The global contact lens market features a high barrier to entry for new players, notes Transparency Market Research (TMR). This is attributed to the substantial cost incurred in developing the technologies related to contact lens. The overall contact lens market witnesses a fair degree of consolidation. TMR finds that several top players cater to the global demand and are well-organized. Meanwhile, some leading players are increasingly focusing on meeting region-specific consumer demands. Players in the first category include Alcona Inc., The Cooper Companies, Bausch and Lomb, and Johnson and Johnson. Some of the key companies in the second category are Carl Zeiss AG, Johnson and Johnson, Essilor International S.A., and Novartis International AG.
Top players in the global contact lens market are increasingly engaging in business expansion strategies integrating organic and inorganic moves. Several of them are indulging in acquisitions to bolster their engineering knowhow. This helps them consolidate their product portfolios in the contact lens market. In addition, they are increasingly seeking new geographies to strengthen their presence.
The global contact lenses market is projected to rise at prominent CAGR of 7.8% during 2017–2024. The market stood at US$11.15 billion in 2017 and is projected to touch a valuation of US$18.70 billion by the end of the assessment period.
Among the various product types, soft lenses accounted for a major share in the global contact lens market. The segment is expected to retain its lead and is projected to garner opportunities worth US$13.38 billion by 2014 end. The prominence is attributed to its use for prolonged wear.
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Regionally, North America is expected to exhibit the largest demand potential in the global contact lens market and is likely to maintain its position in the next few years also. The growth is attributed to substantial demand from patient populations suffering with ophthalmic conditions.
Rising Incidence of Ophthalmic and Refractory Disorders in Children propelling Growth
The global contact lens has made rapid strides over the past several years and the products have come to occupy an increasingly prominent position in ophthalmological practices. In recent years, the focus of such advances has been primarily on better design, use of better materials, and increasing patients’ comfort. This has also enabled manufacturer to better meet the various needs of cornea in patient populations. The rising incidence of ophthalmic conditions characterized by refractive errors that can’t be corrected by spectacles is a key factor in this regard. The prevalence of such disorders among children is catalyzing the market’s growth.
Rising demand among the patient populations for the management simple refractive errors and for refractive surgery rehabilitation is fueling the rapid expansion of the market. Moreover, the usage of contact lens for cosmetic purpose in worldwide population has also gathered some steam. This has been imparting a large momentum to the market’s growth. The rising uptake of contact lens as a first line of treatment for keratoconus is a prominent trend accentuating the market.
Swelling R&D Investments drives Product Innovations in Contact Lens Market
Changing brand preference among patients is also likely to create new revenue streams for manufacturers of contact lens. In recent years, the global contact lens market has seen burgeoning volumes on research and development (R&D) activities. This is expected to expand the prospect of the market. Moreover, the steady growth of the market is hindered by the paucity of clinical expertise for ophthalmologists and the lack of adequate tools to diagnose refractive errors is likely to dampen the overall demand.