Fact.MR, a global research & consulting firm, in their updated edition of the report, states that the extended wear contact lens market is likely to foresee a robust growth pace in 2021 & beyond.
Fact.MR, a global research & consulting firm, in their updated edition of the report, states that the extended wear contact lens market is likely to foresee a robust growth pace in 2021 & beyond. The growth is primarily fuelled by rising vision problems in younger population together with the elderly population. People are keeping off usage of spectacles and moving towards the use of contact lens, which is likely to propel the expansion of extended wear contact lens industry.
“Extended wear contact lens Market players are coming with several new technology for the growth of contact lenses materials, with the intention of offering lenses infection free and more fixable.” states Fact.MR.
Technological Advancements to Bolster Extended Wear Contact Lens Industry
A notable rise in research and development activities in the field of optometry and optics as well as materials and design has been observed in the market. With such technological advancements, the launch of dynamic soft contact lenses integrated with flexibility and choices have propelled the demand for extended wear contact lens.
Furthermore, recent progressions in extended wear contact is the progress of extended wear gas permeable lens. These permeable lens limits the risk of accumulation of dirt and space between the surface of lens and eye, providing easy adaptability to the eye, and enhanced comfort, hence contributing to the market share.
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E-Commerce to Foresee Rapid Growth
Hospital pharmacies accounts for highest market shares due to increasing prevalence of eyesight problems and adoption of contact lens. However, rapidly growing e-commerce end use industry is anticipated to reflect rapid growth amid the assessment period due to increasing consumer’s preference for online shopping, easy accessibility of contact lenses in less time via e-commerce.
Surging internet penetration is allowing consumers to access several lenses via tablets and smartphone. Several ecommerce platforms are providing cost-effective and efficient solutions for ordering lenses online.
How Huge is the Prospect for Extended Wear Contact Lens Market Player in The US?
The US is anticipated to account for majority of market revenue share due to existence of key companies, increasing r&d activities and launching novel innovative products. The UK, France and Germany holds the second biggest revenue share as these are highly penetrated regions in terms of contact lenses.
Japan, India and China are expected to foresee rapid expansion due to rise in awareness regarding healthcare, huge elderly population and sturdy focus of players to inflate the business. Among these, China is anticipated to reflect notable growth due to rising population and increasing acceptance of contact lens. Mexico, Brazil, GCC and African regions are anticipated to reflect slow growth due to absence of awareness amid population and less advanced healthcare facilities.
Constant Technological Advancement Remains Key Focus Area: Fact.MR Survey
The extended wear contact lens market is consolidated in nature. Fact.MR’s survey indicated that the market players are focusing on advancement of technology and strategic acquisitions of online retailer companies to expand their customer base through ecommerce platforms in 2021 & beyond. The updated edition of the report provides comprehensive coverage of the projected to remain the key strategies of market players. Some of the players profiled in the report are Novartis, CooperVision, Bausch & Lomb, Alcon, Heffington’s Eye Care, and Johnson & Johnson Vision Care, Inc. The updated edition also offers a detailed analysis of the COVID-19 impact on this market.
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