VALLEY COTTAGE, N.Y. – Future Market Insights (FMI) recently published a study on the contact lenses market, outlining growth trails of the market for the period 2019-2029. The study estimates global sales of contact lenses to reach US$ 8 Bn in 2019, and increase at a CAGR of 4.6% during the predefined timeframe.
Increasing prevalence and continual progression of myopia, especially among younger population, have a significant impact on demand for contact lenses for vision correction. However, recent availability of new materials and technologies are expected to result in revolutionary proposals for contact lenses.
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The FMI study opines that leading players in the contact lenses market are increasing their investments and applying for a patent on smart contact lenses with highly advanced features. For instance, in April 2019, Johnson & Johnson Vision Care, Inc. announced the launch of its first-of-a-kind contact lenses featuring light intelligent technology.
Soft Lenses Continue to Hold Significant Revenue Share
According to the FMI study, soft lenses continue to account for relatively high demand as compared to gas permeable lenses. As 8 in 10 units of contact lenses sold in the market in 2018 were soft lenses, manufacturers have specifically focused on this category. The study finds that notable advancements in non-surgical vision correction options and lens materials are expected to reflect changing trends in the contact lenses market. The concept of using contact lenses to monitor different medical conditions and as biosensors to detect eye diseases will open up a significant number of opportunities in the market.
Preview analysis of 2019 Analysis and Review of Contact Lenses Market by Product – Soft Lenses and Gas Permeable Lenses for 2019 – 2029:https://www.futuremarketinsights.com/reports/contact-lenses-market
In current scenario, reusable contact lenses account for more than half of the total sales. However, sales of disposable contact lenses are projected to exceed their reusable counterparts by 2024. Significant growth in demand for disposable contact lenses can be attributed to low cost and maintenance. In addition to convenience, disposable lenses are healthy for eyes as they are devoid of day-to-day accumulation of lens deposits.
“Manufacturers remain targeted towards new manufacturing methods, materials, and designs to produce high-quality disposable lenses in greater volume, at lower cost – making it affordable for consumers to replace lenses more often,” says the lead analyst at FMI.
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Market Players Prioritize Multi-channel Sales Strategy
In recent years, a huge impact on the contact lenses market is the rise of e-commerce, finds the FMI study. While offline channels continue to influence growth strategies of market players, sales through online channels including e-commerce and company-owned portals are set to grow over 6% CAGR during the forecast period. Convenience and user-friendly ordering process along with doorstep delivery remain key growth lever of sales of contact lenses via e-commerce sites.
The FMI study reveals that growth prospects of the contact lenses market are high in North America, accounting for around 39% of the revenue share. This can be attributed to strong presence of key market players such as Bioinfinity and Pure Vision along with growing frequency of innovation in contact lens technology. Manufacturers are viewing East Asia from target market perspective, given consideration to robust sales of both reusable and disposable contact lenses in countries such as China and South Korea.
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