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5 Crucial Trends Set to Influence Contact Lenses Market Outlook

contact lenses

5 Crucial Trends Set to Influence Contact Lenses Market Outlook

The growing geriatric population coupled with an increasing prevalence of visual defects across the world are some factors responsible for the expansion of the overall contact lenses market size. The increased occurrence of vision impairments across the world can evidently be cited by the 2018 WHO report which suggested that approximately 1.3 billion people were diagnosed with some kind of eye disorder.

On that note, according to Global Market Insights Inc., the contact lenses market is speculated to exceed USD 14 billion by the end of 2025.

Here are some trends that are expected to boost contact lenses market size from 2019 to 2027:

Growing adoption of hybrid lens

A hybrid lens is the combination of a soft lens and an RGP lens. These lenses provide a fine balance of clarity and comfort, owing to which the hybrid lens segment is touted to proliferate at a rate of 5% over the projected timespan. Hybrid lenses are primarily used by patients diagnosed with presbyopia and astigmatism owing to their large diameters that enable a stable vision. These lenses are also preferred by sportspersons due to their stable positioning even during rigorous physical activities.

Increasing usage of hydrogel material to spur the production of contact lenses

Hypoxia is the condition where the corneal surface of the eye receives less oxygen. Contact lenses made using hydrogel material allow more oxygen flow in comparison to the one with polymer material, thus relinquishing the possibility of hypoxia. Owing to all these factors, the hydrogel material is anticipated to account for an 80% market share by the end of 2025.

Surging penetration of smartphones to benefit online distribution channel

There has been a significant rise in the smartphone consumer base in recent times. This has subsequently paved the way for increased consumption of internet services. Such large-scale penetration has prompted contact lens manufacturers to promote and sell their products on e-commerce platforms. This widens their consumer reach to a greater extent.

Not only that, these platforms offer a premium shopping experience through their websites, and the products are priced competitively. Additionally, online shopping platforms prioritize consumer convenience with prompt home deliveries. Considering all these factors, it is forecasted that over 350 million units of contact lenses would be shifted through these channels by 2025.

Growing prevalence of near-sightedness to stimulate the demand for spherical lens

Globally, a significant number of people are being diagnosed with near-vision impairments like myopia and presbyopia. A WHO report of 2018 suggested that over 826 million were diagnosed with near-vision disorders worldwide. These patients are recommended to use spherical lenses to adjust their vision. In addition, people with low levels of astigmatism are also prescribed spherical lenses. Owing to these factors, the spherical lens is speculated to register a growth rate of above 7% through 2025.

Increasing patient awareness campaigns in North America

The contact lenses market in North America held a market share of 30% in 2018. This sizeable share can be credited to the increasing prevalence of eye disorders in the region. Supporting this statement, data provided by the National Health Interview Survey stated that over 26.9 million American adults are diagnosed with vision impairments.

This has prompted key contact lens manufacturers to initiate awareness programs regarding eye disorders and their treatments. For instance, Essilor Group initiated an awareness campaign for myopia across the United States in September 2018. This campaign addressed the rising prevalence of myopia in the country and provided solutions like using contact lenses for vision adjustment.

Temperature sensor

Temperature Sensor Market is Projected to Reach USD 9 Billion by 2026

According to a recent study from market research firm Global Market Insights, The temperature sensor market is projected to garner noteworthy gains on account of surging application across diverse electronic appliances. The product is widely used in microwaves, air conditioners, battery chargers, and refrigerators. Since the introduction of AI and IoT, consumer electronics firms have started to combine these technologies with temperature sensors to improve their product’s efficiency and usefulness by gathering real-time temperature data.

Temperature sensors are witnessing massive traction across the oil & gas sector as they play a vital part in operations like extraction, production, refining, and distribution of oil, gases, and petrochemicals. This has compelled temperature sensor manufacturers to launch new product lineups. Citing an instance, earlier in October 2018, Crowcon released a high-temperature sensor that detects the levels of H2S across oil & gas applications in the Middle East.

According to a study conducted by Global Market Insights, Inc., the temperature sensor market could cross USD 9 billion by 2026.

To meet the high market demand, temperature sensor manufacturers are working towards developing novel technologies to meet the changing demands of the consumers as well as to achieve a competitive edge. For example, in 2018, Crowcon introduced a high- temperature sensor that allows the detection of H2S in the oil and gas sector in the Middle East.

Rising instances of digitalization in the manufacturing industry across Germany is one of the major factors supporting regional industrial development. Companies present in the region are working towards using advanced automation processes to enhance their manufacturing and improve competitiveness against other countries such as China. Consistent industrial advancement in Europe will bolster temperature sensor requirements.

Over the years, the automotive industry has registered notable gains due to the growing demand for different types of vehicles as a result of the improved lifestyle of people in both developed as well as developing regions. Thermistor contact sensors in the engine control units as well as exhausts are widely used in vehicles.

These sensors offer high-temperature sensing capacities with a cost-effective, robust design system. The recent emergence of e-vehicles due to the need to control environment degradation has supported the demand for temperature sensors all the more.

The prevailing coronavirus pandemic has magnified the demand for temperature sensor market due to the increasing need to regularly check the body temperature of the patients. Non-contact temperature sensors in particular have gained enormous growth opportunities in the healthcare industry owing to the growing use of infrared technology in temperature monitoring systems used towards the diagnosis of COVID-19.

Many medical device companies are working towards developing contact-less, reliable temperature checking machines. For instance, in August 2020, CORE- a venture of greenTEG AG- a Switzerland based engineering firm developed a wearable device that constantly measures the core body temperature on the go. A small temperature sensor market, about the size of 1.5 dominoes can be mounted in various ways.

Key Companies covered in the temperature sensor market are ABLIC Inc, Amphenol Advanced Sensors, ams AG, Analog Devices, Inc, Dwyer Instruments, Inc, Emerson Electric Co, Hans Turck GmbH & Co. KG, Honeywell International Inc, ifm electronic gmbh, Kongsberg Maritime, Littelfuse, Inc, Maxim Integrated, Microchip Technology Inc, Murata Manufacturing Co., Ltd, NXP Semiconductors, OMEGA Engineering, On Semiconductor, Pyromation, ROHM CO., LTD, Sensata Technologies, Inc, Sensirion AG Switzerland, Siemens, STMicroelectronics, TE Connectivity, Texas Instruments Incorporated, TOREX SEMICONDUCTOR LTD, Vishay.


U.S., China Planning New Hi-Tech Tariff Cut Agreement

Los Angeles, CA – The U.S. and China have reached an “understanding” on a deal that would eliminate more than 200 tariffs on certain high-tech goods.

Speaking with the media at the current Asia Pacific Economic Cooperation (APEC) conference in Beijing, U.S. officials said that the quasi-agreement is yet to be finalized in detail.

They did say, however, that an agreement would include the phased-out removal of tariffs on such goods as medical devices, global positioning systems, computer software, and video game consoles.

No specific timeline was given on finalizing a broader agreement, which would have to be vetted by the World Trade Organization.

Talks on a proposed hi-tech trade deal collapsed last summer due to disagreements over what products would be covered by an expanded agreement. A finalized deal would mark the first major tariff reduction agreement by the WTO in 17 years.

According to the Office of the U.S. Trade Representative (USTR), a new agreement would affect $4 trillion in annual trade and dismantle a tariff system that adds as much as 25 percent to the cost of imported high-tech products sold in the U.S.

“We already export over $2 billion of high-tech, high-end semiconductors, even with 25 percent tariffs,” said USTR Michael Froman. “Eliminating those tariffs will obviously expand that trade significantly. It’s an area where we have a comparative advantage, and where we can support a lot of good, well-paying American jobs.”


Cadence Inc. Acquires Plainfield Precision Units

Staunton, VA – Contract manufacturer Cadence Inc. has acquired three operating business units of Plainfield Precision Holdings.

The operating units are Plainfield Precision – Sturgeon Bay, Wisconsin; Plainfield Precision – Plymouth, Massachusetts; and Plainfield Precision – Santo Domingo, Dominican Republic.

Cadence is a leading contract manufacturer and maker of complex components and sub-assemblies for medical device and life sciences companies, while Plainfield Precision Holdings is a highly specialized solutions provider of assembled products that integrate stamped metal and molded plastic components.

The acquisition, said Cadence, “firmly positions Cadence within the top global providers of technologies and services used in advanced surgical products, while Plainfield Precision Holding’s unique portfolio provides key building blocks for our supply chain integration strategy,” said Alan Connor, Cadence CEO.

“Our customers are increasingly looking to more strategic partners to fulfill their supply chain requirements. With our broad base of capabilities, including plastics and metals, Cadence is well positioned to meet these evolving contract manufacturing needs,” he added.

Financial details of the acquisitions were not disclosed.