Project report for OPHTHALMAIC LENS MANUFACTURING

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Introduction

The India Ophthalmic lenses market is expected to grow at a significant rate over the forecast period, owing to the increasing utility of the product among users as well as increased accessibility of Ophthalmic lenses in the Indian market, which can be attributed to the country’s growing number of exclusive retail outlets. Furthermore, growing rates of optical diseases such as hyperopia, myopia, astigmatism, and the need for contact lenses to treat refractive errors and other issues are expected to drive demand for ophthalmic lenses. Additionally, the rising elderly population in India would have a favorable impact on the ophthalmic lens market in India. An ophthalmic lens is a lens for correcting vision in a person with visual impairment where the focal point of the eyes does not hit the retina. Lenses can also be used to solve problems like astigmatism. They come in a variety of forms, including plastic and glass lenses worn glasses, contact lenses placed in direct contact with the eye and lens that implants surgically inserted into the eye to correct vision problems.It is usually necessary to get a prescription for a particular ophthalmic lens prescribed by an ophthalmologist.

Market potential & Strategy

The Global ophthalmic lens market size has the potential to grow by USD 23300.88 Crores during 2020-2024, and the market's growth momentum will accelerate during the forecast period. Market Scope forecasts that India’s INR 9400.72 Crores ophthalmic market will grow at a compound annual growth rate (CAGR) of 6.8% a year to INR 13100.15 Crores by 2022. India is the fastest growing economy in the world and has a tremendous unmet need for ophthalmic care. The country is also home to approximately 30% of the world’s blind people, about half of whom are blind from cataracts, and is seeing rising numbers of people with glaucoma or retinal disease as people live longer. By 2022, over 145 million Indians will be age 60 or over. Indian ophthalmic surgeons are expected to perform an estimated 7.1 million cataract procedures in 2017, making cataract the largest overall ophthalmic market in the country. Revenues from cataract surgery in India are expected to generate more than a quarter of the total ophthalmic market revenues in the country. The diagnostic equipment market is the second largest ophthalmic market in India and is expected to reach nearly INR 195,350.47 Crores in 2022. Growth of 4.8% will be driven by expansion of telemedicine, advancements to automate medical records, enhanced imaging technologies, consolidations of hospitals, and a rise in Indian companies entering the market.

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