Contact Lenses Market - Highlights
The global contact lenses market is believed to scale its valuation to USD 11 billion during the forecast period (2018-2023) from its worth of USD 7.9 billion in 2017, asserts Market Research Future (MRFR). The report published by MRFR has drivers such as development in design & functionality, viability, increasing cases of vision disorder, and aesthetic purpose which can potentially drive the contact lenses market ahead. Furthermore, with an anti-scratch coating, these lenses have become less irritant and enhance user experience.
On the flip side, contact lenses used for a prolonged period can cause disturbances in eyes. This can be a major drawback for the global contact lenses market over the forecast period.
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The contact lenses market is gaining a breakneck speed riding on technological brilliance. Contact lenses are no longer just a substitute for spectacles but are now designed to protect eyes from a number of diseases. The non-surgical management it brings makes it quite popular among the doctors and the patients.
Contact Lenses Market - Competitive Insights:
The contact lenses market has its spotlights on strategies implemented by various market behemoths that include merger, acquisition, collaboration, and other methods. These strategies often help the market grow, and companies expand.
Alcon has launched the Dailies Total 1 series of contact lenses that are daily disposable with a water gradient to make them comfortable for the wearers in 2018. Alcon’s other product AIR OPTIX COLORS Gemstone Collection of contact lenses offers a new range of colors including amethyst, true sapphire, and turquoise to offer customers a wide range.
Hoya, on the other hand, bought Performance Optics, an ophthalmic lens manufacturing company in 2017 and in 2018, they are planning to purchase two more, Mid Labs of California and Fritz Ruck of Eschweiler.
Prominent players in the contact lenses market include Novartis, Johnson & Johnson, CooperVision, Bausch+Lomb, Bescon Co. Ltd., Oculus Private Limited, St. Shine Optical Co. Ltd., CAMAC Optical Corp., Neovision Co. Ltd., Hoya Corporation, Menicon Co. Ltd., Seed Co. Ltd., and Clearlab SG PTE Ltd.
Contact Lenses Market - Segmentation:
The global contact lenses market can be segmented by type, material, and design.
Based on type, the contact lenses market can be segmented into corrective lens, therapeutic lens, and cosmetic & lifestyle-oriented lens. Corrective lens segment is quite popular and holds a substantial share of the entire market. The segment is set to witness growth at 5.22% CAGR during the forecast period.
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By material, the contact lenses market can be segmented into silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others. Silicone hydrogel soft contact lens dominated the market with 66.2% of the market share in 2017. It is touted to continue its reign till 2023.
Based on design, the contact lenses market includes spherical, toric, multifocal, and others. Spherical lens has the maximum share of about 50% of the global lenses market.
Contact Lenses Market - Regional Analysis:
Geographic analysis of the contact lenses market incorporates namely the Americas, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
The Americas are the hotbed for the global contact lenses market. Increasing number of cases with eye-related problems and younger generations’ preference for contact lenses can be seen as the market drivers. In 2015, as per the records of the Centers for Disease Control and Prevention, approximately 40.9 million people used contact lenses.
Europe’s well-developed healthcare sector and increased healthcare expenditure are spelling boons for the contact lenses market. At the same time, a number of market titans are present in the region who are spending increasingly on research and development.
The APAC market is expected to be the fastest growing market during the forecast period. With a 6.2% CAGR over the same period, it can change the ball game for many market players. Regulatory changes in the healthcare system and options for advanced contact lenses are boosting the market.
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