A contact lens is a medical device used for cosmetic and therapeutic reasons, primarily for vision correction. Contact lens provides enhanced peripheral vision as it does not accumulate moisture from the atmosphere. The vast variety and affordability of contact lens make it a common lifestyle product. Contact lens provides high compatibility as it can be worn along with other eye wear choices such as sunglasses. Lenses offer clear peripheral and all around vision, eliminating glare. Hence contact lenses are more comfortable than spectacles. Corrective contact lens is widely used as it corrects refractive errors efficiently, compensates for visual deficiencies, and typically improves conditions such as myopia, hyperopia, astigmatism, and presbyopia. Owing to the computer controlled, automated production of contact lenses with the help of cast molding technology, higher accuracy and quality are assured in the final product. Contact lenses are classified based on their material, wear schedule, and primary function into multifocal contact lens, monovision, and corrective contact lenses.
Rising incidences of ophthalmic disorders is expected to drive market
According to the National Eye Institute, around 2.9 million Americans had ophthalmic disorders in 2015, which is expected to increase to 5 million by 2030. In addition to this, technological advancements in contact lens manufacturing, increasing global population, and desire to make fashion statements are projected to be the major factors driving market growth. With added advantages such as unique aquaform comfort technology, breathable lens, added hydration, and oxygen permeability, the global contact lens market is on the surge to rise drastically.
Silicone hydrogel lens offers excellent eye care and is expected to gain immense popularity
The global contact lens market is segmented on the basis of product type, lens design type, application, and geography.
On the basis of product type, the global contact lens market is segmented into:
On the basis of lens design type, the global contact lens market is segmented into:
On the basis of application, the global contact lens market is segmented into:
Integration of digital technology with contact lenses is expected to bolster market growth in Asia Pacific
Regional segmentation of the contact lens market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to the U.S. Centers for Disease Control and Prevention, there were 40.9 million contact lens users in the U.S. in 2016 and the number is expected to rise drastically, making North America dominant in contact lens market. Also, the high performance of disposable contact lens segment, rise in number of senior ophthalmological patients, and ophthalmic issues in young people have led to surge in demand for contact lenses in North America. According to the World Health Organization, up to 20 million Asians are estimated to get affected by eye-related disorders such as cataract, myopia, glaucoma, and age related macular degeneration by 2030. However, growing awareness, safety, and affordability will propel the global contact lenses market growth in Asia Pacific during the forecast period.
Acuvue lenses are the largest prescribed contact lenses ruling the global contact lens market
Key players operating in the contact lens market are Novartis International AG, Menicon Group, The Cooper Companies, Inc., Carl Zeiss AG, Baush and Lomb, Air Optix, Essilor, Conforma, Menicon, UltraVision, and Wesley Jessen. Bioinfinity and Biomedics are two commonly used lenses owing to their superior optic quality.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]nsights.com
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.