Ophthalmic Lens Market to record USD 11.80 Bn growth — North America to occupy 37% market share – QNT Press Release

NEW YORK, Aug. 18, 2022 /PRNewswire/ — The “Ophthalmic Lens Market by Product and Geography – Forecast and Analysis 2021-2025” report by Technavio expects the market size to grow by USD 11.80 billion between 2020 and 2025. The market witnessed a YOY growth of 4.03% in 2021 and the growth momentum is expected to accelerate at a CAGR of 4.38% during the forecast period. The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies. Download Sample PDF Report

The global ophthalmic lens market is fragmented due to the presence of many regional and international players. The vendors operating in the market are focusing on differentiating themselves from other competitors based on a wide variety of offerings, quality, price points, and attractive discount offers. Vendors follow some criticality of input to compete in the market. The major inputs are the brand value and the technology used by them. They are also investing heavily in advanced technologies to build their brand image and enjoy the trust of consumers by providing a better online shopping experience. In addition, the factors of differentiation, such as price, quality, and innovation, are expected to rise among vendors during the forecast period.

The increasing prevalence of refractive errors has been instrumental in driving the growth of the market. However, the high cost of ophthalmic lenses might reduce the growth opportunity for vendors. Competitors must focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also must leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Technavio identifies Bausch Health Companies Inc., Carl Zeiss AG, EssilorLuxottica, HOYA Corp., Johnson and Johnson Inc., Nikon Corp., Novartis AG, Rodenstock GmBH, Seiko Holdings Corp., and The Cooper Companies Inc. as dominant vendors.

The global ophthalmic lens market is segmented as below:

  • Product
    • Spectacle Lens
    • Contact Lens
    • IOLs

The spectacle lens segment generated the maximum revenue in the market in 2021. The segment growth is mainly driven by the increasing sales of plastic spectacle lenses. The advantages associated with plastic spectacle lenses, such as lightweight, break resistance, and superior protection against flying sparks is contributing to the growth of the segment.

  • Geography
    • North America
    • Europe
    • Asia
    • ROW

37% of the global market share will originate from North America during the forecast period. The US is the largest revenue contributor in this region, followed by Canada. The growth of the regional market can be attributed to factors such as the increasing prevalence of refractive errors, the growing aging population, increasing healthcare expenditure, the high demand for advanced ophthalmic lenses, advanced healthcare infrastructure, and the strong market presence of leading vendors .

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Request Sample Report Here

Ophthalmic Lens Market 2021-2025: Key Highlights

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will assist ophthalmic lens market growth during the next five years
  • Estimation of the ophthalmic lens market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the ophthalmic lens market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of ophthalmic lens market vendors

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