Eye Glasses and Contact Lenses Market is Anticipated to Worth Over $72 Billion by 2023
Arizton’s recent market research report on the eye glasses and contact lenses market provides comprehensive industry analysis, trend forecasts, and competitive analysis. It segments the market 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) and offers detailed competitive analysis.
The eye glasses and contact lenses market is projected to grow from $57.53 billion in 2017 to $72.60 billion by 2023, growing at a CAGR of 3.95%. The growing demand for specialized eye glasses and contact lenses from both developed and emerging countries is driving the growth of the eye glasses and contact lenses market. The introduction of innovative products with advanced features and higher vision correction efficiency will help vendors gain a higher share in the global eye glasses and contact lenses market during the forecast period.
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The leading three drivers and trends driving the eye glasses and contact lenses marker are discussed below:
Increase in Cataract Surgeries and Adoption of Premium IOL
The growing adoption of advanced cataract lasers and the increasing demand for IOLs are propelling the growth of the global eye glasses and contact lenses market. The three most common cataract surgery options available in the market are intracapsular cataract surgery, extracapsular cataract surgery, and phacoemulsification. The introduction of minimally invasive procedure phacoemulsification, which uses hand-held instruments to gain access to the cataract and break up the cataract with ultrasonic energy and remove it from the eye in small fragments with gentle suction. Laser-assisted cataract surgery (LACS) is also another option available in the market that is operated through computer controlled, a hand-held instrument with high-speed laser and added precision. The introduction of these procedures will help in the development of the global eye glasses and contact lenses market. The use of advanced technology helps increase standards of safety, accuracy, and predictability to cataract surgery and create new opportunities for vendors in the global eye glasses and contact lenses market.
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CVS and Prolonged Exposure to Digital Content
The rise in the number of hours spent on accessing and consuming digital content is giving rise to the computer vision syndrome (CVS). This syndrome causes headaches, eyestrain, blurred vision, dry eyes, irritated eyes, dizziness, and double vision. The extensive exposure to electronic media through mobiles and computers is aggravating this issue and propelling the demand for eye glasses and contact lenses in the global market. The increasing number of CVS incidence is encouraging vendors to launch multifunctional value-added products such as reading glasses, anti-glare, or anti-reflective glasses. These products help reduce the adverse effects of prolonged exposure to computer screens and other displays. Such benefits of using these products will boost the demand for eye glasses and contact lenses during the forecast period.
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Product Innovations and Technological Advances in Eye glasses and contact lenses Devices
Increased focus on product innovations and advancement in types of eye glasses and contact lenses devices - eyeglasses, contact lenses, and IOLs are driving the growth of the global eye glasses and contact lenses market. Vendors are leveraging technological innovations to enhance existing product lines and introduce new product portfolios to the market. The enhancement of eye glasses and contact lenses products will create new opportunities for vendors and help them gain a higher market share in the global eye glasses and contact lenses market. Leading players are using this opportunity to launch smart eyewear, featuring the real-time voice-activated coaching system. A smart eyewear creates dynamic and personalized training programs, tracks performance, coaches in real-time, and responds naturally to questions asked by the user. Johnson & Johnson recently launched a new lens with a tear-infused design, ACUVUE OASYS, which provides enhanced comfort and vision throughout a day. The introduction of such innovative products will transform the global eye glasses and contact lenses market during the forecast period.
The leading vendors in the eye glasses and contact lenses market are Cooper Vision, Essilor International SA, Novartis AG, Luxottica Group S.p.A, and Johnson & Johnson.
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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