Extended & Continuous Wear Lenses Market Outlook
Nowadays, contact lenses are trendy among millennials for cosmetic or therapeutic purposes. Young adults are wearing different type of contact lenses as a fashion accessory. Extended & continuous wear lenses are one such innovative contact lenses that can be placed on the surface of the eye to correct refractive errors in vision. People prefers extended & continuous wear lenses for various other purposes. Extended & continuous wear lenses are more comfortable, useful, last longer, and offer superior wearability as compared to traditional contact lenses for vision correction. Prescribed extended & continuous wear lenses are also gaining popularity in the market due to developing visibility problems among millennials, as they are more prone to the usage of digital devices. Therefore, this shifting in the lifestyle of a new generation brings a requirement for the extended & continuous wear lenses to reduce eye-related problems. Moreover, social media marketing becoming a trend in eye care professionals to increase their business. According to eye care professionals, social media helps in building a reputation because of its extensive reach. With the increasing social media usage, eye care professionals using social media platforms to promote products and expand the customer base. Being on social media allows extended & continuous wear lenses companies to build better communication with patients, and individuals can also ask eye-related queries at no cost.
Reasons for Covering Extended & Continuous Wear Lenses Market Title
Rapidly growing adopting of electronic devices such as smartphones, laptops, and other devices among young population worldwide, along with rising digitization is causing discomfort in eyes such as dryness, eye strain, redness, blurred vision, and headache. Thus, due to the technology adaptation and increasing usage of computer and electronic gadgets have increased eye-related problems, which is one of the factors influencing the demand for eye and vision care products among consumers. Also, growing prevalence of visual deficiencies such as myopia, presbyopia, and astigmatism among young population and rapidly increasing adoption of colored extended & continuous wear lenses in the fashion industry to enhance the aesthetic appearance of eyes coupled with new product development such as silicone hydrogel extended & continuous wear lenses are some other factors fueling the growth of the extended & continuous wear lenses market during the forecast period.
Global Extended & Continuous Wear Lenses: Market Segmentation
On the basis of product type, the global extended & continuous wear lenses market has been segmented as –
On the basis of design type, the global extended & continuous wear lenses market has been segmented as –
On the basis of usage, the global extended & continuous wear lenses market has been segmented as –
On the basis of the sales channel, the global extended & continuous wear lenses market has been segmented as –
Among product type segments, soft contact lenses are projected to grow at a significant CAGR in the extended & continuous wear lenses market over the forecast period, as they tend to stay on the eye without becoming dislodged or displaced as compared to gas permeable extended & continuous wear lenses. Additionally, soft extended & continuous wear lenses are the most common type of lenses that optometrists prescribe due to their comfortability, stability, and lightness of weight. Based on design type, spherical is booming in the extended & continuous wear lenses market owing to the high acceptance of spherical designs among consumers, as it has the same power lens throughout the entire optical part of the lens.
Global Extended & Continuous Wear Lenses Market: Regional Outlook
The extended & continuous wear lenses market is anticipated to register significant growth across all the regions during the forecast period. The extended & continuous wear lenses market is classified into seven key areas: North America, Europe, Latin America, East Asia, South Asia, Oceania, and the Middle East & Africa. North America is expected to be the leading markets in the global extended & continuous wear lenses market, followed by Europe owing to large young and middle-aged customer base suffering from ophthalmic problems coupled with increasing demand for colored extended & continuous wear lenses as a popular fashion accessory among the young generation. South Asia and East Asia extended & continuous wear lenses market is expected to account for healthy CAGR during the forecast period owing to the growing trend of prescribed extended & continuous wear lenses to correct astigmatism and multifocal designs to correct presbyopia. MEA is likely to offer attractive opportunities in the global extended & continuous wear lenses market in the coming years due to speedily growing consumer awareness about eye care and demand for soft extended & continuous wear lenses that are comfortable and affordable.
Global Extended & Continuous Wear Lenses Market: Key Players
Some of the key players operating in the global extended & continuous wear lenses market are Menicon Co. Ltd., Essilor International S.A., Novartis International AG, SEED Co. Ltd., ZEISS International, BenQ Materials Corporation, Bausch & Lomb Incorporated, Blanchard Lab, Hoya Vision Care Company, Johnson & Johnson Vision Care, Inc., Inc., CooperVision, Inc., and others.
Global Extended & Continuous Wear Lenses Market: Key Developments
Large scale enterprises in the extended & continuous wear lenses market are increasing their market penetration in developing countries such as India and China to strengthen their market presence and enhance customer base by cater to the untapped market. Also, companies are frequently introducing novel products in the market to expand their product portfolio and to gain a competitive edge among their competitors. For instance, in 2019, Johnson & Johnson Vision Care, Inc. introduced new photochromic contact lenses ‘ACUVUE OASYS’ with transitions. These new contact lenses is developed with advanced light intelligent technology that dispersed across the material. Additionally, these new extended & continuous wear lenses also provide vision correction and help eyes change to darkness or brightness.
Brief Approach to Research
FMI will follow a modelling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the product type, design type, wear type, usage, and sales channel of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
Key Data Points Covered in the Report
Some of the key data points covered in our report include: