LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global corrective contact lens market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global corrective contact lens market for 2017-2021. The report also lists soft contact lenses, RGP contact lenses, and hybrid contact lens as the three major product segments, of which the soft contact lenses accounted for more than 86% of the market share owing to their high awareness levels and benefits.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global corrective contact lens market:
- Increasing awareness through social media marketing
- Monetary growth of consumers
- Rising cases of eye disorders
Increasing awareness through social media marketing
Marketing via social media is helping manufacturers reach out to a larger consumer pool and attract new consumers. An increase in the number of social media users worldwide is encouraging vendors to invest in social media marketing to increase sales and maximize profits.
“Various existing vendors are expanding their businesses in developing countries like India and China. The increase in social awareness in APAC has led to high demand for corrective contact lenses, thus increasing their shelf space in drug stores, clinics, hospitals, and other channels. Rapid internet penetration worldwide has helped several providers reach out to prospective consumers,” says Amber Chourasia, a lead analyst at Technavio for health and wellness research.
Monetary growth of consumers
The disposable income is increasing globally, especially in developing countries such as India, China, Brazil, Malaysia, Indonesia, and Vietnam. There is also an increase in the disposable income of people in developed countries such as the US. The rise in disposable income changes the living standards of the consumers, enabling them to buy necessities as well as luxuries such as corrective lenses for correcting vision.
Employment opportunities in urban areas have resulted in the shift of people from rural to urban areas, which further increases the consumer pool for manufacturers. This also brings about a change in lifestyle, with an increase in spending, making it easier for people to purchase corrective contact lenses for ease of use during day-to-day activities. Stronger distribution channels, including online and retail outlets, make the buying process more convenient.
Rising cases of eye disorders
“The number of cases of eye disorders such as refractive error, cataract, and glaucoma is increasing. Some of the reasons include an increase in smoking and ultraviolet light exposure. The increase in the use of digital appliances and gadgets, including gaming consoles, computers, and other electronic products, has also been a major cause leading to the rise of eye disorders among the youth during the past decade,” says Amber.
The increase in diabetic population is another reason for the rise in the number of eye disorders. Diabetes can result in glaucoma, retinopathy, cataracts, temporary blurring of vision, or even severe, permanent loss of vision. In 2015, more than 400 million adults aged 20-79 years were affected by diabetes worldwide, including 190 million who were underdiagnosed. The number of patients suffering from diabetes is expected to reach around 645 million by 2040.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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