Contact lenses are thin plastic lenses. These are directly placed on eye ball providing the accurate vision. These are the medical devices regulated by Food and Drug Administration (FDA) therefore requires prescription. Contact lenses are sensitive & handled with care to avoid infections & dislocation. These lenses are layered with scratch resistance materials, anti-refractive materials, and ultraviolet protection materials to get better relaxing benefit of lenses, and thus provide comfort to the user. The use of lenses also adds to the compatibility as it can be worn below the eye wear choices for instance sunglasses. Lenses also eliminate glare & are more relaxed to wear or carry. Contact lenses are classified into bifocal contact lenses, daily disposable contact lenses, color contact lenses, bifocal lens for astigmatism, and scleral contact lenses. The contact lenses are used for the treatment of eye disorders like astigmatism (distorted vision), myopia (near-sightedness), presbyopia (long-sightedness), hypermetropia, and glaucoma (blindness).
According to study, “Global Contact Lenses Market 2018-2024” some of the key companies currently operating in the global contact lenses market are Novartis AG, Johnson & Johnson Vision Care Inc., STAAR Surgical Company, Cooper Companies (CooperVision Inc.), Bausch Health, Valeant Pharmaceuticals International, Menicon Co. Ltd., Contamac Holdings Ltd., Haohai Biological Technology, NeoVision Co. Ltd. Essilor International SA, X-Cel Specialty Contacts, ClearLab SG Pte Ltd., Eagle Optics, Oculus Private Ltd., Seed Co. Ltd., Carl Zeiss Meditec AG, Abbott Medical Optics, Inc., St. Shine Optical Co. ltd., BenQ Materials Corporation, SynergEyes Inc., Camax Optical Corp., Accu Lens, Hoya Corporation.
Based on product type, global contact lenses market is segmented into hybrid contact lenses, soft contact lenses (methacrylate hydrogel and silicon hydrogel), rigid gas permeable contact lenses and others. Based on usage, market is segmented into therapeutic contact lenses, lifestyle-oriented, prosthetic contact lenses, cosmetic contact lenses and corrective contact lenses. Based on modality type, market is defined as disposable modality (monthly & daily) and conventional modality. Based on the design, market is segmented as toric, spherical, multifocal and other designs. Based on technology scenario, market is defined as ASD technology, PC technology, lacreon technology, hydraclear technology, peg technology, lightstream lens technology, digital zone optics lens design technology, optimized toric lens geometry technology, light intelligent or adaptive technology and smart contact lens technology. Based on color variation, market is segmented as enhancers or tinted contact lenses, opaque contact lenses and visibility tinted contact lenses. In addition, based on distribution channel, market is categorized into online store, spectacle stores and other distribution channels.
The global contact lenses market is primarily driven by increase in tendency to enhance aesthetics, followed by growing technological advancements, rising public awareness, growth in online sales, improving economy, increasing disposable income, changing lifestyle, rising ageing population, rising visual defects among children & young people, usage of computers, mobiles, & other devices, growing number of visual inaccuracies, and increase in prevalence of optical disorders. In addition, some of the market restraint includes complication associated with lens, shortage of ophthalmologists, regulatory barriers and availability of alternative techniques. Moreover, growing initiatives promoting safe usage of contact lens is expected to be key trend to the market.
The global contact lenses market is expected to witness a CAGR of 6.4% during the forecasted period 2018-2024. It is expected that the global market will be reached at US $20.2 billion, by 2024.
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