Contact lenses are products that are deployed to correct vision. Available in both hard and soft types, contact lenses have been deployed by various population sections in the last decade, but a particular surge in product demand has been witnessed among sports athletes, who have deployed contact lenses during on-field activities in a bid to attain greater clarity in their vision.
Rising population sections suffering from different eye disorders has emerged as key growth driver for global contact lenses market.
One of the disorders which have gained prevalence among patients across population sections is short-sightedness. As a result, the demand for contact lenses has witnessed an exponential rise which has create revenue-generating opportunities for several leading players in contact lenses market.
The global contact lenses market is expected to grow at a compound annual growth rate (CAGR) of 5.6% during the forecast period between 2021 and 2031. The global market valuation is estimated to reach US$14.5Bn at the end of the forecast period.
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Increasing Need to Attain Obstruction-free Vision Propels Contact Lenses Market
Growing need to replace wearing spectacles with contact lenses in a bid to attain a natural view free of obstructions as well as improve aesthetics have also fueled product demand and triggered market growth worldwide.
Innovations to existing contact lenses with the deployment of novel materials has increased product demand and stimulated growth in overall market.
Increasing demand for soft contact lenses owing to their flexible nature and greater comfort levels has helped drive the growth in global contact lenses market.
Growing Aging Population Globally Boosts Contact Lenses Demand
Other factors such as surge in elderly population worldwide and rising disposable income among different population sections have also contributed to growth in overall contact lenses market.
While offline distribution channels have emerged as major contributors to market growth, it is anticipated that online distribution channels such as e-commerce websites will contribute substantially to market growth in future.
Reusable contact lenses made the largest contribution, in terms of revenue, to overall market because of increasing patient population suffering from refractive errors in prominent countries worldwide.
North America Emerges as Maximum Revenue-generating Region in Global Contact Lenses Market
Surge in patient population suffering from different eye disorders and increasing awareness among patients concerning vision correction treatment in countries such as US and Canada has helped North America emerge as leader in global contact lenses market.
Asia Pacific is expected to emerge as dominant region in overall contact lenses market in the years ahead because of rising prevalence of patients suffering from short-sightedness in different age groups in both developed and developing economies in countries such as China and India.
Leading players could establish contact lenses production units in Asia Pacific countries owing to ease of availability of key resources such as land and labor, which could assist market growth in the region.
Novel product launches could be key revenue-generating, growth strategy for leading players in overall contact lenses market and help gain a competitive edge over other players.
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Prominent Player Presence Intensifies Competition in Overall Contact Lenses Market
Presence of several well-established market players has meant competition in global contact lenses market is intense. Some of these players include Carl Zeiss Meditec AG, Alcon, Johnson and Johnson Vision Care, and Hoya Corporation. Emergence of novel market players could further increase competition in global market.
Research and development activities to produce improved quality of products could be key, revenue-generating growth strategy for prominent market players, in the years ahead.
Well-established contact lenses market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.
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