Global Contact Lenses Market: Snapshot
The global contact lenses market is foreseen to find lucrative growth opportunities produced by specific types of products such as corrective contact lenses. Some of the important applications of corrective contact lenses include the treatment of visual deficiencies, viz. presbyopia, astigmatism, myopia, and hyperopia/hypermetropia. The growth of the market could be further expanded by the growing number of visual inaccuracies. Soft lens is anticipated to be a major contributor to the market because of its wide range of applications. Between 2017 and 2025, players could acknowledge developments in contact lens technology as a significant factor augmenting their market growth.
Drug delivering lenses and other trends have been growing in prominence in the recent time due to their increasing adoption. Players could sign up for long-term partnerships with distributors and suppliers in order to strengthen their geographical presence and product portfolios. For instance, Vision Direct Group Ltd. was acquired by Essilor International S.A. in 2016 to bolster the latter’s retail business and sale of online optical offerings. On account of their ability to incorporate multiple prescriptions, multifocal lenses are predicted to embrace an amplified demand in the coming years. These are mainly engaged in the treatment of age-related ophthalmic diseases such as presbyopia.
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The global contact lenses market is envisaged to perceive a rising count of consolidations brought about by the execution of strategic initiatives such as acquisitions, mergers, and alliances. This could be because of the loyalty base and brand value built up by market players while establishing their global footprint.
Global Contact Lenses Market: Overview
Contact lenses are wafer-thin plastic lenses, placed directly on the eye ball to rectify vision or for decorative purposes. On account of being sensitive, they need to be handled carefully to prevent dislocation and infections. Depending upon the eye disorder, different types of contact lenses are available in the market, namely bifocal lens for astigmatism, scleral contact lenses, bifocal contact lenses, color contact lenses, and daily disposable contact lenses.
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Contact lenses have contributed substantially to the global eyewear and eye care industries. From being considered lifestyle products to becoming common eye accessories supplanting the traditional glasses – they have come a long way.
Global Contact Lenses Market: Key Trends
Two of the primary growth drivers in the global market for contact lenses are a wide array of lenses and competitive prices. Additionally, the burgeoning world population afflicted with different ophthalmic disorders such as refractory errors and weakened eyesight is also bolstering growth in the market. The youth are a major contributor to the sales in the market. Efforts by contact lens manufacturers to train people about the correct and safe use of contact lenses coupled with the different types of products available for sale has also led to an uptick in demand.
Extra caution needs to be exercised while wearing contact lenses as they are placed directly on the cornea of the eye and can easily cause eye infections, ulcerations and other eye diseases. They also need to be stored and handled carefully. This is one factor that is posing a roadblock to their swift uptake. Further, the fact that most practitioners are not equipped enough to prescribe contact lenses in certain developing countries in Asia Pacific and Middle East, is also negatively impacting the market to some extent.
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Global Contact Lenses Market: Market Potential
Exhaustive research and development to come up with cutting-edge contact lenses by integrating it with recent technologies is slated to revolutionize the market in the near future. Google and Novartis, for example, are working on a contact lens that can measure glucose levels. In fact, the smart contact lens is one of the most eagerly awaited medical IoT (Internet of Things) technologies. Such groundbreaking applications of contact lenses along with an ageing population, economic upliftment, resultant rise in GDP, and growing urbanization will spell tremendous opportunity for the market in the next couple of years.
Among the different technologies used in manufacturing of contact lenses, cast molding technology contributes to a lion’s share in the revenue. Going forward, the contribution of lathe cutting technology to revenues will likely increase at maximum pace.
Global Contact Lenses Market: Regional Outlook
Geographically, the key segments of the global contact lenses market are Asia Pacific, North America, Europe, and the Rest of the World. Among them, North America leads the market with a dominant share on account of the increase in ophthalmic issues among people of all age groups. In terms of pace of growth, on the contrary, Asia Pacific is slated to overtake all other regions due to the growing awareness about correct usage and benefits of contact lenses, application of sophisticated technologies in the manufacture of contact lenses, rising fortunes of people, and swift pace of urbanization.
Global Contact Lenses Market: Competitive Analysis
The global contact lenses market is dominated by a handful of players and hence is consolidated in nature. The prominent players holding a sway over the market that have been studied in the report are Johnson & Johnson, Alcona Inc., the Cooper Companies, and Bausch and Lomb.