North America contact lenses market will grow at 3.2% up to 2024. The growth is mainly driven by growing geriatric population and presence of numerous international brands. Other factors such as digital technology integration with the contact lenses will also augment the industry size.
Sellbyville, DE -- (SBWIRE) -- 12/05/2018 -- The qualitative research study conducted by Global Market Insights, Inc. titled "Contact Lenses Market" provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global Contact Lenses Market.
Contact Lenses Market size is estimated to exceed USD 18 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing popularity of contact lenses as a fashion accessory to provide aesthetic appearance, especially among youngsters is a key factor driving contact lenses industry growth. Ongoing technological advances in the product materials and capabilities along with rising trend of decorative or colored lenses will support product demand.
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An outline of North America contact lenses market trends
Considering the geographical aspects, North America has been touted to be one of the lucrative growth grounds for contact lenses market. The region in fact, registered over 390 million units in terms of volume in 2016 and is further estimated to grow at a CAGR of 3.2% over 2017-2024.
The United States is one of the principal regions driving the rapid growth of North America contact lenses market. Presence of better awareness regarding personal wellbeing and eye care is likely to bring substantial growth in the region. As reported by the National Eye Institute, in 2014, over 2.9 million Americans suffered from low vision disorder and more than 5 million Americans are further estimated to suffer from low vision by 2030. The aforementioned statistics provide vital evidence to the extensive scope of contact lenses market size in the region. In 2015, according to the U.S. Centres for Disease Control & Prevention report, there were over 40.9 million contact lens wearers in the region, which represented 16.7% of the country's adult population. This extensive product penetration in the region can be credited to the presence of numerous international brands and the marginally high consumer spending of late.
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Competitive terrain of contact lenses market
The competitive spectrum of contact lenses market comprises the big shots such as Johnson & Johnson, Novartis, Cooper Vision, Blanchard, Contamac, and Valeant Pharmaceuticals, sharing majority of the industry share. These companies have been continuously striving to consolidate their position across the value chain, in a bid to innovative new product line and reduce operational costs.
The competitive landscape of contact lenses industry is inherently characterized by numerous integration strategies, as is witnessed by Johnson & Johnson's recent acquisition of the subscription-based contact lens start-up Sightbox. The start-up has developed a subscription vision care service that connects the consumers with eye care professionals and a yearly supply of contact lenses. The deal symbolizes Johnson & Johnson's effort to build out its new Vision Care business that focuses on consumer eye care products and services. In a bid to further elevate its vision care business and gain competitive edge, Johnson & Johnson has also acquired other two companies: TearScience Inc. and Abbott Medical Optics earlier in 2017. Now marking its third consecutive acquisition of 2017, Johnson & Johnson is set to expand its product penetration in the global contact lenses market.
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Similar strategies adopted by other industry players have intensified the competitive landscape of contact lenses industry. Furthermore, many companies are catering to needs & demands of the patients that combine the corrective vision technology with the eye highlights & colour blends. One such example is of ACUVUE's 1-day define lens, that has a distinct layer of outer dark ring with translucent patterns, thus enhancing eye colour and shine. Considering the above trends of mergers & acquisitions, product innovations, aesthetics, and extensive R&D, contact lenses industry, in all probability, is set to carve out a profitable growth path in the coming seven years, with target revenue slated to reach USD 18 billion by 2024.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.