What will boost Contact Lenses Market in coming years? Key players: Johnson & Johnson Vision, CooperVision, Hoya Corporation, Novartis, SynergEyes
During the period of 2019-2025, the Contact Lenses Market is anticipated to expand with a CAGR of 6%. Change in the lifestyle of the consumers along with emerging fashion trends for aesthetic appearance will drive contact lenses market share in the forecast timeframe.
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Independent brand showroom distribution channels held more than 25% of global contact lenses market share in 2018 on account of the ease in selecting from an extensive range of products under the brand.
Such independent brand stores let consumers buy contact lenses and other products pertaining to eyewear all at a single place. The showrooms make sure that the consumers get the original product of their preferred contact lenses brands. Excellent consumer experience given to the consumers will develop brand loyalty and fuel the growth of the segment.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o Bausch Health Companies Inc (Bausch + Lomb Inc.)
o Blanchard Contact Lenses
o Carl Zeiss Beteiligungs-GmbH
o Conforma Laboratories Inc.
o ESSILORLUXOTTICA (Essilor International S.A)
o Hoya Corporation
o Johnson & Johnson (Johnson and Johnson Vision Care)
o Novartis AG
o SynergEyes Inc.
o UltraVision CLPL
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Advancing technology will allow the development of silicone hydrogel material which will further open new avenues for the manufacturers. Soft contact lenses industry segment has been estimated to grow at the rate of more than 9% CAGR over 2019-2025 owing to oxygen adaptability and permeability. Soft contact is essentially made from flexible and soft plastics like silicone hydrogel that offers enhanced comfort to eyes as well as easy adaptability.
The lenses are relatively less sensitive to light when compared to RGP and hard lenses and can fit into the eyes comfortably without falling out, being considered ideal for sports. Hydrogel material segment has been anticipated to account for more than 80% of the market share by the year 2025. Rising concerns for the reduction of hypoxia-related issues along with the increase in the consumer awareness pertaining to safety, daily wear and extended wear will fuel contact lenses market forecast.
Growth Drivers are -
o North America - Rising prevalence of eyesight disorders along with increasing consumer spending
o Europe - Rising preference for branded contact lenses
o Asia Pacific - Rising contact lenses consumption in several regional countries including China, Japan and South Korea
o Latin America - Increasing popularity of contact lens in the region
o MEA - High preference for cosmetic contact lenses
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North America region accounted for more than 30% of contact lenses industry share in 2018 and is expected to grow significantly in the coming years. Monthly disposable contact lenses boast of more resistance to drying out compared to the daily disposable segment, as well as presents the best value in terms of price for the regular wearers. This will create profitable opportunities for the growth of this segment in countries like the U.S.
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