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Learn details of the contact lens market that is expected to reach US$18.70 billion with a healthy 7.6% CAGR up to 2024

Learn details of the contact lens market that is expected to reach US$18.70 billion with a healthy 7.6% CAGR up to 2024

According to a TMR analyst, “The global market for contact lens is expected to register a CAGR of 7.6% between 2016 and 2024. In 2015, the market was worth US$9.74 bn and is projected to rise to a valuation of US$18.70 bn by the end of 2024.”

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 Cast Molding Surfaces as Most Preferred Manufacturing Technology

The core technologies that are used for contact lens manufacturing are lathe cutting, cast molding, and spin casting. Amongst all these the most sought after technology in 2015 was cast molding with an overall share of 80% in the global contact lens market and it is expected that it will maintain the dominant position in the coming years.

The growth of the market can be attributed to the computer controlled and automated manufacturing of the contact lenses with the aid of the technology of cast molding.

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This process assures the manufacturer of high quality and accuracy in the end product.

In addition, injection molding further enables bulk manufacturing for extensively prominent disposable lens types, thus making cast molding the most preferred method for cost reduction. However, cast molding will continue its reign in the market, it might lose its popularity to the technology of lathe cutting.

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Region-wise, the global market for contact lens has been segmented into North America, the Middle East and Africa, Latin America, Asia Pacific, and Europe. At present, North America leads the market with almost 30% of the overall share in the global market owing to the number of senior and middle aged ophthalmological patients and a significant rise in ophthalmic issues in the region.

However, Asia Pacific is expected to give a tough competition to North America with the most promising and lucrative opportunities present in the market for the players in the near future.

Popularity of Lenses as a Fashion Accessory to Propel Demand Globally

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The rise in the number of cases of weekend eyesight and refractory errors among the young population has increased the adoption of contact lenses globally. Youngsters are incessantly 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.

Furthermore, regular attempts are being made by manufacturers of contact lens for educating the masses regarding their ease of use and benefits. But damage due to careless usage is expected limit its mass adoption in the coming years such as sleeping wearing lenses or poor handling during storage.

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The global contact lens market witnesses a highly competitive and consolidated scenario, states Transparency Market Research (TMR) in a research report. The crème of all the companies present in the market are Bausch and Lomb, Alcona Inc., The Cooper Companies, and Johnson & Johnson.

In 2015, these companies collectively held a share of approximately 68% in the global contact lens market. The leading vendor in the market in the same year with 31% of the overall share was Johnson & Johnson and is expected to maintain the lead over the years ahead.

With the dominance of a handful of gigantic companies, the market is expected to witness innovation in the coming years as these companies will struggle to have a competitive advantage over each other. In order to boost their revenues and grasp a strong consumer base, the market players are integrating communication, monitoring, and electronics with their merchandises.

With new products extensions and growing applications, the competition in the market is expected to further intensify in the years ahead. The other prominent companies are STAAR Surgical, Menicon Group, Carl Zeiss AG, Essilor International S.A., and Novartis International AG, among many others.

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