Contact Lenses Market to cross $18bn by 2024 | CooperVision, Johnson & Johnson, Novartis, Valeant Pharmaceuticals, , Bausch + Lomb, Hoya

North America contact lenses industry will grow at 3.2% up to 2024. The growth is mainly driven by growing geriatric population and presence of numerous international brands. Other factors such as digital technology integration with the contact lenses will also augment the industry size. 

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Germany accounts for over 50% of the overall contact lenses market share in monthly disposable usage segment. More resistance to drying out relative to daily disposable segment and offers best value in price for the regular wearers which anticipated to provide lucrative opportunities for this segment’s growth. 

APAC contact lenses industry was valued at over USD 2 billion in 2016. Changing lifestyle and growing eye health conciseness among people are the key drivers influencing the industry demand. 

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Cooper Vision
2. Johnson Johnson
3. Novartis
4. Valeant Pharmaceuticals
5. Blanchard Contact Lenses
6. Zeiss International
7. Conforma
8. Contamac
9. Essilor
10. Hoya
11. Menicon
12. Wesley Jessen
13. UltraVision
14. Synergeyes
15. Bausch Lomb

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Polymer material segment will observe gains at 2.9% up to 2024. Low material & fabrication cost and high impact resistance are key factors supporting the contact lenses industry growth. High optical quality, light weight and less resistant to shattering will provide the positive outlook to this segment’s demand. 

Online stores were valued at over USD 2 billion in 2016. Reduced overheads, lower promotion costs, expanded geographical reach, greater flexibility and increased visibility for the business are the key factors fueling contact lenses market growth from the distribution channel. 

Toric design lenses is expected to witness significant gains owing to increasing demand to reduce corneal astigmatism. This are also used by the surgeons to clear the patient’s vision during
cataract surgery. 

Prosthetic product accounted for more than 7% share in 2016. Improved appearance of eyes that have been disfigured due to birth defects, eye diseases or trauma is expected to product demand. For instance, 60% blindness cases among new born are caused by many inherited eye diseases including eye malformations, retinal degeneration, congenital glaucoma, congenital and cataracts. 

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Global industry is competitive owing to the presence of few industry players holding majority of the contact lenses market share. Some of major players include Cooper Vision, Johnson & Johnson, Novartis, Valeant Pharmaceuticals, Blanchard, Zeiss International, Bausch & Lomb and Hoya. 

Companies are anticipated to compete to capture a bigger share in global contact lenses market. New product launch, mergers, acquisitions and agreements are the growth strategies adopted by the key manufacturers.