issues related to the use of contact lenses may hamper the market growth.
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Depending on the type, the market is segmented into corrective lenses, therapeutic lenses, and cosmetic and lifestyle lenses. The corrective lenses segment accounted for the largest market share in 2017, while the cosmetic and lifestyle lenses segment is expected to be the fastest growing segment with a CAGR of 6.14% during the forecast period.
Based on hardware, The market is segmented into soft silicone hydrogel contact lenses, soft methacrylate hydrogel contact lenses, gas permeable contact lenses, and others. The soft silicone hydrogel contact lens segment accounted for the largest market share of the global contact lens market in 2017 and is expected to register a CAGR of 5.61% during the forecast period.
Based on the design, the market is segmented into spherical, toric, multifocal and others. The spherical segment dominated the global contact lens market, registering USD 4362.85 million in 2017 and is projected to reach USD 6038.36 million by 2023 at the rate of 5.57% during the forecast period.
Based on regions, the market is segmented into Americas, Europe, Asia-Pacific, Middle East and Africa. The Americas dominated the contact lens market. Americas Contact Lens Market was valued at USD 2902.21 Million in 2017 and is projected to reach USD 4071.77 Million by 2023 at a CAGR of 5.81% during the forecast period.
Johnson & Johnson Vision Care, Novartis AG, Cooper, Bausch + Lomb, Neovision Co, Ltd, NEOVISION CO, LTD, Hoya Corporation, Seed Co. Ltd, Menicon Co., Ltd, Bescon Co., Ltd, Oculus Private Limited, CAMAX OPTICAL CORP and St. Shine Optical Co., Ltd.
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> To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the global contact lens market
> Provide insights into factors influencing and affecting market growth
> Provide historical and forecast revenue of market segments and sub-segments with respect to countries
> To provide historical and forecast revenue of market segments based on channels, applications and regions for the global Contact Lenses Market
> Provide strategic profiling of key market players and thoroughly analyze their market share, core competencies and draw a competitive landscape for the market
> To provide economic factors that influence the global contact lens market
> To provide detailed value chain and supply chain analysis of the global contact lens market
> Manufacturers & Suppliers
> Contract Research Organizations (CROs)
> Research and Development (R&D) companies
> Government research laboratories
> Independent research laboratories
> Government and independent regulatory authorities
> Academic institutes and universities
> Americas accounted for the largest market share in the global contact lens market with USD 2902.21 million in 2017 and is projected to reach USD 4071.77 million by 2023 at the fastest CAGR of 5.81%
> Corrective lenses held the largest market share of 43.4% in the global contact lens market, by type, in 2017
> Soft silicone hydrogel contact lenses contributed remarkable market share, recording 66.2% in 2017
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o North America
o South America
o United Kingdom
o Rest of Europe
o Southeast Asia
o Republic of Korea
o Rest of Asia-Pacific
> Middle East & Africa
o Middle East
Associated industry rating
Market Competitive Landscape
Analysis of leading companies
Market analysis and forecast, by product type
Market analysis and forecast, by applications
Market analysis and forecast, by region
Conclusions and Recommendations
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