The global contact lenses market has the potential to grow by USD 4.55 billion during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period.
Market Competitive Analysis
The market is fragmented, and the degree of fragmentation will decrease during the forecast period. Market vendors are increasingly focusing on strategic partnerships and acquisitions to strengthen their technological competence and expand their product portfolio and geographic reach. Bausch Health Companies Inc., BenQ Materials Corp., and Contamac Ltd. are some of the major market participants. Although the accelerating growth momentum will offer immense growth opportunities, the safety concerns associated with the use of contact lenses will challenge the growth of the market participants. To increase their contact lenses market share, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this contact lenses market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this contact lenses market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
Download the free sample report @ http://bit.ly/37jRV0t
Contact Lenses Market: Key Drivers and Trends
The rising adoption of daily disposable contact lenses will be a significant factor in driving the growth of the contact lenses market. The use of contact lenses for prolonged periods may lead to the formation of deposits of proteins, calcium and lipids found naturally in tears, thereby making the lenses uncomfortable to wear and increasing the risk of eye infection. Hence, eye care professionals (ECPs) are increasingly recommending daily disposable contact lenses that are single-use and removed and discarded after using for a day, especially to patients who are prone to allergies. Daily disposable contact lenses are sustainable and convenient to use, as they do not have any maintenance, storage, and cleaning needs. These type of contact lenses are also known to have a lower rate of corneal infiltrative events than reusable lenses. The rising demand for daily disposable lenses will encourage vendors to launch new products and consequently fuel the growth of the contact lenses market.
Significant research and development activities have enabled the development of advanced products such as telescopic contact lenses, brightness/light controlling lenses, 3D-printed contact lenses, augmented reality contact lenses, health and glucose monitoring lenses, and other custom lenses.The innovative design of KeraSoft IC, a silicone hydrogel lens, provides comfort and significant visual acuity to people with keratoconus and other irregular corneas. ZEISS International uses its proprietary PhotoFusion technology to add various colors to its self-tinting lenses.Several vendors are offering smart contact lenses with added functionality.The increasing adoption of advanced technologies, which is one of the critical contact lenses market trends, will positively influence the growth of the market throughout the next five years.During 2020-2024, the contact lenses market will grow at a CAGR of over 6%.
Comments