The most recent study conducted by Report Ocean, titled “Global Contact Lenses Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Contact Lenses. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Contact Lenses Market to reach USD 11.7 billion by 2027. Global Contact Lenses Market is valued approximately USD 7.4 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.70 % over the forecast period 2021-2027. Contact lenses are basically ocular prosthetic devices or thin lenses that can be directly used on the surface of eyes. Contact lenses can be used to correct vision, therapeutic and cosmetic reasons. Increasing geriatric population drives the market growth of contact lenses, as due to growing age the eyesight gets affected and major eye disorders take place. For instance, in 2019, according to the United Nations, the world geriatric population (above 65) is increasing globally during 2019- 2050.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
It states that geriatric population in Sub-Saharan Africa was 5 percent which is forecasted to grow with a percentage of about 7. Whereas in Central and southern Asia it was only 17 % which is projected to increase with a percentage of 21 percent. Moreover, rising cases of myopia and other eye disorders pushes the market growth of contact lenses. However, decreasing number of ophthalmologists impedes the growth of the market over the forecast period of 2021-2027. Also, increasing preference towards contact lenses over eyeglasses is likely to increase the market growth during the forecast period.
The regional analysis of global Contact Lenses Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the significant region across the world in terms of market share owing to rising innovation in the designs and technology advancement, increasing trend of opting for contact lenses over traditional glasses. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate over the forecast period 2021-2027. Factors such as increasing geriatric population and rising cases of myopia and other eye disorders would create lucrative growth prospects for the Contact Lenses Market across Asia-Pacific region.
Major market player included in this report are:
SYNERGEYES
CONFORMA LABORATORIES
FRESHLADY CONTACT LENSES
ABB OPTICAL GROUP
X-CEL SPECIALTY CONTACTS
ST. SHINE OPTICAL
BESCON
NEO VISION
CLEARLAB
CAMAX OPTICAL CORPORATION
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Usage:
Daily Wear
Extended Wear
Traditional Wear
By Design:
Spherical
Toric
Multifocal
Monovision
Cosmetic
By Material:
Silicone hydrogel
Hydrogel
Gas permeable
Hybrid
PMMA e
By Colour Variation:
Opaque contact lenses
Enhanced contact lenses
Visibility tinted contact lenses
By Application:
Conventional
Orthokeratology
Decorative
By Distribution Channel:
Retail stores
Hospitals & clinics
E-commerce
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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