Le Lézard
Classified in: Health
Subject: MRR

Ophthalmic Lens Market to record USD 11.80 Bn growth -- North America to occupy 37% market share


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:

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.

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

Related Reports:

Ophthalmic Lens Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.38%

Market growth 2021-2025

USD 11.80 billion

Market structure

Fragmented

YoY growth (%)

4.03

Regional analysis

North America, Europe, Asia, and ROW

Performing market contribution

North America at 37%

Key consumer countries

US, China, Germany, India, and France

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

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.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Product

6 Customer landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio


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News published on 18 august 2022 at 22:15 and distributed by: