Contact lens market: Key market research findings
- Increased Usage of spherical contact lenses
- New product innovations such as smart lenses and antimicrobial lenses
Technavio has added a new market research report on the global contact lens market to its eyewear portfolio. One of the fastest growing segments of the ophthalmology market, the contact lens market is expected to grow at a CAGR of around 10% between 2015 and 2019. The soft contact lens segment dominates the market, occupying around 90% of the total market share. This type of lens is more comfortable for long-duration uses, as it absorbs oxygen and is water absorbent.
“Contact lens vendors are introducing products that not only improves the user’s vision but also enhances their appearance. Vendors are soon to launch the smart lens technology, where the contact lens is embedded with sensors and auto-focusing features. Manufacturers are also coming up with antimicrobial lenses to avoid the risk related to the long-term use of contact lenses. These antimicrobial lenses are lined with peptide and melimine, which protects the eye from various microbes, facilitating long-duration use of contact lenses,” says Sriram Mohan, Lead Analyst, Consumer Goods & Retail, Technavio Research.
Currently, the Americas dominate the global market for contact lenses accounting for 39% of the total market share. However, APAC is predicted to be the fastest-growing region in the market, growing at a CAGR of around 14% during the forecast period. Much of this region’s growth will be driven by the rapidly developing economies of China and India and increase in preference for contact lenses over eyeglasses.
Spherical contact lenses account for around 72% of the global contact lens market, as these lenses are most commonly used for myopia or hyperopia correction. Besides being the most convenient to use, these lenses have diverse replacement schedules and are more customized in their offerings to customers.
The top vendors in the global contact lens market are Bausch & Lomb, Essilor, and Cooper Vision. Intense competition and price wars prevail in the market due to the presence of numerous vendors. However, several local and regional vendors in the market are collaborating with global vendors to gain revenue and geographical presence.
A more detailed analysis is available in the Technavio report, Global Contact Lens Market 2015-2019.
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