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What are the Growth Drivers of Contact Lenses Market? CooperVision, Novartis, Johnson & Johnson, Valeant Pharmaceuticals, Blanchard, Contamac, Hoya, Essilor, Conforma, Bausch & Lomb, Menicon and Wesley Jessen
Contact Lenses Market
Rising diabetes incidences and expanding aging demographics has augmented product market. According to industry estimates, one in every 12 people of age 40 and above suffering from diabetes prone to vision-threatening diabetic retinopathy. Globally, people aged around 80 and older estimated to hold 8% of the total population and account for 69% of the blindness.
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Development of products using computerization technology will drive cost effective and bulk production. In addition, rising trend of colored or decorative lenses will support product demand. Increasing consumer awareness pertaining to eye health and penetration of vision correction, therapeutic and cosmetic purpose products particularly in developed economies will drive the product demand.
Younger generation, suffering from nearsightedness, are anticipated to prefer contact lenses over glasses. Thus, manufacturers are investing in research & development of innovative products that fit their customer lifestyles. Corrective procedures such as Photorefractive Keratectomy (PRK) & LASIK and ophthalmology devices coupled with fluctuating raw material prices are major factors restraining contact lenses market.
Hybrid lenses market is expected to surpass USD 9 billion by 2024. Increasing consumer demand for clarity and wearing has positively influenced product demand. The product is easier to handle, ensures more comfort, disinfect easily, don't dehydrate, and last longer than soft lenses. These factors are likely to augment product sales over the forecast period.
Hydrogel accounted for more than 70% market share in 2016. They have proven to be highly biocompatible materials for ametropia correction that allow oxygen to pass through the wearer's cornea providing easy adaptability and enhanced comfort to the eye.
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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Daily disposable will register CAGR over 3.5% by 2024. The product provides the advantage of fewer complications and better comfort compared to counterparts. Thus, companies are ensuring expansion of their product portfolio. In addition, the cost per unit could be lower with daily disposables related to monthly or biweekly replacements.
North America contact lenses market was more than USD 2.5 billion in 2016. Requirement for safety policies due to presence of number of employees working in high accidentally prone areas will trigger the demand. Several R&D facilities are increasingly coming up in the region to boost the industry.
- Contact Lenses Industry, By Distribution Channel
• Optical stores
• Independent brand showrooms
• Online stores
• Retail stores
• Others
- 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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Global contact lenses market share is consolidated in nature owing to strong dominance of few multinational players. Key industry manufacturers include Contamac, Essilor, Johnson & Johnson, Novartis and Valeant Pharmaceuticals.
Other prominent industry participants include Blanchard, Cooper Vision, Hoya, Conforma, Bausch & Lomb, Menicon, Zeiss International, UltraVision and Wesley Jessen. Manufacturers are likely to invest in new parameters and options within this lens modality with constantly changing consumer demand.
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