Contact Lenses Market Is Thriving Worldwide | Key players are CooperVision, Johnson & Johnson Vision, Hoya Corporation, Novartis, SynergEyes
According to new research report, Contact Lenses Market is expected to exceed USD 14 billion by 2026. Key players in industry are Bausch Health Companies Inc (Bausch + Lomb, Inc.), Blanchard Contact Lenses, Carl Zeiss Beteiligungs-GmbH, Conforma Laboratories, Inc., Contamac, CooperVision, ESSILORLUXOTTICA (Essilor International S.A), Hoya Corporation, Johnson & Johnson (Johnson and Johnson Vision Care), Menicon, Novartis AG, SynergEyes, Inc., UltraVision CLPL
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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.
Growth Drivers are -
o North America
o Rising prevalence of eyesight disorders along with increasing consumer spending
o Rising preference for branded contact lenses
o Asia Pacific
o Rising contact lenses consumption in several regional countries including China, Japan and South Korea
o Latin America
o Increasing popularity of contact lens in the region
o High preference for cosmetic contact lenses
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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.
The companies operating in the market are focusing on launching new products to enhance its product portfolio. In September 2017, CooperVision launched its latest contact lens product, Biofinity Energys. This strategy helped the company to add products in its Unilateral Pricing Policy (UPP), to attract customers with affordable prices. Companies are also focusing on strategic acquisitions with other companies that are operating in the eyecare market to enhance their capabilities. For instance, in August 2017, Hoya Corporation acquired Performance Optics, LLC. Including its subsidiaries VISION EASE and Daemyung Optical. This acquisition helped the company to expand its geographic reach and product offering for its HOYA Vision Care division.
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