Top 5 Companies Shaping the Future of the Contact Lenses Industry
RELEASE DATE: Oct 2024 Author: Spherical Insights Request Free Sample
What Is Contact Lenses?
Thin lenses that are applied directly to the surface of the eyes are known as contact lenses. A tiny, curved lens is applied to the layer of tears that covers the eye's surface to behave as a contact lens. Though naturally transparent, the lenses are frequently colored slightly to make them more comfortable for wearers. The aging population and the rise in incidences of refractive diseases, including astigmatism, presbyopia, myopia, and hyperopia, are factors that are responsible for the market's expansion.
Opportunities and Future Prospects in the Contact Lenses Industry
- Raising refractive errors to improve lens penetration
Refractive error is a frequent ocular disorder that affects people of all ages and is recognized as a public health issue. Multiple research investigations and WHO publications have found that refractive errors cause eye damage and loss. Growing incidents of myopia and presbyopia, primarily among children and adults, are raising the number of people with vision impairment worldwide. Furthermore, rising activities by national and regional governments, as well as important market players, to raise public knowledge about the benefits of corrected vision have increased the total amount of vision correction users worldwide, including lens users. These factors have helped to boost the contact lens market.
- Growing Awareness of Eye Health Is Fueling the Contact Lens Market's Expansion
Globally, an abundance of healthcare organizations is enhancing public knowledge regarding eye health. They are advocating for education on different kinds of vision impairments and eye health. These programs support the prompt identification and treatment of deficiencies. National Eye Health Week was organized by the charitable organization Eye Health UK in September 2023 to raise awareness of the value of maintaining good eye health and the necessity of routine eye exams. In the near future, it is anticipated that changes in fashion and lifestyle will increase the market value of contact lenses. Influencers on social media are starting to wear colored contact lenses more frequently. These lenses can also be used to alter the iris' color as a fashion accessory.
Global Expansion of the Contact Lenses Market
The global contact lenses market size was valued at USD 10.15 billion in 2023 and is projected to be USD 17.05 billion by 2033, exhibiting a CAGR of 5.32% during the forecast period 2023-2033. The top companies in the global contact lenses market include Johnson & Johnson Vision Care, Inc., Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, Alcon, The Cooper Companies Inc., Hoya Corporation, EssilorLuxottica SA, Menicon Co. Limited.
Trends in the Contact Lenses Industry
- Rapid technological advancements
The development of contact lenses has been significantly influenced by technological breakthroughs. For example, the discovery of silicone hydrogel materials has resulted in lenses that are safer, more comfortable, and more breathable when worn for extended periods. Additionally, the advent of daily disposable lenses has lowered the risk of infections and simplified lens care procedures. Smart contact lenses represent yet another technical advance, featuring sensors and microelectronics. With the ability to track health parameters like intraocular pressure in glaucoma patients or glucose levels in diabetics, these lenses may open up new possibilities for consumer and medical applications.
- Growing Use of Contact Lenses for Cosmetics
In recent years, contact lenses with color or for cosmetic purposes have become very popular. By altering the color of their eyes, users of these lenses can improve their entire appearance. People who have visual problems and those who want to experiment with their appearance or meet certain aesthetic objectives are drawn to them. The popular adoption of colored contact lenses has been aided by famous people and influencers promoting them on social media. The demand is further increased by the fact that these lenses are employed in the world of entertainment for dramatic and costume purposes.
List of Key Companies in the Contact Lenses Industry
- Johnson & Johnson Vision Care, Inc.
- Carl Zeiss Meditec AG
- Bausch & Lomb Incorporated
- Alcon
- The Cooper Companies Inc.
- Hoya Corporation
- EssilorLuxottica SA
- Menicon Co. Limited
- SEED Co. Limited
- SynergEyes Inc.
Top 5 Players in the Contact Lenses Industry
1. Johnson & Johnson Vision Care
Headquarters: Florida, United States
The mission of Johnson & Johnson Vision Care is to change people's perceptions worldwide. Since its founding, the company has worked to offer the best vision correction alternatives available worldwide and to raise awareness of the value of vision and vision care. Johnson & Johnson Vision Care is committed to giving medical professionals the best vision correction options possible so they can reach their greatest potential and support patients in leading ideal lives. With a variety of exceptional contact lens products, their persistent dedication and passion for innovation have made them a global leader in eye care. Johnson & Johnson Vision Care is committed to working with eye care professionals and improving the lives of its patients. The world leader in soft disposable contact lenses, ACUVUE brand contact lenses are made by Vistakon, which has its headquarters in Jacksonville, Florida.
2. Carl Zeiss Meditec AG
Headquarters: Jena, Germany
Carl Zeiss Meditec AG (Carl Zeiss Meditec), a division of Carl Zeiss AG, is a comprehensive healthcare technology firm that offers visualizing treatments for minimally invasive surgical procedures. One of the biggest producers of medical technology worldwide, Carl Zeiss Meditec is divided into two business sectors: microsurgery and ophthalmic devices. OPT, accounting for 75% of revenues in 2022, offers a portfolio of intraocular lenses and disposable medical equipment in addition to surgical ophthalmic devices, equipment for ophthalmic diagnostics, and refractive lasers. Zeiss is the second-biggest participant in the market, holding a low-teens share. MCS consists of implants, surgical tools, and imaging technologies used in otolaryngology, spine, and neurosurgery procedures. Zeiss is without a doubt the industry leader in microsurgery, holding a market share of more than 60%.
3. Bausch & Lomb
Headquarters: Laval, Canada
The American-Canadian manufacturer of eye health goods, Bausch & Lomb (stylized as Bausch + Lomb since 2010, is situated in Vaughan, Ontario, Canada. It is among the top global suppliers of intraocular lenses, medications, contact lenses, corneal care items, and other items related to eye surgery. In 1853, John Bausch, an optician, and Henry Lomb, a former cabinet manufacturer who later provided financial support, formed the company in Rochester, New York. In the United States, Bausch & Lomb is one of the biggest providers of vision care. The business was once a division of parent company Bausch Health until being spun out in 2022 to go public. Vision care, surgery, and ophthalmic drugs are its three business segments. Contact lenses, which account for 10% of the vision care market, and ocular health products like Biotrue and Lumify are what makeup vision care.
4. Alcon inc.
Headquarters: Geneva, Switzerland
Alcon Inc. is a public firm situated in Switzerland with an estimated 25,000 workers. The manufacturer of glasses and contact lenses, as well as the manufacturer of ophthalmic instruments, both have a significant market share in the United States. Alcon is a leading global provider of eye care, committed to enabling people to see clearly. With complementing operations in Surgical and Vision Care, they are the globe's biggest eye care equipment manufacturer, having been in business for almost 75 years. They are a genuinely worldwide company that serves patients in over 140 countries and operates in 60 nations. They have a lengthy history of setting industry records, and they invest a sizable sum in research and development every year to satisfy patient and customer demands.
5. Cooper Companies, Inc
Headquarters: California, United States
The Cooper Companies, Inc. (CooperCompanies) is a multinational medical equipment corporation that functions via two divisions: CooperSurgical and CooperVision. A major player in the US eyecare market is CooperCompanies. CooperVision and CooperSurgical are its two business divisions. With a range of spherical, multifocal, and toric contact lenses, CooperVision is a pure-play contact lens company. Additionally, the company's range of specialized lenses is among the most extensive in the world. With names like Proclear, Biofinity, MyDay, and Clariti, Cooper holds around 25% of the US market for contact lenses. Established in 1990, CooperSurgical specializes in reproductive care, fertility, and women's health equipment. In terms of medical device coverage over the whole IVF cycle, Cooper offers the most. Additionally, it owns 17 percent of the US IUD market and is home to Paragard, the only hormone-free IUD available.
Conclusion
A number of variables, including an aging population, growing awareness of eye health, and an increase in refractive defects, are driving the enormous expansion of the contact lens market. Leading companies in this market are Johnson & Johnson Vision Care, Inc., a leader in disposable lenses; Carl Zeiss Meditec AG, a reputable name in eye health products; Alcon, a large supplier of eye care solutions; and The Cooper Companies Inc., well-known for its assortment of contact lenses. With growing prospects for both corrective and cosmetic usage, the contact lens market appears to have a bright future as long as technological breakthroughs continue to impact product development.
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