Global Contact Lens Market to Be Worth US$18.70 Bn by 2024 - Transparency Market Research

Transparency Market Research

Contact Lens Market (Product Type - Soft Lens and Gas Permeable; Design Type - Spherical, Toric, Multifocal; Technology - Spin Casting, Cast Molding, Lathe Cutting) - Global Industry Analysis and Forecast by 2024

​​The global contact lens market is characterized with a highly consolidated and competitive business landscape, says Transparency Market Research (TMR) in a new report. The handful of top-notch companies, namely The Cooper Companies, Bausch and Lomb, Alcona Inc., and Johnson & Johnson held close to 68% of the overall market in 2015. Amongst them, Johnson & Johnson stood as the clear leader with 31% market share, and is expected to maintain its lead position going forward too.

In this competitive market, key players are adopting innovative business strategies to boost their revenues and to expand their customer base. They are vying to integrate communication, monitoring, and electronics capabilities to their merchandise. Keen players are also striving for product extensions which will further intensify competition in this market.

Some other prominent companies in the global contact lens market are STAAR Surgical, Carl Zeiss AG, Novartis International AG, Menicon Group, and Essilor International S.A. among others.

According to the TMR report, the global contact lens market is likely to display a CAGR of 7.6% for the forecast period between 2016 and 2024. At this pace, the market which stood at US$9.74 bn in 2015 will become worth US$18.70 bn by 2024 end.

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Cast Molding Emerges as Most Preferred Manufacturing Technology

The key segments of the market based on technology are lathe cutting, spin casting, and cast molding. Of them, in 2015, cast molding dominated the market holding 80% of market share. The growth of this segment is because cast molding facilitates automated manufacture of contact lenses driven by computer applications. Cast molding also ensures quality and accuracy in the end product. Further, injection molding enables bulk manufacturing for the most popular lens types, which makes cast injection the most preferred technology for cost reduction. While cast molding is likely to continue to lead the market, it might lose popularity to lathe cutting in the upcoming years.

On the basis of geography, the segments into which the contact lens market is divided are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Presently, North America leads amongst all key regions holding 30% market share. This is mainly because of rising population of individuals with corrected vision for near-sightedness or long-sightedness. However, Asia Pacific is expected to emerge as a lucrative market in the upcoming years.

Increasing Uptake as a Fashion Accessory among Young Population Boosts Growth

Across the world, the increasing incidence of refractory errors and weak eyesight among the young population is leading to the adoption of contact lenses. The young population prefers contact lenses over spectacles mainly because of aesthetic reasons. Contact lenses are also preferred for comfort and their easy availability in a range of colors. The availability of disposable varieties has further boosted the uptake of contact lenses among the young and middle aged population for ease of change.

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Further, product manufacturers are also involved in educating the masses regarding the ease of use of contact lenses and their benefits of clear vision over spectacles.

However, careless usage of contact lenses such as sleeping with lenses and poor handling during storage which leads to damage is limiting their mass adoption, says a TMR analyst.

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Source: Transparency Market Research