Market - - Jun 22,2017
It has been noted that the contact lens market on the global scenario will expand at an impressive 7.6% CAGR during the period between 2016 and 2024.
Looking at the current trend, wearing glasses on a daily basis is seen as a discomfort to users especially in developed nations. Moreover, wearing glasses is considered as old fashioned, especially among youth in the age group of 10 to 30. Hence, contact lenses are targeted as a great alternative for glasses and consumer are readily incline towards it.
As per a smart report published by Transparency Market Research (TMR), the global market for contact lens is anticipated to attain a CAGR growth of 7.6% between 2016 and 2024. At this pace, the concerned market would rise to acquire a valuation of US$18.70 bn by the end of 2024.
Contact lens use materials which are translucent and flexible like silicone hydrogel that is high on oxygen permeability as well as water retention capacity. At present, the demand for soft lenses is quite extensive which have high oxygen permeability factor. Interestingly, due to this aspect, such lens can be worn overnight without any sort of discomfort.
It has been analyzed that, contact lenses are gaining importance among various age groups globally. The prime reasons for this growth are the common eye disorders and development in medical sciences to deal with ophthalmological diseases. Furthermore, doctors are also prescribing contact lenses to children who are born with congenital eye disorders, which is eventually boosting the market for contact lenses.
Considering the geographical expanse, it has been found out the Asia Pacific contact lens market is predicted to gain the fastest growth until 2024. The focused regional market is powered by the active demand for daily disposable soft contact lenses. The top manufacturers from the worldwide contact lens sector include names like Valeant Pharmaceuticals (Québec, Canada), Johnson and Johnson (New Jersey, U.S.), Menicon Group (Nagoya, Japan), Novartis International AG (Basel, Switzerland) and The Cooper Companies, Inc. (California, U.S.).
For more information on this report visit- http://www.transparencymarketresearch.com/contact-lens-market.html