LONDON--(BUSINESS WIRE)--The global contact lenses market is expected to post a CAGR of more than 6% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Daily disposable contact lenses eliminate the risk of allergies and infections caused by the use of monthly, half-yearly, and annual contact lenses. They also eliminate the need for lens solutions used to store and maintain the lenses. Many such benefits have increased their adoption among consumers and eye care professionals. This, in turn, is encouraging market vendors to launch a wide range of daily disposable contact lenses. Therefore, the growing demand for daily disposable contact lenses is one of the crucial factors driving the growth of the market.
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As per Technavio, the increasing adoption of advanced technologies in contact lenses will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Contact Lenses Market: Increasing Adoption of Advanced Technologies
Vendors in the market are increasing their R&D efforts to integrate advanced technologies in contact lenses. For instance, in 2018, ZEISS International expanded its portfolio of self-tinting lenses by adding various colors such as green, blue, and extra grey. Similarly, some vendors are adopting 3D printing technologies and are focusing on the development of prototypes that use augmented reality display systems. Such product innovations in terms of technology are expected to boost the growth of the global contact lenses market during the forecast period.
“Launch of new products and rising prevalence of partnerships as well as acquisitions among several market participants will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Contact Lenses Market: Segmentation Analysis
This market report segments the global contact lenses market by geography (APAC, Europe, MEA, North America, and South America) and product (soft lenses, rigid gas permeable lenses, and hybrid lenses).
The North American region led the market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to the growing number of myopic cases and continuous product launches in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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