The global contact lens market is consolidated with the top four players accounting for 68% of the market in 2015. These companies are The Cooper Companies, Johnson & Johnson, Bausch and Lomb, and Alcona Inc. Key players in the market are focusing on innovation and new product development. Thus, players are investing extensively on research and development so as to expand their product portfolio. Companies such as Novartis International AG and Valeant Pharmaceutical are upgrading their products by incorporating new technologies. Companies are also engaging in strategic mergers and acquisitions to strengthen their market position and enhance their technology portfolio, states a new report by Transparency Market Research (TMR). This strategy also helps companies to build a stronger customer relationship and implement engineering know-how. A gain of new resources and competencies is another advantage of acquiring other companies.
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According to the report, the global contact lens market will rise from US$9.74 bn in 2015 to US$18.70 bn by 2024, expanding at a 7.6% CAGR from 2016 to 2024. On the basis of technology, the cast molding segment is likely to lead and will be worth US$14.67 bn by 2024. By product, the market for soft lens will be worth US$13.38 bn by 2024. On the basis of design, the spherical segment will continue to lead through 2024. On the basis of geography, North America, closely followed by Europe is most likely to lead in the market. North America contact lens market is projected to be worth US$5.76 bn by 2024 on account of early penetration of technology in this region and the growing number of youth making use of contact lenses.
Unhealthy Lifestyles and High Use of Digital Gadgets to Drive Demand for Contact Lenses
The number of people who are prone to various ophthalmological disorders such as hypermetropia, myopia, and astigmatism is growing and with it the market for contact lenses. These lenses not help with vision correction but provide the comfort of not having to wear glasses. Unhealthy lifestyle and high use of digital gadgets such as smartphones, tablets, and laptops, for long hours are causing various ophthalmological disorders among people of all age groups. This will ensure a high demand for contact lenses, especially among the younger generation.
The growing trend of adopting contact lenses for the purpose of fashion or to change eye color is expected to boost the market. In addition to this, the adoption of contact lenses in the fashion industry is another driving factor for the market. Moreover, contact lenses can be customized as per customer requirements, fueling their adoption. Teens are often more self-conscious about their appearance and opt for contact lenses, driving the market’s growth. Furthermore, the inconvenience of replacing and repairing eyeglass frames in outdoor activities will also aid the growth of the market.
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Negative Impression on Customers to Refrain Future Purchase
In rural areas of emerging nations in Asia Pacific and the Middle East, practitioners are not well equipped to be able to prescribe contact lenses as per patient needs. This creates a negative impression about the usage of contact lenses on patients and refrains them from buying these products again. With increasing dropouts, the global contact lens market is hampered. “However, with the rise in the demand for contact lenses, key manufacturers are investing in proper training of practitioners,” says a TMR analyst. This will reduce the impact of the restraint.
In terms of opportunities, the improved economic conditions in countries such as Asia Pacific, Latin America, and the Middle East and Africa are expected to increase the purchasing power of the people. This is expected to positively impact the market. The popularity of contact lenses in China, India, Japan, and South Korea is increasing. The opportunities in rural areas will also aid the growth of the market.
This information is based on the findings of a report published by Transparency Market Research titled “Contact Lens Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”