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Rise of Corrective Lenses – What’s Driving the Market Forward?

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Published on : Dec 13, 2019

ResearchMoz.us has announced the addition of a report, titled “Global Corrective Contact Lenses Market Professional Survey Report 2019”. The report on the corrective contact lenses market offers an elaborate assessment of key growth trends and drivers, recent developments in the market, the competitive ecosystem, and opportunity and challenges analysis. Segments in the report are created by product type and application. The forecast period of the report is 2019 to 2025. Base year is 2018.

Owing to a massive use of laptops and mobile homes and tablets in all age groups, there is a marked rise in eye-sight troubles. On the other hand, there is poor nutrition complicating the situation, making matters worse for kids, teenagers and even old people. Longer work days and dual income families are making matters worse in terms of proper nutrition in diet. Most people now either eat out or go for packaged and processed food. And, as lifestyle changes, only aggravates the situation, it is good news for the global corrective contact lenses market players which will see a rise in demand for these like never before. 

To top it all, there is a rise of social media influencers which make them super covetable and super important as possessions. It is primarily because the influencer rise is leading to new benchmarks in the beauty industry, with a new standard of normal set and accepted widely. As millennials consume a large amount of information on these social media platforms, this becomes a major factor for people using glasses to opt for corrective lenses as glasses are not perceived as being too aesthetically pleasing.

Besides, there is ageing of population experienced at a scale never seen before. For instance, the year 2018 has been quite historical in terms of demographics shift. For the first time in the history of mankind, number of people aged 65 and above was more than those in the age group of 5 and more. Worldwide, it is believed that by 2050, one in six people will be 65 and above. And, in North America and Europe the ration will be one in four. Thus, as ageing happens at this great pace, it can be fairly expected that need for corrective lens will rise over the forecast period.

Thus, it comes as no surprise that the market is set to grow at a steady CAGR (Compound Annual Growth Rate) between 2019 and 2025. This means lucrative growth opportunities will mushroom, ready to be tapped into, that players would scurry to make the most of. Besides, this growth will pull up the worth of the global corrective lenses market considerably.

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Also, it is pertinent to note here that the market is highly fragmented and the some of the most prominent names in the global corrective contact lenses market include those mentioned below and these are also covered in the research report.:

  • Johnson & Johnson
  • CooperVision
  • Carl Zeiss
  • Menicon
  • Novartis
  • Valeant Pharmaceuticals
  • Essilor International
  • Contamac
  • HOYA
  • SynergEyes
  • UltraVision CLPL
  • Shanghai Hydron Contact Lens Optics (Ginko International)

Players are greatly focused on improving product through innovation and are turning no stones unturned to diversify their portfolio in order to be able to make the most of the upcoming growth stats. Often, they resort to mergers and acquisitions, strategic partnerships and collaborations to combine know-how or explore synergies.

Region-wise, Asia Pacific (APAC) will show tremendous growth owing to rising disposable incomes and social media influence.