The main objective of this report is to define, describe, and forecast the global “Contact Lenses” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.
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Research and development activities and rising disposable income to promote growth in the Contact lenses market over 2018 to 2024
Growing number of ophthalmological disorders among patients is one of the main factor which is driving the growth of contact lenses market. In addition, rapid increasing population in order to increase the Aesthetics and cosmetics appearance among the youngster are fueling the demand for contact lens. Moreover, research and development activities, improving healthcare infrastructure and rising disposable income over the globe are expected to trigger the adoption of the contact lenses. Increasing occurrence of eye related disorder such as hyperopia, astigmatism and myopia likely to have positive impact on the contact lenses market. However, use of contact lenses causes eye related risk such as corneal ulcers, eye infection and increasing acceptance of corrective procedures like LASIK are restraining the growth of contact lenses market. Going further, the technical advancement such as electronic contact lens (ECLs) is anticipated to provide growth opportunities for the contact lens market over the forecast period.
The leading palyers in the contact lenes market are Johnson and Johnson, Bausch and Lomb, Essilor International S.A., Alcona Inc., Novartis International AG, Carl Zeiss AG, The Cooper Companies.
Asia Pacific Region to Contribute To Growth in the Global Contact Lenses Market over the Next 6 Years
North America has accounted to be the leading region in Contact Lens Market. U.S accounts for the major share in the North America contact lenses market owing to factors such as growing vision problem among young generation and enhancement of aesthetic appearance. Contact lenses are essential important in sports and driving, these are essentially favorite among athletes as it does not provide any obstruction. Also, rising health awareness for the better eye care and increasing geriatric population, are further supportive factor for market in North America region. Europe and Asia pacific are second and third prominent region in this market. Increasing disposable income along with economic growth is the key factor providing growth opportunities in the Asia pacific region.in addition, developing countries such as India and Middle East countries is projected to open new avenues for regional industry growth.
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Mergers and Acquisitions to remain key expansion strategies of the leading players in the Contact lenses market between 2018-2024
“Bausch + Lomb partners with Tangible Science for custom contact lens coating”
In July 2018, Bausch + Lomb has entered into a worldwide licensing agreement with Tangible Science to offer the Tangible Hydra-PEG advanced contact lens coating technology on several of its Boston gas-permeable materials and scleral lenses.
“Bausch + Lomb offers high power cylinder in Ultra for Astigmatism”
In July 2018, Bausch + Lomb announced the availability of Ultra for Astigmatism contact lenses with a cylinder power of -2.75 D.
“Torrent completes acquisition of Novartis brands”
Torrent Group announced the acquisition of two leading women’s healthcare brands from global pharma giant NovartisNSE AG in the niche therapy segment.
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