Eye glasses and Contact Lenses Market in APAC to Worth Over $22 Billion by 2023
Arizton’s recent market research report on the eye glasses and contact lenses market identifies Cooper Vision, Essilor International SA, Novartis AG, Luxottica Group S.p.A, and Johnson & Johnson as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by product type (eyeglasses, contact lens, intraocular lens, and others), distribution channels (retail stores, hospitals and clinics, and online stores), and geography (APAC, Europe, Latin America, MEA, and North America).
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The eye glasses and contact lenses market is divided into three major segments including product type, distribution channels, and geography.
APAC to grow at the fastest CAGR in the eye glasses and contact lenses market during the forecast period
The eye glasses and contact lenses market by geography is divided into APAC, Europe, Latin America, MEA, and North America.
APAC is the fastest growing region in the eye glasses and contact lenses market at a CAGR of 4.02% and is expected to reach revenue of $22.37 billion during the forecast period.
Countries such as China, Japan, India, and Australia together accounted for approximately 75% of the total eye glasses and contact lenses market share in APAC in 2017. The dynamic shift in demographics and growing demand for the consumption of medical devices including eye glasses and contact lenses is propelling the growth of the global market. The increasing number of initiatives undertaken by public and private organizations has resulted in increased investment in R&D in the healthcare sector, thereby fueling the development of the eye glasses and contact lenses market. Further, the introduction of progressive government policies and free trade economies is creating new opportunities for business expansion for vendors in the global eye glasses and contact lenses market over the next few years.
Check our latest report on - Contact Lenses Market - Global Outlook and Forecast 2020-2025
Contact lens segment to grow at a considerable CAGR in the eye glasses and contact lenses market during forecast period
The product segment in the eye glasses and contact lenses market is classified into eyeglasses, contact lens, intraocular lens, and others.
The contact lens segment is the second largest segment in eye glasses and contact lenses market and is expected to reach over $8 billion, growing at a CAGR of 5.04% during the forecast period.
The contact lens segment is further divided by usage (single day usage, weekly usage, and monthly usage) and design (spherical contact lens, toric contact lens, and multi-focal contact lens). The growing demand for daily or single-use contact lens is driving the growth of this market segment in the global eye glasses and contact lenses market. Moreover, the increasing investment on technological innovations to ensure comfort, improve vision, right price points, and avoid unwanted side-effect will create new opportunities for vendors in this market segment and propel the growth of the eye glasses and contact lenses market during the forecast period.
Online stores segment to grow at a significant CAGR in the eye glasses and contact lenses market during forecast period
The eye glasses and contact lenses market by distribution channel is categorized into retail stores, hospitals and clinics, and online stores.
The online stores segment is the fastest growing distribution segment in the global eye glasses and contact lenses market, growing at a CAGR of 7.50% and generating revenue of $5.71 billion during the forecast period.
The rise in the number of standalone web portals for retailers and the emergence of marketplaces for optical services and products are propelling the growth of this market segment in the eye glasses and contact lenses market. The integration of virtual reality and 3D mapping is enabling online stores and websites to offer personalized experience and enable easy decision-making processes for buyers. Such innovations and superior services will help the online store segment to occupy a higher market share in the global eye glasses and contact lenses market during the forecast period.
Seiko Optical Products Co., Ltd, Bausch & Lomb, Hoya Corp., Menicon Co., Ltd, Rodenstock GmbH, SynergEyes, CARL ZEISS AG, and Fielmann AG are the other prominent vendors in the eye glasses and contact lenses market.
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The complete overview of the latest market research report on the eye glasses and contact lenses market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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