Contact lens, commonly known as contacts, is a small round thin curved piece of transparent plastic worn on the surface of eyes and is designed to fit the cornea to correct visual defects or enhance one’s aesthetic appeal. Contact lenses are used to serve the need to alleviate use of hard-to-manage and bulky spectacles. They are used to treat common eye disorders such as Myopia (near-sightedness), Hyperopia (far-sightedness), Presbyopia (long-sightedness), Astigmatism (distorted vision), and Glaucoma (blindness).
Advanced innovations in materials used for contact lenses production and designs in the last few years has led to the use of various materials and techniques for producing these lenses, which serve multiple purposes. As a result, growing number of visual inaccuracies rising prevalence of ophthalmic disorders and rising popularity as fashion accessory are major factors boosting global sales of contact lenses and are expected to drive the global contact lenses market over the forecast period. In addition, rising ageing population, usage of computers, mobiles, and other devices, rising visual defects among children and young people are boosting demand for contact lenses. Youngsters are preferring contact lenses for aesthetics, convenience, and comfort and their easy availability with variety of colors and disposable varieties have also triggered their use a fashion accessory among the young and middle-aged population. The global contact lenses market accounted for US$XX billion in 2017 and is expected to reach US$XX billion by 2026, growing at a CAGR of X.X% during the forecast period.
The global contact lenses market is highly competitive and consolidated. In order to boost revenues and grasp a strong consumer base the key players will strive to have a competitive advantage over each other, hence market is expected to witness innovation such as new products extensions and growing applications in the coming years. The competition in the market is expected to further intensify in the years ahead.
It is a widely known fact that sleeping with the lenses on, or careless handling or storage of contact lenses, can have severe implications such as poor fitting and dryness of eyes, eye infections, ulcerations and other eye diseases and is expected limit its mass adoption of contact lenses among skeptical consumers. Also, the fact that practitioners are not well equipped to prescribe contact lenses in certain developing regions such as Middle East & Africa, and increasing acceptance of ophthalmology devices and corrective procedures like LASIK and Photorefractive Keratectomy (PRK) also threatens to limit overall growth prospects of the global contact lens market to a certain extent.
Opportunities such as availability of colored, disposable, and affordable varieties of contact lenses, attempts made by contact lens manufacturers and doctors to educate masses about the proper and safe use of contact lenses and untapped market in emerging regions will help expand scope of the global contact lens market in the next few years.
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North American market currently holds largest share of the global contact lenses market owing to high awareness regarding eye examinations and increasing popularity of daily disposable lenses. However, Asia Pacific market is expected to grow at the fastest rate with the most promising and lucrative opportunities present in the market for the players in the near future due to rising awareness among people, and well-equipped practitioners emerging in these economies.
Key players include Bausch & Lomb, Alcon Laboratories, The Cooper Companies, Johnson & Johnson, Abbott Medical Optics, Carl Zeiss AG, CIBA Vision, Contamac, Eagle Optics, Essilor International SA, Hoya Corp, Hydrogel Vision, Medennium, STAAR Surgical Company, and SynergEyes.
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