Press release
Contact Lenses Market 2018-2024 By Regional Players CooperVision, Johnson & Johnson, Novartis, Valeant Pharmaceuticals, Blanchard, Contamac, Hoya, Essilor, Conforma, Bausch & Lomb, Menicon and Wesley Jessen
Contact Lenses Market
Global contact lenses market share, as per analysts, is partially consolidated, with a select few players such as Bausch & Lomb, Novartis International AG, ZEISS, and Hoya Corporation predominantly covering a major portion of the industry share via product innovations and strategic alliances. The business sphere has been forecast to reach commendable heights in the ensuing years, given the projected demand for these lenses across the developing and established economies.
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Speaking in terms of geographical trends, a research study has demonstrated that a drastic shift in the lifestyles of the APAC population and rising eye health awareness among the populace will generate lucrative growth prospects for contact lenses market in the region. It is anticipated that the Asia Pacific contact lenses industry will grow at a rate of more than 4% over 2017-2024, having accounted for a revenue of over USD 2 billion in 2016.
Germany accounts for over 50% of the overall contact lenses market share in monthly disposable usage segment. More resistance to drying out relative to daily disposable segment and offers best value in price for the regular wearers which anticipated to provide lucrative opportunities for this segment’s growth.
- Contact Lenses Market, By Design
• Spherical
• Toric
• Bifocal and multifocal
• Others
- Contact Lenses Market, By Usage
• Daily disposable
• Weekly disposable
• Monthly disposable
• Annual
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Increasing popularity of contact lenses as a fashion accessory to provide aesthetic appearance, especially among youngsters is a key factor driving contact lenses industry growth. Ongoing technological advances in the product materials and capabilities along with rising trend of decorative or colored lenses will support product demand.
Globally, rise in instances of visual deficiencies such as presbyopia, astigmatism, myopia and hypermetropia/hyperopia will propel contact lenses market. In 2015, WHO estimated that myopia has affected around 1.9 billion people worldwide and it is projected to affect over 2 billion people by 2020.
High profit margins provided by the contact lenses industry will lure manufacturers and vendors to boost the product’s manufacturing & improving supply chain network for the higher profit margins. Technological advancement in form of silicone hydrogel material will create new avenues for manufacturers.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Cooper Vision
2. Johnson Johnson
3. Novartis
4. Valeant Pharmaceuticals
5. Blanchard Contact Lenses
6. Zeiss International
7. Conforma
8. Contamac
9. Essilor
10. Hoya
11. Menicon
12. Wesley Jessen
13. UltraVision
14. Synergeyes
15. Bausch Lomb
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Rigid Gas Permeable (RGP) was valued at over USD 2.5 billion in 2016. Factors such as high oxygen permeability, sharp vision, durability and cost in the long run are stimulating product demand.
Polymer material segment will observe gains at 2.9% up to 2024. Low material & fabrication cost and high impact resistance are key factors supporting the contact lenses industry growth. High optical quality, light weight and less resistant to shattering will provide the positive outlook to this segment’s demand.
North America contact lenses industry will grow at 3.2% up to 2024. The growth is mainly driven by growing geriatric population and presence of numerous international brands. Other factors such as digital technology integration with the contact lenses will also augment the industry size.
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