Future Market Insights
The increasing prevalence of vision problems such as myopia, hypermetropia, cataract, and astigmatism has triggered the demand for acrylic lenses. Acrylic lenses are increasingly preferred over glass lenses due to various advantages, such as lightweight, high break resistance and spark resistance, it offers. As per World Health Organization (WHO), there are 285 million visually impaired people across the globe. Moreover, WHO lists that the major reasons for visual impairment are glaucoma, refractive errors and cataract. Growing safety concerns among people to prevent these problems is expected to upsurge the demand for acrylic lenses market. Additionally, improvement in the healthcare facilities and shifting focus towards acrylic lenses over glass lenses are further estimated to influence the growth of the global acrylic lenses market.
Based on application, corrective acrylic lenses are expected to dominate the global acrylic lenses market. However, therapeutic lenses are projected to witness significant growth during the forecast period. Based on design type, toric lenses and accommodative acrylic lenses are expected to witness high growth during the forecast period. Based on product type, hydrophilic lens is expected to dominate the global acrylic lens market owing to their ease of implantation during surgery.
Acrylic Lenses Market: Drivers
Increasing demand for acrylic lens due to its advantages over glass lens is projected to drive the growth of the global acrylic lenses market. Moreover, rise in the count of diabetic patients coupled with increasing risk of cataract among the diabetic patients are two main factors estimated to escalate the demand for acrylic lenses during the forecast period. Additionally, increase in incidences of ocular and ophthalmic conditions is further expected to drive the growth of global acrylic lenses market. Moreover, continuous innovations in the field of accommodative and toric lenses will also fuel the demand for acrylic lenses in the near future.
Acrylic Lenses Market: Restraints
One of the major factors affecting the growth of the global acrylic lens market is the high initial cost of the acrylic lens. Moreover, lack of reimbursement is further expected to hamper the growth of the global acrylic lenses market. Additionally, problems such as photophobia, corneal allergy and perilimbal infection due to continuous use of lenses are expected to restrict the growth of the global acrylic lenses market.
Acrylic Lenses Market: Segmentation
The global acrylic lenses market can be segmented on the basis of product type, design type, and applications. On the basis of product type, the market can be further segmented into hydrophilic acrylic lenses and hydrophobic acrylic lenses. On the basis of design type, the global acrylic lenses market can be further segmented into spherical acrylic lenses, aspherical lenses, toric lenses, multifocal lenses and toric multifocal lenses and accommodative lenses. On the basis of application, the global acrylic lenses market can be further segmented into therapeutic lenses, lifestyle, corrective lenses and cosmetic lenses.
Acrylic Lenses Market: Regional Outlook
On the basis of region, North America is expected to be a promising revenue generating region owing to increasing adoption of technologically advanced products. Asia Pacific, led by China and India, is projected to grow at a significant rate during the forecast period. Increasing ophthalmic cases in Asia Pacific is expected to fuel the demand for acrylic lenses during the forecast period. Latin America is expected to witness substantial growth in the near future. Europe and Middle East & Africa are expected to witness positive growth during the forecast period.
Acrylic Lenses Market: Market Participants
Examples of some of the market participants identified in the global acrylic lenses market are as mentioned below:
EyeKon Medical, Inc.
Bausch & Lomb, Inc.
Abbott Medical Optics, Inc.
Some of the players in the market are exploring Asian market in order to increase their market share and revenue in the near future.
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