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Contact Lenses Market

A Deeper Analysis of Contact Lens Market

Contact Lens – A glimpse of its meaning and origins

Contact Lens or simply contact is a medical device that in the form of a thin lens that can be placed directly on the surface of the lens and is usually worn to correct vision or for cosmetic/therapeutic reasons. The first reference to the contact lenses can be found in the book written by the great polymath Leonardo da Vinci in his book “Codex of the eye Manual D” in 1508.

However, German glass blower F.E.Muller produced the first contact lens manufactured from glass and fitted over the eye in 1887. In 1888, German Ophthalmologist Adolf Gaston Eugen Fick was the first person to construct and fit successfully the contact lens.

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In 1939, the contact lens made from plastic was introduced and over the years, various forms and types of contact lens emerged with the development of medical science and technologies with the latest being custom manufactured silicone hydro gel lenses becoming available from 2010 onwards. In future, it is expected that adjustable electronic contact lenses would allow the wearers to change focusing power while on the move.

Contact Lens Care Market – Contact lens market overview

 According to the contact lens market research, the global contact lens care market was US $10.5 billion in 2016, which is expected to rise by the US $15.1 billion by the end of 2021 with a CAGR of 7.60% during the forecast period. The contact lens market report by a reputed research agency forecasts that by the year 2024, the global contact lens market would rise to the US $18.70 billion by the end of 2024 and in terms of volume, the contact lens market size is expected to rise to 2,135 million units by 2024.

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One of the key drivers of the contact lens market growth is the merits of contact lenses over the regular glasses. Contact lenses are capable of providing better all round vision and clear peripheral vision that in not found in conventional corrective glasses. The other advantages of the contact lens are their convenience and suitability to wear in any weather conditions and during outdoor activities, or when participating in sports events.

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The technological developments and advancements in the progressive contact lens are expected to boost the contact lens market in the coming decades. In addition, the rising popularity and trends of the youngsters towards cosmetic lenses to enhance their appearances is spurring the demand for cosmetics lenses in cosmetic contact lenses market.  The global cosmetic contact lens market was worth the US $900 million during 2015 with a CAGR of around 6.5% over the forecast period. The U.S. cosmetic contact lens market share was worth the US $250 million in 2015. It is expected to grow at a faster rate when compared with the global average during the forecast period.

Contact Lens Manufacturers Market Share – A brief summary

The contact lens manufacturers market is highly consolidated consisting of Multinational companies and local manufacturers in different levels of value chain. Usually, manufacturers of contact lenses or participants enter into collaborations to strengthen their product portfolio and geographical presence.

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For instance, in 2016 – Essilor International S A (the world leader in ophthalmic optics) acquired the Vision Direct Group Ltd, which was one of Europe’s largest online contact lens supplier to strengthen its online optical products retailing business. The contact lens manufacturers’ market share is occupied by MNCs’ such as Johnson and Johnson, CIBA, Cooper Vision and Bausch & Lomb. The contact lens pdf format for professional insight can be had from reputed market research firms for more technical information.

Market Segmentation of Contact Lens Market

The global contact lens market is segmented based on Material, Application, and Design. Each of these segments is further classified into products that are shown herein as below in a tabulated format.

Material Application Design
Soft Contact Lens Therapeutic Contact Lens Spherical
Silicone Hydro gel Lenses Cosmetic Contact Lens Bifocal
Rigid Gas Permeable (RGP) Others Orthokeratology
Contact Lens Toric
Hybrid Contact Lens
Polymethyl Methacrylate (PMMA) Contact Lens    

Table: 1—Segmentation of Contact Lens Market

 Based on material segmentation – The Soft Contact Lens dominates the market with about 80% lens wearers preferring soft contact lens. The therapeutic segment is the second largest segment in the contact lens market based on application.

The contact lens market is also segmented region wise with North America with its contact lens market in the USA occupying a major market share of 37% in 2016 followed by Europe. Asia-Pacific region is emerging as the fastest growing region for contact lens products with a CAGR of 8.16% for the forecast period from 2016 to 2021. Finally, it can be said the global contact lens is expected to expand further with newer technologies and medical advances in the field of optics and ophthalmology.

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