LONDON--(BUSINESS WIRE)--Technavio has been monitoring the ophthalmic lens market and it is poised to grow by USD 3.21 billion during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
Frequently Asked Questions-
- What was the size of the ophthalmic lens market in 2019?
- Technavio says that the value of the market was at USD 13.59 billion in 2019 and it is projected to reach USD 16.80 billion by 2024.
- At what rate is the market projected to grow?
- Growing at a CAGR of over 4%, the incremental growth of the market is anticipated to be USD 3.21 billion during the forecast period.
- Who are the top players in the market?
- Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, EssilorLuxottica Group, HOYA Group, Johnson & Johnson, Nikon Corp., Novartis AG, SynergEyes Inc., and The Cooper Companies Inc. are some of the major market participants.
- What are the key market drivers and challenges?
- Increasing prevalence of refractive errors and technological advances in ophthalmic lenses are the major factors driving the market. However, the high cost of ophthalmic lenses restraints the market growth.
- How big is the APAC market?
- The market in the APAC region was valued at USD 3.32 billion in 2019 and it is anticipated to grow to USD 4.70 billion during 2024.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, EssilorLuxottica Group, HOYA Group, Johnson & Johnson, Nikon Corp., Novartis AG, SynergEyes Inc., and The Cooper Companies Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Increasing prevalence of refractive errors has been instrumental in driving the growth of the market.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Ophthalmic Lens Market 2020-2024: Segmentation
Ophthalmic Lens Market is segmented as below:
-
Product
- Spectacle Lens
- Contact Lens
- IOLs
-
Geography
- North America
- Europe
- APAC
- South America
- MEA
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Ophthalmic Lens Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The ophthalmic lens market report covers the following areas:
- Ophthalmic Lens Market Size
- Ophthalmic Lens Market Trends
- Ophthalmic Lens Market Analysis
This study identifies technological advances in ophthalmic lenses as one of the prime reasons driving the ophthalmic lens market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Ophthalmic Lens Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist ophthalmic lens market growth during the next five years
- Estimation of the ophthalmic lens market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the ophthalmic lens market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of ophthalmic lens market vendors
Table of Contents:
Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Spectacle lens - Market size and forecast 2019-2024
- Contact lens - Market size and forecast 2019-2024
- IOLs - Market size and forecast 2019-2024
- Market opportunity by Product
Customer Landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Alcon Inc.
- Bausch Health Companies Inc.
- Carl Zeiss AG
- EssilorLuxottica Group
- HOYA Group
- Johnson & Johnson
- Nikon Corp.
- Novartis AG
- SynergEyes Inc.
- The Cooper Companies Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
-
List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
