Contact Lenses Market Size, Share, Trends, Top Region, Segmentation, SWOT Analysis And Forecast By 2023

Posted on 2020-01-02 by MarketsandMarkets in Internet & Online // 0 Comments

The global contact lenses market size is projected to reach USD 9.2 billion by 2023 from USD 7.2 billion in 2018, at a CAGR of 4.9%. Growing prevalence of myopia, growing geriatric population, and increasing preference for contact lenses over prescription eyeglasses are the major factors driving the growth of this market. On the other hand, shortage of trained ophthalmologists and regulatory barriers in the contact lenses market are some of the factors restraining market growth.

Growing prevalence of myopia, growing geriatric population, and increasing preference for contact lens over prescription eyeglasses are the major factors driving the growth of this market. On the other hand, shortage of trained ophthalmologists and regulatory barriers in the market are some of the factors restraining market growth.

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The global contact lenses market has been segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, North America accounted for the largest share of the contact lenses market. The rising prevalence of age-related eye diseases, increasing healthcare expenditure, rising disposable income, and technological advancements in contact lenses and related products are some of the key factors driving the growth of the contact lenses market in North America.

The contact lenses market is dominated by top four players, namely, Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), and Bausch + Lomb (US). Some of the other key players in this market are Carl Zeiss Meditech AG (Germany), HOYA Corporation (Japan), Essilor Group (France), SEED Co., Ltd. (Japan), Menicon Co., Ltd. (Japan), and BenQ Materials Corporation (Taiwan).

Johnson & Johnson (US) dominated the contact lenses market in 2017. The company’s leading position in the contact lenses market is attributed to its strong product offerings for a range of vision-related conditions. Under its flagship brand, ACUVUE, the company offers various contact lenses that are widely adopted across the globe. The company also has a vast geographic presence across the US, Europe, Asia Pacific, and Africa. Johnson & Johnson Vision Care mainly focuses on new product launches and strategic partnerships to maintain its leadership position in the market.

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Alcon, Inc. (US) is another major player in the contact lenses market that held the second largest share in 2017. Alcon offers a broad spectrum of innovative surgical products, contact lenses, and some surgical diagnostic devices. The company focuses on product and technology launches to strengthen its position in the market. For instance, in 2014, the company partnered with Google LLC (US) to develop a Smart contact lens to assist diabetic patients. This product is expected to be commercialized in 2019.

CooperVision, Inc. (US) ranked third in the contact lenses market in 2017. The company has established itself as a strong player in the contact lenses market due to its extensive product portfolio and focus on product launches & development. The company offers daily, monthly, extended wear contact lenses to treat myopia, hyperopia, and presbyopia. The company focuses on acquisitions to enhance its presence in the market. For instance, in December 2017, the company acquired Paragon Vision Sciences, a manufacturer of orthokeratology (Ortho–K) specialty contact lenses and oxygen permeable rigid contact lens materials.

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