Contact lens: Key market research findings
- Technological advancements drive the market
- The soft contact lens segment accounts for the largest segment in the market
- Key vendors—Cooper, Johnson & Johnson, Novartis, and Valeant Pharmaceuticals
Technavio’s market research analysts estimate the global contact lens market to grow at a CAGR of almost 7% between 2016 and 2020. Technological advancements are the driving force behind the growth in the market. Modern techniques such as injection molding and laser cutting technologies improve efficiency and reduce the overall costs. They also improve the quality of the final product with greater precision as opposed to conventional methods. Vendors in the market are coming up with innovations in the materials used for making contact lenses. In 2015, the Americas dominated the global contact lens market by accounting for almost 37% of the overall market share. The market is thriving in this region due to factors such as the wide range of products available, high consumer awareness, and the presence of international brands providing innovative products. The consolidated nature of market, with a few key vendors dominating the market space, is likely to boost growth in the market during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the contact lens segments by product.
“The emergence of smart contact lenses is one of the latest trends in the market. Smart lenses were nothing more than a mere prototype till recently when Samsung patented the first smart contact lenses with a built-in camera. Numerous prototypes of smart contact lenses integrate a number of sensors to monitor and transmit signals with the help of flexible electronics or flex circuits. Once ready for sale, these smart contact lenses are likely to revolutionize the industry and create a new market segment by merging the electronics and communication sector,” says Amber Chourasia, Lead Analyst, Lab Automation and Health and Wellness, Technavio Research.
At present, the soft contact lens segment dominates the global contact lens market by occupying almost 87% of the total market share. Soft contact lenses are the prime choice for consumers due to its minimized adjustment period and the improved comfort it offers. The growing popularity of colored contact lenses and hybrid disposable contact lenses, especially in the Americas and APAC, is estimated to propel the growth in this segment by 2020.
The key vendors in the global contact lens market include Cooper, Johnson & Johnson, Novartis, and Valeant Pharmaceuticals. The market is primarily dominated by a handful of large companies. The growth in the online presence of eyewear products has increased the sales of contact lenses. The vendors are integrating electronics, monitoring, and communication with their products, which will boost revenues in the market during the forecast period. Competition in the market will intensify with an increase in product extensions, new products, and new applications of integrated product offerings.
A more detailed analysis is available in the Technavio report, Global Contact Lens Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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