Albany, NY -- (SBWIRE) -- 05/09/2018 -- A fresh business intelligence report compiled at Transparency Market Research (TMR) has detected a moderately consolidated competitive landscape in the global contact lenses market. The major players of the contact lens market, such as Johnson and Johnson, Bausch and Lomb, The Cooper Companies, and Alcona Inc., are well-organized and cater to International demands. While there are quite a few players who operate at regional levels, such as Essilor International S.A., Novartis International AG, and Carl Zeiss AG, the entry barriers of the contact lenses market are quite high owing to the cost of technology.
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And hence, the threat from newer player to eat into the global shares are less. To gain greater shares, the major players are indulging into business expansion via acquisitions, enhancement of product portfolio through research and development activities, and geographical expansion. These strategies not only helps companies to add to their product and technology portfolios but also build customer relationships and incorporate engineering know-how. Acquisitions also enables companies to gain new resources and competencies.
Global Contact Lenses Market to be worth US$18.70 bn by 2024
As per the projections of the TMR report, the demand in the global contact lenses market will propagate at a formidable CAGR of 7.8% during the forecast period of 2017 to 2024. In terms of revenue, the opportunities in this market are estimated to translate into US$18.70 billion, considerably more than the market's evaluated valuation of US$11.15 billion as of 2017. Technology-wise, the report segments the contact lenses market into spin casting, cast molding, and lathe cutting, whereas on the basis of product type, the market has been bifurcated into gas permeable (GP) and soft lenses. Based on design type, the market has been categorized into multifocal, toric, spherical, and others. Geographically, North America is expected hold onto its position as the region with maximum potential, although Europe and Asia Pacific are also highlighted as highly lucrative regions.
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Strong Benefits over Spectacles Driving Demand for Contact Lenses
Since its inception, contact lens has undergone significant changes with technological shifts and demand of the people across globe. Contact lenses offer many benefits for wearers and has become essential for various professionals worldwide. With increasing number of ophthalmological disorders among patients, the market of contact lens is expanding steadily worldwide. In addition, increasing trend for cosmetic needs and fashion enhancements by altering the eye color is also expected to provide a positive impact on the demand for contact lens globally. Moreover, in recent times the adoptions of contact lens over glasses have also increased among civilian which in turn is expected to continue bolstering the global market of contact lens over the forecast period. Steadily increasing percentage of geriatrics in the global population who commonly suffer from ophthalmological disorders, increasing brand-preferences among patients, improving healthcare infrastructure in emerging economies, and persistent research and development activities are some of the other drivers of the global contact lenses market.
On the other hand, the need for the medical practitioners to be equipped with adequate tools to detect an opportunity and recommend contact lenses and decreasing adoption rate owing to care required for the usage as mild challenges that need to be overcome for the market to attain its true potential. However, new technologies such as electronic contact lens (ECLs) facilitate the wearers in adjusting the optics for focusing at far, near and intermediate distances, and are expected to open new opportunities in the near future.
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