LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global contact lens market to grow at a CAGR of above 6% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the technological advances as one of the key emerging trends in the global contact lens market. The global contact lens market saw the launch of new and improved product offerings. For instance, overnight contact lenses are non-operative alternatives to laser eye surgery. In terms of altering the corneal surface shape for vision correction, these lenses are similar to LASIK. They are used at night, without limitations on daytime activities.
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In this report, Technavio analysts highlight the increasing advantages of contact lens over glass lens as a key factor contributing to the growth of the global contact lens market:
Increasing advantages of contact lens over glass lens
The growing cases of ocular ailments, including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia lead to visual impairment or blindness. Factors such as increased smoking, UV light exposure, or genetic conditions cause such ailments. Over the years, owing to the high exposure to digital appliances such as gaming consoles, computers, and other electronic products, the incidences of eye disorders among the youth have increased. Contact lenses have the ability to provide vision correction with better aesthetic and cosmetic appeal and user-friendly features and are a replacement for corrective glasses.
According to a senior analyst at Technavio for health and wellness, “Contact lenses provide better all-around vision, allowing clear peripheral vision when compared to glass lens, wherein only the objects in front of the person is clearly visible. Contact lenses have high demand as they eliminate glare and are more comfortable and fashionable to wear and carry around than glasses. Glass lens can lead to eye fatigue, pain, or headaches and can fog up in cold weather, unlike contact lens. Several players in the market provide contact lenses to correct various refractive errors.”
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Global contact lens market segmentation
This market research report segments the global contact lens market into the following products, including soft lens, RGP lens, and hybrid lens and key regions, including the Americas, APAC, and EMEA.
Of the three major products, the soft lens segment held the largest market share in 2017, accounting for nearly 88% of the market. The soft lens segment will continue dominating the market due to the rising awareness of vision care products globally. The market share for this product is expected to increase nearly 3% by 2022.
The Americas was the leading region for the global contact lens market in 2017, accounting for a market share of nearly 38%. The Americas is the largest revenue contributor due to the presence of developed countries such as the US and Canada. By 2022, APAC is expected to witness the highest growth rate.
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