A fresh business intelligence report compiled at Transparency Market
Research (TMR) has detected a moderately consolidated competitive
landscape in the global contact lenses market. The major players of
the contact lens market, such as Johnson and Johnson, Bausch and
Lomb, The Cooper Companies, and Alcona Inc., are well-organized and
cater to International demands. While there are quite a few players
who operate at regional levels, such as Essilor International S.A.,
Novartis International AG, and Carl Zeiss AG, the entry barriers of
the contact lenses market are quite high owing to the cost of
technology.
Report Overview @
https://globenewswire.com/news-release/2018/04/04/1460002/0/en/Global-Contact-Lenses-Market-to-be-worth-US-18-70-bn-by-2024-TMR.html
And hence, the threat from newer player to eat into the global shares
are less. To gain greater shares, the major players are indulging
into business expansion via acquisitions, enhancement of product
portfolio through research and development activities, and
geographical expansion. These strategies not only helps companies to
add to their product and technology portfolios but also build
customer relationships and incorporate engineering know-how.
Acquisitions also enables companies to gain new resources and
competencies.
As per the projections of the TMR report, the demand in the global
contact lenses market will propagate at a formidable CAGR of 7.8%
during the forecast period of 2017 to 2024. In terms of revenue, the
opportunities in this market are estimated to translate into US$18.70
billion, considerably more than the market’s evaluated valuation of
US$11.15 billion as of 2017.
Technology-wise, the report segments the
contact lenses market into spin casting, cast molding, and lathe
cutting, whereas on the basis of product type, the market has been
bifurcated into gas permeable (GP) and soft lenses. Based on design
type, the market has been categorized into multifocal, toric,
spherical, and others. Geographically, North America is expected hold
onto its position as the region with maximum potential, although
Europe and Asia Pacific are also highlighted as highly lucrative
regions.
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Since its inception, contact lens has undergone significant changes
with technological shifts and demand of the people across globe.
Contact lenses offer many benefits for wearers and has become
essential for various professionals worldwide. With increasing number
of ophthalmological disorders among patients, the market of contact
lens is expanding steadily worldwide. In addition, increasing trend
for cosmetic needs and fashion enhancements by altering the eye color
is also expected to provide a positive impact on the demand for
contact lens globally. Moreover, in recent times the adoptions of
contact lens over glasses have also increased among civilian which in
turn is expected to continue bolstering the global market of contact
lens over the forecast period. Steadily increasing percentage of
geriatrics in the global population who commonly suffer from
ophthalmological disorders, increasing brand-preferences among
patients, improving healthcare infrastructure in emerging economies,
and persistent research and development activities are some of the
other drivers of the global contact lenses market.
On the other hand, the need for the medical practitioners to be
equipped with adequate tools to detect an opportunity and recommend
contact lenses and decreasing adoption rate owing to care required
for the usage as mild challenges that need to be overcome for the
market to attain its true potential. However, new technologies such
as electronic contact lens (ECLs) facilitate the wearers in adjusting
the optics for focusing at far, near and intermediate distances, and
are expected to open new opportunities in the near future.
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