Global Contact Lenses Market 2020-2024 | 6% CAGR Projection Through 2024 | Technavio

The global contact lenses market is expected to post a CAGR of more than 6% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global contact lenses market 2020-2024. (Graphic: Business Wire)

Daily disposable contact lenses eliminate the risk of allergies and infections caused by the use of monthly, half-yearly, and annual contact lenses. They also eliminate the need for lens solutions used to store and maintain the lenses. Many such benefits have increased their adoption among consumers and eye care professionals. This, in turn, is encouraging market vendors to launch a wide range of daily disposable contact lenses. Therefore, the growing demand for daily disposable contact lenses is one of the crucial factors driving the growth of the market.

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As per Technavio, the increasing adoption of advanced technologies in contact lenses will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.

Global Contact Lenses Market: Increasing Adoption of Advanced Technologies

Vendors in the market are increasing their R&D efforts to integrate advanced technologies in contact lenses. For instance, in 2018, ZEISS International expanded its portfolio of self-tinting lenses by adding various colors such as green, blue, and extra grey. Similarly, some vendors are adopting 3D printing technologies and are focusing on the development of prototypes that use augmented reality display systems. Such product innovations in terms of technology are expected to boost the growth of the global contact lenses market during the forecast period.

"Launch of new products and rising prevalence of partnerships as well as acquisitions among several market participants will further boost market growth during the forecast period," says a senior analyst at Technavio.

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Global Contact Lenses Market: Segmentation Analysis

This market report segments the global contact lenses market by geography (APAC, Europe, MEA, North America, and South America) and product (soft lenses, rigid gas permeable lenses, and hybrid lenses).

The North American region led the market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to the growing number of myopic cases and continuous product launches in the region.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Customer Landscape

Geographical Segmentation

  • Geographic comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Landscape disruption
  • Competitive scenario

Vendor Analysis

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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