Digital Eye Strain Resulting in High Incidence of Vision Impairment and Driving Contact and Intraocular Lenses Market

The roots of practical commercialized contact lenses go way back to the early 1800s when Sir John Herschel first conceptualized the design of the lens. Early lenses were made of glass and covered the entire eye. In the last 30 years, the lens technology has advanced drastically both in terms of manufacturing and materials used and allow a comfortable wear for extended periods of time. The introduction of contact and intraocular lens to patients has conventionally been focused on treating vision impairment. However in recent years miniaturization of electronics, advances in manufacturing designs has allowed new applications for lenses to be promoted into the market. Contact lenses in particular continue to grow, the demand stemming from rising therapeutic applications such as ocular and corneal protection, pain relief and to cosmetic appearances.

SA-BRC team analyzed commercial and research activities of over 30 players in the contact & intraocular lens market. Considering the core competencies of existing players, new entrants can either rise from electronics background or from pharmaceutical background. Several device manufacturers such as Olympus and Carl Zeiss compete in this segment but also compete in core electronic imaging markets. On the other hand, pharmaceutical companies such as Novartis, Valeant, Abbott and Johnson & Johnson are also competing in these segments that suggest the eye care business is thriving opportunity for companies from both walks of the healthcare industry (Pharma & Medical Devices). With seven major acquisitions in the past 2-3 years and a large number of emerging innovative players in the contact & IOL market, consolidation is anticipated to continue as large players scramble to absorb smaller manufacturers across the world. There are a large number of obscure and local competitors in the IOL market that are introducing innovative haptics and materials and stand to provide an excellent opportunity to large players such as Alcon and Abbott to expand their portfolio.

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Age is the foremost factor responsible for vision impairment. Aging baby boomer population in countries such as United States and Japan along with a high aged population anticipated to emerge in coming years from the Asian region will contribute to over 65%-70% of the global aged (above 60 years) by 2025. This is poised to become a prominent factor in rising demand of contact lenses in emerging regions. As the digital age advances, adoption of electronic readers, smart phones, laptops and computers is increasing among younger generation as well. Although a medically proven cause of refractive disorders, electronic devices are now highly associated with daily life making them impossible to exclude from day-to-day jobs. This is anticipated to create an increased burden on the number of refractive disorders growing among younger age groups and even those below 10 years. Disposable contact lenses are suited the best for children and adults for vision correction and the market is anticipated to grow steadily owing to this core lifestyle trend. Myopia, hyperopia and astigmatism are the most common refractive disorders among people today. According to aggregated data on epidemiology from sources such as World Health Organization, there were approximately 300 million visually impaired people living across the world.

North American region comprises the United States and Canada. Both countries accounted for the largest sales of contacts and IOL implantations in 2014. The North American market is anticipated to continue leading in terms of value due to easy availability, higher awareness, greater number of ophthalmologists and optometrists per 1000 people as compared to other regions of the world. Silicone Hydrogel lenses is anticipated to continue growing in demand in double digit growth as replacement period reduces to daily wear. Silicone Hydrogel lenses are anticipated to contribute 23% of all soft lenses by 2019. One of the largest factors driving the demand and changing trend of the market is the ease of purchase offered through e-commerce websites and online shopping particularly in developed regions such as North America and Europe.

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