Global Contact Lenses Market: Analyst’s Evaluations
Not all are blessed with equal proportions of the five senses that have made human beings the superior organism, viz. sight, taste, hearing, small, and touch. While none is dispensable by choice – the eyes are utterly invaluable organ for us, however certain deficiencies and accidents can lead to disorders that hamper our ability to see. Although spectacles are being recommended by ophthalmologists as a device to overcome eye-sight issues for several decades, technological advancements have led to the advent of contact lenses in the recent past. A contact lens not only overcomes the need to carry a spectacle all the time but they add to the appearance of the patient too, and the market for the same is flourishing. According to this business and commerce report, the demand in the global contact lenses market will propagate at an impressive CAGR of 7.8% during the forecast period of 2017 to 2024. Value-wise, the market for contact lens is estimated to produce a revenue of US$18.70 bn by the end of 2024.
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Soft Lenses to Remain Key Product Segment Until 2024
Based on product type, the report segments the contact lenses market into soft lenses and gas permeable. As of 2017, the former segment provided for nearly three-fourth of the total demand and is expected to retain its dominance, despite the demand for the latter is poised for a slightly stronger growth rate. Soft lenses are made up of materials that are translucent and flexible such as silicone hydrogel. These are high on oxygen permeability as well as on water retention capacity, which make them extremely comfortable for prolonged wear. By the end of 2024, the global soft contact lenses market is estimated to be worth US$13.38 billion. Soft lens can be used for correcting both near and farsightedness as well as spherical aberration of the eye.
Cast Molding Technology Providing for Most of the Demand
Technology-wise, the market for contact lens has been bifurcated into lathe cutting, spin casting, and cast molding. While the lathe cutting segment is projected for the most promising growth rate, the cast molding segment will remain the most profitable technology throughout the period of 2017-2024. Cast molding or injection molding is the most popular and mass production technique of manufacturing contact lenses, mostly used for making disposable soft contact lenses and is less expensive than other technologies. By the end of 2024, the cast molding technology for contact lenses is anticipated to constitute for a market worth US$14.67 billion.
Spherical Contact Lens Leading Design Segment
On the basis of design type, the market for contact lenses has been categorized into toric, multifocal, spherical, and others. Among these, the spherical design segment is holding more than the half demand share in the overall market and is primed to remain highly profitable throughout the forecast period of 2017 to 2024. Spherical contact lenses have same power in all meridians of the lens. They have an even curvature throughout the surface of the lens. They bend light in every direction evenly creating multiple focal points. Spherical contact lenses are mainly used to correct myopia and hyperopia. As they have even power throughout the lens, rotation of the lens will not hinder vision in any form. They come in both soft and rigid form and are used widely by consumers across globe. By 2024, this segment is estimated to generate a demand worth of US$11.48 billion.
North America Contact Lenses Market to Breach US$5.0 Billion worth before 2024
Geographically, North America, Europe, and Asia Pacific are the three regions with maximum potential of demand for contact lenses, although North America is expected to retain the leading position in terms of overall demand share. This can be attributed to the increasing number of middle aged and senior ophthalmological patient in this regional market. In addition, due to the rising young generation’s vision problem and their self-conscious about their appearance is further supporting the North America contact lenses market, which is estimated to be worth US$5.76 billion, generating a demand of 488.9 million units in terms of volume. Europe and Asia Pacific will hold onto their second and third positions respectively.
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Johnson and Johnson, Essilor International S.A., Bausch and Lomb, Alcona Inc., Novartis International AG, The Cooper Companies, and Carl Zeiss AG are a few key companies operating in the global contact lenses market.