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(MoneyNewsWire.Net, May 08, 2018 ) Asia Pacific Contact Lenses Market is expected to reach USD 3.7 billion by 2021 from USD 2.5 billion in 2016, growing at a CAGR of 8.16 % during the forecast period, 2016-2021. A contact lens is a thin and curved lens which are placed on the surface of the eye. They can be used for vision correction or for cosmetic and novelty purpose. Contact Lenses are medical devices, regulated by Food and Drug Administration (USA), hence requires prescription. The various types of contact lenses are Soft contact lenses, Silicone Hydrogel Contact Lenses, and Rigid Gas Permeable Contact Lenses, among others. Asia Pacific is one of the fastest growing market for contact lenses.
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The growth of Contact Lenses market is majorly driven by factors such as rise in popularity of the product, growth in online sales, increase in disposable income, introduction of new products, and presence of branded retail outlets. Additionally, consumer group, specifically youngsters are drawn towards cosmetic lenses to enhance their appearance, thereby spurring up the demand for the product. The increase in aging population is also expected to boost the demand for the product. The key restraints of the market are cut-throat competition, increase in demand for corrective eye surgery (Laser-Assisted in Situ Keratomileusis ‘LASIK’ and Photorefractive Keratectomy ‘PRK’), and serious hazards of contact lenses (infections, itchiness in the eye, eye dryness, conjunctivitis, and corneal ulcer, among others).
Asia Pacific Contact Lenses Market is segmented on the basis of Material, Application, and Design. Based on Material, the market is classified into Soft Contact Lenses, Silicone Hydrogel Lenses, Rigid Gas Permeable (RGP) Contact Lenses, Hybrid Contact Lenses, and Polymethyl Methacrylate (PMMA) Contact Lenses. On the basis of Application, the market is classified into Therapeutic Contact Lenses, Cosmetic Contact Lenses, and others. On the basis of Design, the market is classified into Spherical, Bifocal, Orthokeratology and Toric.
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The Asia-Pacific market is geographically segmented into China, India, Japan, South Korea and Australia.
The major companies dominating the Asia Pacific Contact Lenses Drugs market are Johnson & Johnson (USA), Bausch & Lomb (USA), CooperVision (USA), Hydrogel Vision Corp (USA), Abbott Medical Optics, Inc. (USA), Alcon Laboratories, Inc (USA), Carl Zeiss AG (Germany), CIBA Vision (USA), Essilor International (France), and Contamac (United Kingdom).
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