Westford, USA, Nov. 14, 2022 (GLOBE NEWSWIRE) — A recent SkyQuest study of the global contact lens market has found that the demand for contact lenses is on the rise, especially among young adults. The number of people wearing contact lenses has increased by 3% in the particular past year. The biggest increases were seen amongst adults aged 18-24 (5%) and 25-34 (4%). The average person uses between 24 and 34 get in touch with lenses per year, according in order to the American Optometric Association.
We attributed this growth of the global contact lens market to a number of reasons why contact lenses are becoming more popular. For one, they offer a great deal associated with freedom plus flexibility when it comes to vision correction. They can also be much less expensive than glasses, which is especially helpful for budget-conscious consumers. Additionally, disposable lenses are often seen as being more aesthetically pleasing compared to glasses. This is particularly true for younger adults who may feel self-conscious about wearing eyeglasses.
Younger population sees lens as a more convenient and comfortable option than glasses, and they allow people to express their personal style more freely. There are a few factors driving this development in demand with regard to contact lens marketplace. Firstly, there has been an increase in the number of people who need vision correction. This really is due both to the ageing population and to the fact that more of us are usually spending time looking at screens, which can cause eye strain. As per our findings, 14% of the worldwide population, which translates to over 1 billion people want vision modification.
Secondly, there have already been major advancements in contact lens technology inside recent years. Lens manufacturers have been able to create lenses that are much thinner and more comfortable in order to wear. They have also developed new materials that allow more oxygen to reach the eye, which is important for eye health. Finally, the price of contact lenses has come down significantly in recent many years, making them more affordable for a wider range of people.
With the demand regarding contact zoom lens market increasing, manufacturers are expected to ramp up production inside order in order to meet this growing demand. This means that presently there should become plenty of options available intended for consumers in the near future.
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SkyQuest’s Findings: North America to Hold Over 35% Market Share
- Worldwide contact lens market was valued at USD 9. 35 billion dollars in 2021, and it is expected to reach a value of USD 14. 02 billion by 2028, in a CAGR of 5. 9% over the forecast period (2022-2028).
- SkyQuest’s analysis from the global lens market shows that the North American market is the largest and most mature, with a 35% share of the particular global market. Europe is the second largest marketplace and Asia-Pacific is the fastest-growing region, having a CAGR of 8. 5%. This can end up being attributed to the particular increasing number of people in Asia-Pacific who are aware of contact lenses and their own benefits.
- Meanwhile, traditional spectacle lenses continue to lose market share, as a lot more consumers opt for disposable lenses instead. SkyQuest estimates that the share of female consumers wearing contacts increased significantly. In fact , they are the major customers and accounts for around over 66% market share.
- The daily disposable segment is anticipated to be the fastest-growing product type, using a CAGR associated with 6. 7% in the particular global get in touch with lens market.
- The report also found that this use of disposable lenses is becoming more widespread, with more people using them for both daily wear and to get special occasions. This particular trend will be being driven by advances in zoom lens technology, which have made lens more comfy to wear and easier to care for.
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Top five Players Keep Less compared to 25% Talk about of Global Contact Lens Market
The SkyQuest is a global management consulting firm that advises clients in the private, public, plus not-for-profit sectors. Our analysis from the contact lens market is based on a comprehensive study of the industry. The study includes an assessment from the competitive landscape, demand trends, product innovations, and pricing dynamics.
In terms of product innovation, there is room pertaining to growth in this marketplace. Newer products such as daily disposable lenses and multifocal lenses offer opportunities for manufacturers to differentiate their products plus gain market share. When it comes to pricing, the study shows that will prices have been declining over the past few years due in order to intense competition. However , manufacturers happen to be capable to offset some associated with these declines through cost cutting measures.
Our evaluation shows that the get in touch with lens marketplace is highly competitive with a large number of players. The top five players namely Johnson & Johnson Vision Care, Inc., CooperVision, Incorporation., Bausch + Lomb Incorporated, Alcon Laboratories, Inc., and CIBA Eyesight Corporation account for only around 25% of the particular market. There are a number of regional gamers who are usually also trying to gain share in this market. With regards to demand, our own analyst believes that growth in the contact lens market will be powered by emerging markets such as China and India. This need will be fueled simply by population development and rising disposable incomes.
Johnson & Johnson Vision Care is usually one associated with the leading players within the contact lens market. It offers a wide range of products, through daily throw away lenses to monthly replacement lenses. The company also manufactures contact lens for people with special needs, this kind of as those with astigmatism or presbyopia.
In addition to its manufacturing capability, Johnson & Manley Vision Care also has a strong research and development arm. The particular company invests heavily inside new zoom lens technology, and is always looking for ways to improve the particular quality plus performance of its items. This commitment to development has made Johnson & Johnson Eyesight Care the trusted name in the lens industry.
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Top Player’s in Global Contact Lens Market are:
- Johnson & Manley Vision Treatment, Inc. (U. S. )
- Carl Zeiss Meditec AG (Germany)
- Bausch & Lomb Incorporated (Canada)
- Alcon (Switzerland)
- The Cooper Companies Inc. (U. S. )
- Hoya Corporation (Japan)
- EssilorLuxottica (France)
- Menicon Co., Ltd. (Japan)
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