The global contact lenses market size is projected to reach USD 10.2 billion by 2025 from USD 7.4 billion in 2020, at a CAGR of 6.7%. Market growth is largely driven by the growing prevalence of myopia, increasing preference for contact lenses over prescription eyeglasses, and the growing geriatric population worldwide. The untapped emerging markets are expected to provide growth opportunities for players in the contact lenses market.
The prominent players operating in this market include Bausch + Lomb (US), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), HOYA Corporation (Japan), The Cooper Companies (US), Seed Co., Ltd. (Japan), EssilorLuxottica (France), BenQ Materials Corporation (Taiwan), Menicon Co., Ltd. (Japan), SynergEyes Inc. (US), Conforma Laboratories (US), FreshLady Contact Lens (China), ABB Optical Group (US), Neo Vision (Korea), St. Shine Optical Group (China), X-Cel Specialty Contacts (US), Bescon Co., Ltd. (Korea), Camax Optical Corporation (China), Interjojo Inc. (Korea), Medennium Inc. (US), ClearLab (US), Haohai Biological Technology (China), and Ginko International Co., Ltd. (Taiwan). These players adopted partnerships, agreements, and acquisitions to expand their presence in the global patient lateral transfer market.
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Johnson & Johnson (US)
Johnson & Johnson dominated the contact lenses market in 2019. 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 contact lenses that are widely adopted across the globe. The company also has a vast geographic presence across the US, Europe, the Asia Pacific, and Africa. Johnson & Johnson Vision Care (the part of the company active in the contact lenses market) mainly focuses on product launches and strategic partnerships to maintain its leadership position in the market.
Alcon is another major player in the contact lenses market. It 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 2019, Alcon launched PRECISION 1 in the US. In 2018 it launched AIR OPTIX plus HydraGlyde Multifocal contact lenses for presbyopic patients.
The Cooper Companies (US)
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, and 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 January 2019, CooperVision acquired Blanchard Contact Lenses Inc. (US).
Contact Lenses Market by Usage (Daily Wear, Extended Wear), Design (Monovision, Spherical, Multifocal, Toric), Material (PMMA, Hybrid, Silicone Hydrogel), Application (Orthokeratology, Decorative Lens), Distribution Channel, Region-Global Forecast to 2025
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