Eye lens Market to grow at a rate of 4.0% CAGR during 2015-2021
According to the report, the global eye lens market accounted for around USD 961.0 Million in 2015 and is expected to reach approximately USD 1190.5 Million by 2021.
Zion Market Research has published a new report Titled “Eye Lens Market by Lens Type (Single Vision Lenses, Bifocal & Trifocal Lens, Plastic lens, Soft contact Lens, Rigid Gas Permeable (RGP) Contact Lens and Disposable Contact Lens) for Therapeutic, Lifestyle, Corrective and Cosmetic Applications - Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, the global eye lens market accounted for around USD 961.0 Million in 2015 and is expected to reach approximately USD 1190.5 Million by 2021, growing at a CAGR of around 4.0% between 2016 and 2021.
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Ophthalmology is a branch of medicine which deals with study and treatment of eye diseases and disorders. Globally, around 285 million people are reported to be visually impaired and approximately more than 35 million people are blind. Prevalence of ophthalmic disorders is increasing very rapidly with the rising number of geriatric and children population. Contact lens plays very important role in correcting most vision problems like myopia, hyperopia, astigmatism and presbyopia.
The eye lens market is accelerated by increasing awareness of eye examination and rising cases of ophthalmic disorders in children and geriatric population. Furthermore, eye lens market is propelled by emerging technologies of soft contact lenses and increasing government initiatives in preventive eye care. However, factors such as eye infections, photophobia, intense perilimbal infection and corneal allergy problems due to continuous use of eye lens are responsible for restraining the growth of eye lens market. Nonetheless, untapped market in developing countries and increasing the prevalence of ophthalmic disorders may generate new opportunities in eye lens market in the forecast period.
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The eye lens market has been bifurcated based on lens type and region. Lens type segment has been further classified into single vision lens, bifocal & trifocal lens, plastic lens, soft contact lens, rigid gas permeable contact lens, and disposable contact lens. In 2015, the soft contact lens was dominated the eye lens market and the dominance of soft contact lens is due to more than 80% lens wearer prefer soft contact lens. Rigid gas permeable contacts lenses are useful in the treatment of astigmatism to provide sharpen vision. On the basis of application, eye lens market has been segmented into therapeutic, lifestyle, corrective and cosmetic. Corrective lens market segment was leading segment in 2015 and it is generating major revenue with more than 30% market share. Corrective lens market is widely used to treat myopia, hyperopia, and presbyopia. The demand for cosmetic eye lens is increasing due to rising aesthetic trend.
The eye lens market has been segmented on the basis of the region as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America dominated the market with more than 30% market share due to increasing use of eye lens in children and geriatric population. Asia pacific is projected to be the fastest-growing market for eye lens and it is expected to grow very rapidly in forecast period due to increasing initiatives by the government in healthcare infrastructure.
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Competition in the eye lens market is intense and to stay competitive, companies are adopting strategies like online marketing and selling. Key operating players in eye lens market are Novartis International AG, Valeant Pharmaceuticals, Menicon Group, The Cooper Companies, Inc., STAAR Surgical, Carl Zeiss AG, Johnson and Johnson, SynergEyes Inc., Abbott Medical Optics, Inc., Essilor International S.A., Charenton-le-Pont, and Abbott Medical Optics, Inc.
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