Contact Lens Market Enhancement and Growth Rate Analysis 2028 | Novartis International AG, Menicon Group, The Cooper Companies, Inc., Carl Zeiss AG, Baush and Lomb

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Overview:

Contact lens is a medical device that is used for vision correction and cosmetic reasons. Corrective contact lenses fix refractive errors, compensate for visual deficiencies and improve conditions like such as myopia, astigmatism, hyperopia, and presbyopia. These are categorised into two types, soft, and hard contact lenses. Hard contact lenses are made from stiff plastic and soft contact lenses are made from silicon hydrogel. These contact lenses come in different designs such like spherical, multifocal, orthokeratology and toric contact lenses.

The global contact lens market was valued at US$ 13,478.5 Mn in 2019 and is forecast to reach a value of US$ 29,934.2 Mn by 2027 at a CAGR of 10.5% during forecast period (2020-2027).

Drivers:

Frequent approvals and lunches of novel product is expected to boost growth of the global contact lens market through the forecast time. For instance, in November 2019, the U.S. FDA granted approval to CooperVision’s MiSight contact lens made to slow the progression of myopia (nearsightedness) in children between the ages of 8 and 12 years old at the initiation of treatment

Key players:

Key players active in the global contact lens market are, Menicon Group, Carl Zeiss AG, Visioneering Technologies, Inc., Johnson & Johnson Vision, Essilor, Conforma, Menicon, Wesley Jessen, Novartis International AG, The Cooper Companies, Inc., Baush and Lomb, Mojo Vision, Air Optix, SynergEyes, Inc., and UltraVision.

Opportunities:

Growing awareness regarding to vision care is projected to create lucrative environment of growth opportunities for market players in the global market of contact lens. For instance, in February 2020, Essilor Vision Foundation conducted Vote for Vision campaign in 2020 for encouraging people to get an eye exam.

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Restraints:

High cost of contact lenses result into large number of users choosing alternate options, which in turn is expected to hamper growth of the global market of contact lens.

Key Takeaways:

The global contact lens market was estimated at US$ 13,478.5 Mn in 2019 and is likely to have a value of US$ 29,934.2 Mn by 2027 with a CAGR of 10.5% through 2020 to 2027, owing to increasing approvals and launches of novel products.

Among segments, soft contact lens witnessed strong growth in 2019 with 86.5% of share in terms of value.

Trends:

Rising cases of vision impairment is likely to grow the demand for contact lenses. For instance, in 2019, the World Health Organization (WHO) estimated at least 2.2 billion people across the world experience visual impairment or blindness, out of which, 1 billion people have visual impairment that was preventable.

Key players in the market are adopting strategies such as launch of different services to have a strong market share. For instance, in August 2020, Johnson & Johnson Vision launched resources to improve contact lens experience in terms of safety, accessibility and comfort.

Key Developments:

Key players in the global market are using various strategies such as conducting clinical trials, approval and launch of novel products to strengthen their product portfolio. For instance, in April 2019, Visioneering Technologies, Inc. published data of patented NaturalVue Multifocal (etafilcon A) 1 Day Contact Lens. Moreover, in January 2019, SynergEyes, Inc. introduced SimplifEyes disposable lens with two tangible polymers.

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Table of Content

1. Overview and Scope

1.1. Research goal & scope

1.2. Research assumptions

1.3. Research methodology

1.3.1. Primary data sources

1.3.2. Secondary data sources

1.4. Key takeaway

1.5. Stakeholders

2. Executive Summary

2.1. Market definition

2.2. Market segmentation

3. Contact Lens Market Insights

3.1. Contact Lens -Industry snapshot

3.1.1. Leading Companies

3.1.2. Key Companies to Watch

3.2. Contact Lens - Ecosystem analysis

3.2.1. Market overview

3.2.2. Commercial Landscape

3.3. Contact Lens Market Dynamics

3.3.1. Market Forces

3.3.1.1. Market Driver Analysis

3.3.1.2. Market Restraint/Challenges analysis

3.3.1.3. Market Opportunity Analysis

3.4. Industry analysis Porter's five forces

3.4.1. Bargaining power of supplier

3.4.2. Bargaining power of the buyer

3.4.3. Threat of substitute

3.4.4. The threat of new entrant

3.4.5. Degree of competition

3.5. Market PEST Analysis

3.6. Market Value Chain Analysis

3.7. Industry Trends

3.8. Competitive Ranking Analysis

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