Contact Lenses Market in APAC to Worth Over $4 Billion by 2023

Feb 06, 2018

The global contact lenses market is projected to reach revenues of more than $13 billion and is anticipated to grow at a CAGR of over 5% during the forecast period.

Arizton’s recent market research report on the global contact lenses market identifies CooperVision Inc, Novartis, Johnson & Johnson, and Bausch & Lomb Incorporated as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation by usage (daily use, weekly use, and bi-weekly/monthly use contact lenses), by design (spherical contact lens, toric contact lens, and multifocal contact lens), by application (corrective lenses, therapeutic contact lenses, and cosmetic and lifestyle-related lenses), by distribution channel (retail store, hospitals & clinics, and online stores), and by geography (North America, Europe, APAC, Latin America, and MEA).

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The global contact lenses market is divided into five major segments that include by usage, design, application, distribution channel, and geography. The top three market segments are discussed in detail below:

APAC to grow at the fastest CAGR in contact lenses market during the forecast period

The contact lenses market by geography is segmented into North America, Europe, APAC, Latin America, and MEA.

APAC is a fastest growing region in the global market at a CAGR of close to 6% and is projected to generate revenues of more than $4 billion during the forecast period. Countries such as Japan, China, India, and Australia are highest revenue generators in the contact lenses market in APAC.

The increasing investments in R&D in healthcare promoting vision care services and government policies to promote free trade policies are enabling better availability and access to pharmaceutical and medical devices and treatment in the region. The growing awareness about eye health will create lucrative opportunities for leading vendors in the market in the APAC region. The dominance of e-commerce distribution channels and increasing number of eye care clinics will drive the demand for contact lenses in APAC.

Multifocal lens to grow at an impressive CAGR in contact lenses market during the forecast period

The design type segment in the global contact lenses market is classified into a spherical contact lens, toric contact lens, and multifocal contact lens.

The multifocal lens is the fastest growing design segment in the global market at a CAGR of over 7% and expected to generate revenues of close to $2 billion during the forecast period.

The introduction of multifocal contact lenses to provide crystal clear vision at all distances for individuals who suffer from refractive errors is gaining popularity in the global market. The launch of hybrid multifocal contact lenses will revolutionize the global contact lenses market. The leading vendors are offering innovations in multifocal designs made from silicone hydrogel materials that offer multiple benefits to the end-user and promote the use of this product in the market. Some of the features of these advanced multifocal contact lenses are high oxygen transmissibility, high water content, and a low modulus which offers high optimal comfort and convenience.

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Daily usage contact lenses to occupy the largest market share in contact lenses market during the forecast period

The contact lenses market by usage is segmented into daily use contact lenses, weekly use contact lenses, and bi-weekly/monthly use contact lenses.

Daily use contact lenses dominated the global market accounting for over 45% of the total market share and is projected to grow at a CAGR of more than 7% during the forecast period.

Daily use contact lenses are the healthiest modality in the market that eliminates the chances of eye infection from the lipid deposits and reduces the need for lens care solutions. The leading vendors in the global market are introducing daily use contact lenses with new features such as blink-activated moisture technology, high definition optics, and HydraClear technology. The introduction of such advanced features will create new opportunities for vendors in the global contact lenses market during the forecast period.

The other prominent players in the contact lenses market are CARL ZEISS, Contamac Holdings Limited, Essilor International SA, Hoya Corp., Menicon Co. Ltd, Sensimed AG, SynergEyes, UltraVision, Ginko International Co. Ltd, and St. Shine Optical Co. Ltd.

The complete overview of the latest market research report on contact lenses market by Arizton is now available.

The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.

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We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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