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NEW YORK, NY, February 15, 2019 /24-7PressRelease/ -- The global contact lens market was valued at US$ 9.12 Bn in 2017 and is expected to witness a CAGR of 8.65% over the forecast period (2019–2025).
Competitive Landscape: ACUVUE - mass-marketed disposable soft contact lenses
Product Launch, Merger, and acquisition and technological advancement paving the way for a robust increase in the global contact lens market. For instance, in April 2017, Johnson & Johnson Vision announced revolutionary contact lens innovation with ACUVUE OASYS with transitions light smart technology, where, contact lens automatically darkens when exposed to light. Bausch + Lomb in August 2018, announced the launch of expanded parameters for Biotrue ONEday for Astigmatism daily disposable contact lenses. In November 2018, Bausch expanded contact lens manufacturing facilities in Co Waterford. In June 2018, Purdue University researchers developed soft contact lenses that not only correct vision but also can monitor glucose and medical conditions and be used for ocular pain relief or drug delivery
Rising incidences of ophthalmic disorders:
With a global increase in an eye disorder, the market value for global contact lens is expected to grow 2.1X times over the forecast period (2019-2025). For instance, according to the National Eye Institute, 2015, there are approximately 2.9 million Americans had ophthalmic disorders, which is further expected to increase to 5 million by 2030.
The U.S. is expected to contribute the dominant share for North America Contact Lens Market. Additionally, technological advancements in contact lenses, increasing geriatric population (mostly, the geriatric population tends to weaken their sight over the age), and fashionable appearance are a few other driving boosting the global contact lens market value, with unique specification such as aquaform comfort technology, breathable lens, added hydration, and oxygen permeability.
According to the World Health Organization, up to 20 million Asians are estimated to get affected by eye-related disorders such as cataract, myopia, glaucoma, and age-related macular degeneration by 2030. However, growing awareness, safety, and affordability will propel the global contact lenses market growth in the Asia Pacific during the forecast period. According to the data published in Morbidity and Mortality Weekly Report, 2015, by the Centers for Disease Control and Prevention, there are about 40.9 million contact lens users/wearers of age 18 years and above.
The report also states that more than 99% of wearers reported at least one contact lens hygiene risk behavior for an eye infection. Nearly one million U.S. health care visits for keratitis or contact lens complications occur annually, at the cost of $175 million. Observing such scenario, it is recommended for public health practice, with prevention efforts which include asking contact lens wearers to improve the hygiene behaviors, by using only prescribed solution to cleanse their lens and replacing the glass every three months.
However, there are certain factors which are expected to hinder the contact lens market are the high cost of the product, requires an additional solution to maintain the product, and usual wear and tear of the product.
The contact lens is relatively expensive, which primarily includes cleansing solutions and are sometimes required to change the outcome of minor damage. For instance, according to the American Optometric Association, it is recommended to wear contact lens for a certain prescribed period as it may cause severe complications including loss of vision.
Key companies operating in the contact lens market are Alcon, Menicon Group, The Cooper Companies, Inc., Carl Zeiss AG, Bausch and Lomb, Air Optix, Essilor, Conforma, Menicon, UltraVision, and Wesley Jessen.
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