Over the past few years, the global contact lenses market has depicted plethora of dynamic changes pertaining to the rapid influx of technological & medical advancements in vision correction. Contact lenses market growth is majorly fuelled by the increasing prevalence of optical disorders such as hypermetropia, myopia, presbyopia, and astigmatism coupled with the changing consumer lifestyle & fashion trends. The rise in number of consumers availing contact lenses instead of corrective eyewear has been a vital factor augmenting contact lenses industry share, which was worth USD 9.5 billion in 2016.
U.S. Contact Lenses Market, By Product, 2016-2024, (Million Units)
It is important to register the fact that the rising population suffering from optical disorders have a profound impact on the contact lenses market. As per estimates provided by WHO, around 1.9 billion people worldwide were diagnosed with myopia in 2015, and it is further projected to affect more than 2 billion people by 2020. Rise in the instances of visual deficiencies, ophthalmic disorders, weakened eyesight, and refractive errors have been the most influential factors that have provided a significant boost to the overall contact lenses industry. Contact lenses ability to provide clear peripheral vision, easy to carry benefits, & elimination of glare has further fuelled the product demand. In addition, easy availability of coloured lenses in affordable prices and disposable varieties has led to a substantial increase in the overall growth of contact lenses industry.
Increasing popularity of contact lenses as a fashion accessory to provide better aesthetic appearance, particularly amongst the youngsters is a key factor driving the growth of contact lenses market in the cosmetics sector. The rising trend of coloured lenses to enhance eye appearance with advanced product materials have further supported the product demand. Owing to its ease of use & throw option, daily disposable contact lenses are gaining considerable traction of late, especially in Germany. Estimates claim that daily disposable contact lenses in Germany accounts for more than 15% of the overall industry share.
An outline of North America contact lenses market trends
Considering the geographical aspects, North America has been touted to be one of the lucrative growth grounds for contact lenses market. The region in fact, registered over 390 million units in terms of volume in 2016 and is further estimated to grow at a CAGR of 3.2% over 2017-2024.
The United States is one of the principal regions driving the rapid growth of North America contact lenses market. Presence of better awareness regarding personal wellbeing and eye care is likely to bring substantial growth in the region. As reported by the National Eye Institute, in 2014, over 2.9 million Americans suffered from low vision disorder and more than 5 million Americans are further estimated to suffer from low vision by 2030. The aforementioned statistics provide vital evidence to the extensive scope of contact lenses market size in the region. In 2015, according to the U.S. Centres for Disease Control & Prevention report, there were over 40.9 million contact lens wearers in the region, which represented 16.7% of the country’s adult population. This extensive product penetration in the region can be credited to the presence of numerous international brands and the marginally high consumer spending of late.
Competitive terrain of contact lenses market
The competitive spectrum of contact lenses market comprises the big shots such as Johnson & Johnson, Novartis, Cooper Vision, Blanchard, Contamac, and Valeant Pharmaceuticals, sharing majority of the industry share. These companies have been continuously striving to consolidate their position across the value chain, in a bid to innovative new product line and reduce operational costs.
The competitive landscape of contact lenses industry is inherently characterized by numerous integration strategies, as is witnessed by Johnson & Johnson’s recent acquisition of the subscription-based contact lens start-up Sightbox. The start-up has developed a subscription vision care service that connects the consumers with eye care professionals and a yearly supply of contact lenses. The deal symbolizes Johnson & Johnson’s effort to build out its new Vision Care business that focuses on consumer eye care products and services. In a bid to further elevate its vision care business and gain competitive edge, Johnson & Johnson has also acquired other two companies: TearScience Inc. and Abbott Medical Optics earlier in 2017. Now marking its third consecutive acquisition of 2017, Johnson & Johnson is set to expand its product penetration in the global contact lenses market. Similar strategies adopted by other industry players have intensified the competitive landscape of contact lenses industry. Furthermore, many companies are catering to needs & demands of the patients that combine the corrective vision technology with the eye highlights & colour blends. One such example is of ACUVUE’s 1-day define lens, that has a distinct layer of outer dark ring with translucent patterns, thus enhancing eye colour and shine. Considering the above trends of mergers & acquisitions, product innovations, aesthetics, and extensive R&D, contact lenses industry, in all probability, is set to carve out a profitable growth path in the coming seven years, with target revenue slated to reach USD 18 billion by 2024.