Contact Lenses Market Is Booming Worldwide by 2025 | CooperVision, Hoya Corporation, Novartis, SynergEyes, Johnson & Johnson
According to the World Health Organization (WHO), in 2018, around 1.3 billion people across the world were suffering from some form of vision impairments. The increase in visual impairment cases is resulting in the growing adoption of corrective lenses. The rising adoption of smartphones and internet is enabling customers to shop for different lenses through online platforms. Changing consumer lifestyles coupled with the rapidly changing fashion trends will drive the market growth.
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The hybrid lens segment is expected to grow at a rate of over 5% during the forecast period due to its ability to combine features of RGP and soft contact lenses. Hybrid lenses combine the clarity of RGP lenses and the comfort of soft lenses.
These lenses have large diameters that provide for a stable vision for wearers suffering from astigmatism and presbyopia. These lenses do not get dislodged during outdoor activities, making them the perfect choice for sportspersons. The major hybrid lens manufacturers are forming strategic partnerships to expand their product portfolio.
For instance, in June 2018, SynergEyes, a leading hybrid contact lens manufacturer, partnered with Brien Holden Vision Institute, the leading translational vision correction center that focuses on eye care research and vision care delivery, to deliver advanced and customized vision corrections for people with myopia and presbyopia.
Regional 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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The spherical lens segment is expected to show a growth rate of over 7% during the forecast period due to an increase in the number of persons suffering from hyperopia, myopia, and presbyopia. For instance, according to the WHO, in 2018, 826 million people were suffering from near vision impairments across the world.
The spherical lenses are preferred for the people suffering from hyperopia, myopia, and presbyopia. These lenses are majorly prescribed to people having a low astigmatism level. An increase in the number of population suffering from near-sightedness and farsightedness has positively influenced the spherical lens demand.
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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North America held the market share of over 30% in 2018 due to the rising concerns regarding vision-related issues. For instance, according to the National Health Interview Survey (NHIS) data, 26.9 million adults in the U.S. suffer from vision-related defects. The major contact lens manufacturers are introducing new programs to increase awareness about the growing vision concerns in the region. For instance, in September 2018, Essilor Group, a leading contact lens manufacturer, launched a new campaign to generate awareness regarding myopia across the U.S. This initiative helped in proactively addressing the rising growth of myopia in the country.
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