LONDON--(BUSINESS WIRE)--The global ophthalmic lens market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
The global ophthalmic lens market is witnessing continuous technological advances in terms of materials, designs, manufacturing methods, and solution formulations. These technological advances help eyeglass lenses and contact lenses in providing sharp image quality, improved contrast sensitivity, superior peripheral vision, and nominal glare at night. Vendors are also introducing customized HD eyeglass lenses called wavefront lenses. Even contact lenses have undergone improvements in terms of materials, lens design, and solution formulations. Earlier, soft contact lenses were made of plastic polymers, but currently, silicone is being incorporated into the polymer to allow more oxygen permeability to the cornea, providing superior comfort and wearability. The adoption of 3D printing technology for manufacturing ophthalmic lenses is another major advancement, as this technology eliminates the multiple steps involved in traditional subtractive manufacturing technology. Thus, with such technological advances, the global ophthalmic lens market is expected to have positive growth during the forecast period.
As per Technavio, the increasing adoption of daily disposable contact lenses will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global ophthalmic lens market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global ophthalmic lens market: Increasing adoption of daily disposable contact lenses
The adoption of daily disposable contact lenses is significantly increasing owing to their advantages such as crystal-clear vision, superior comfort, easy wearability, and less chair time for patient education as virtually no advice needs to be provided regarding lens care. These are single-use lenses that must be removed and discarded after use every day. Although monthly and bi-weekly contact lenses offer crystal-clear vision, they are generally associated with harmful calcium or hairspray deposits, and there are chances of developing contact lens-related eye infections. Such issues can be eliminated by using daily disposable contact lenses. Moreover, several global and regional contact lens companies are offering a wide range of daily disposable lenses made of hydrogel and silicone hydrogel materials in spherical, toric, and multifocal designs, to cater to the different needs of users. Therefore, the popularity of daily disposable lenses is expected to increase further during the forecast period, thus driving the global ophthalmic lens market growth.
“Increasing prevalence of refractive errors, initiatives to create awareness about ophthalmic lenses, focus on developing antibacterial and night vision contact lenses, and the rising number of new product launches are major aspects will likely contribute largely to the growth of the overall global market,” says a senior analyst at Technavio.
Global ophthalmic lens market: Segmentation analysis
This market research report segments the global ophthalmic lens market by product (spectacle lens, contact lens, and IOLs), and geographical regions (North America, Europe, Asia, and ROW).
The North American region led the market in 2018, followed by Europe, Asia, and ROW, respectively. However, during the forecast period, the Asian region is expected to register the highest incremental growth due to the increasing focus of vendors on expanding their presence into untapped markets in this region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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