The study involved four major activities to estimate the current market size for contact lenses. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation methods were used to estimate the Contact Lenses market size of segments and sub segments.
Attractive Opportunities in Contact Lenses Market
The global market, by model, is segmented into daily wear, extended wear, and traditional contact lenses. The daily wear contact lens segment to dominate the market in 2018. The large share of this segment can primarily be attributed to the advantages offered by daily wear contact lenses, such as easy wearability, no requirement of lens cleaning (in the case of disposable daily wear contact lenses), and no requirement of overnight wear.
On the basis of design, the market is classified into spherical, toric, multifocal/bifocal, monovision, and cosmetic contact lens. In 2018, spherical contact lenses accounted for the largest market share due to the higher adoption of these lenses by optometrists and patients to treat myopia (nearsightedness) or hyperopia (farsightedness). The rising prevalence of myopia worldwide is expected to further drive the growth of this market segment.
Contact Lenses Market by Region
The global market has been segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America accounted for the largest share of the market. The rising prevalence of age-related eye diseases, increasing healthcare expenditure, rising disposable income, and technological advancements in contact lens and related products are some of the key factors driving the growth of the market in North America.
The prominent players in the global contact lenses market are Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), and Bausch + Lomb (US), 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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