Global Soft Contact Lens Market Driven by Their Aesthetic Appeal, Comfort, and Ability to Provide Clear Vision: Technavio

LONDON–(BUSINESS WIRE)–#health–According to the latest market study released by Technavio,
the global
soft contact lens market is projected to grow to USD 9.55
billion by 2021, at a CAGR of close to 8% over the forecast period.

This research report titled ‘Global
Soft Contact Lens Market 2017-2021’ provides an in-depth
analysis of the market in terms of revenue and emerging market trends.
This market research report also includes up to date analysis and
forecasts for various market segments and all geographical regions.

	Soft contact lenses are thin and flexible and made from gel-like, water-containing plastics known as hydrogel. They conform to the shape of the eye and are used as a vision corrective lens. Soft contact lenses are finding rising adoption rates due to their ability to provide clear peripheral vision, their aesthetic appeal, and comfort.

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Based on product type, the report categorizes the global soft contact
lens market into the following segments:

• Daily soft contact lens
• Weekly replacement lens
• Monthly replacement lens
• Other soft contact lenses

The top three revenue-generating product segments in the global soft
contact lens market are discussed below:

Daily soft contact lens

“Daily soft contact lens are the most popular products in the
market, holding close to 35% of the overall shares. This segment is
expected to be the fastest-growing segment, due to the absence of
accumulation of lens deposits, and cleaning requirements,” says
Amber Chourasia, a lead analyst at Technavio for health
and wellness research.

Manufacturers in the soft contact lens market are shifting their focus
from manufacturing hard contact lenses to comfortable soft
contact lenses. For instance, CooperVision, launched MyDay
daily disposable contact lenses made of a new silicone hydrogel material
that is only 4.4% silicone, making space for more moisture to the eyes.

Weekly replacement lens

The weekly replacement lenses are more durable than daily disposable
lenses. The US is the largest contributor to this market segment and
will continue its dominance through the forecast period. The dominance
of the US is mainly due to the availability of the lenses in the country
combined with the increased awareness about the product. Also, the
introduction of new materials in the manufacture of these lenses has led
to significant improvements in the safety aspect of these lenses,
leading to the growth of the market segment.

Monthly replacement lens

“The global market for monthly replacement lenses is growing
slowly, with the market segment nearing saturation. These lenses come
across as a very affordable option to consumers looking for vision
correction,” says Amber.

Currently, innovation and quality are taking over the product designing
process. The launch of new and innovative products is expected to rise
the demand for monthly disposable contact lenses. Other advantages of
these lenses include their ease of cleaning, affordability, low
maintenance, and durability.

The top vendors highlighted by Technavio’s research analysts in this
report are:

• CooperVision
• Johnson & Johnson
• Novartis
• Valeant Pharmaceuticals

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
resellers, and end-users.

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