Contact Lenses Market

Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), and Bausch + Lomb (US) to dominate the Contact Lenses Market in 2017

The contact lenses market is projected to reach USD 9.2 billion by 2023 from USD 7.2 billion in 2018, at a CAGR of 4.9%. Growing prevalence of myopia, growing geriatric population, and increasing preference for contact lenses over prescription eyeglasses are the major factors driving the growth of this market. On the other hand, shortage of trained ophthalmologists and regulatory barriers in the contact lenses market are some of the factors restraining market growth.

The contact lenses market is consolidated at the top with the presence few big players in the market. However, on regional basis there are many local, regional, and global players. Globally, Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), and Bausch & Lomb (US) dominated the contact lenses market in 2017. Some of the other key players in this market are Carl Zeiss Meditech AG (Germany), HOYA Corporation (Japan), Essilor Group (France), SEED Co., Ltd. (Japan), Menicon Co., Ltd. (Japan), and BenQ Materials Corporation (Taiwan).

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Johnson & Johnson (US) dominated the contact lenses market in 2017. The company’s leading position in the contact lenses market is attributed to its strong product offerings for a range of vision-related conditions. Under its flagship brand, ACUVUE, the company offers various contact lenses that are widely adopted across the globe. The company also has a vast geographic presence across the US, Europe, Asia Pacific, and Africa. Johnson & Johnson Vision Care mainly focuses on new product launches and strategic partnerships to maintain its leadership position in the market.

Alcon, Inc. (US) is another major player in the contact lenses market that held the second largest share in 2017. Alcon offers a broad spectrum of innovative surgical products, contact lenses, and some surgical diagnostic devices. The company focuses on product and technology launches to strengthen its position in the market. For instance, in 2014, the company partnered with Google LLC (US) to develop a Smart contact lens to assist diabetic patients. This product is expected to be commercialized in 2019.

CooperVision, Inc. (US) ranked third in the contact lenses market in 2017. The company has established itself as a strong player in the contact lenses market due to its extensive product portfolio and focus on product launches & development. The company offers daily, monthly, extended wear contact lenses to treat myopia, hyperopia, and presbyopia. The company focuses on acquisitions to enhance its presence in the market. For instance, in December 2017, the company acquired Paragon Vision Sciences, a manufacturer of orthokeratology (Ortho–K) specialty contact lenses and oxygen permeable rigid contact lens materials.

Bausch + Lomb (US) is another leading player in the contact lenses market. It is a well-reputed brand in the sphere of ophthalmic products across the globe. The company’s product portfolio offers ophthalmic surgeons and patients with a full range of innovative and advanced contact lenses. Bausch + Lomb operates majorly in the Americas and offers its products through a well-organized distribution channel. To maintain its leading position in the contact lenses market, the company majorly focuses on agreements, partnerships, collaborations, and product launches & approvals. For instance, in February 2018, Bausch & Lomb entered in an agreement with IDOC LLC (US). Under the terms of this agreement, IDOC will offer Bausch + Lomb ULTRA contact lenses to its more than 3,000 members. Similarly, in the period of January 2016 to August 2018, the company has launched several product such as, Biotrue ONEday for Astigmatism daily disposable contact lenses, Bausch + Lomb ULTRA for Astigmatism contact lenses, Biotrue ONEday for Astigmatism daily disposable contact lenses, Zen RC Scleral Contact Lenses, and Bausch + Lomb ULTRA for Presbyopia Contact Lenses.

Related Reports:

Contact Lenses Market by Model (Daily Wear, Extended Wear), Design (Monovision, Spherical, Multifocal, Toric), Material (PMMA, Hybrid, Silicone Hydrogel), Application (Orthokeratology, Decorative Lenses), Distribution Channel - Global Forecast to 2023

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Report Code
MD 6752
Published ON
Nov, 2018
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