LONDON--(BUSINESS WIRE)--The ophthalmic lens market has witnessed numerous technological innovations and advances in the last few years. Advances in manufacturing processes have led to the development of high-definition eyeglasses. Several advanced materials are being adopted to improve the adaptability and accessibility of modern contact lens. Furthermore, the adoption of 3D printing technology is also increasing as it helps to reduce expenses by minimizing the steps required in conventional manufacturing technology. Such technological advances are likely to boost the growth of the ophthalmic lens market during the forecast period. Furthermore, this industry research report also presents a competitive analysis of the market by product (spectacle lens, contact lens, and IOLs) and geography (Asia, Europe, North America, and ROW).
Competitive vendor landscape
The global ophthalmic lens market is highly competitive with major vendors such as Bausch Health, Essilor, HOYA Corporation, Johnson & Johnson Services, Inc., Novartis AG, and The Cooper Companies Inc., competing based on price, quality, and market presence.
“Daily disposable contact lenses are gaining immense popularity as they eliminate the need to store and clean lenses. These lenses provide crystal clear vision, superior comfort, and minimize the chances of infections related to contact lens. Thus, ophthalmic lens manufacturers are focusing on providing a wide range of daily disposable lenses in spherical, toric, and multifocal designs. Thus, the growing popularity of daily disposable lens will fuel the growth of the ophthalmic lens market during the forecast period,” says a senior analyst at Technavio.
Top five ophthalmic lens market vendors
Bausch Health offers contact lenses, intraocular lenses and other medical devices; surgical systems and devices; vitamin and mineral supplements; lens care products; prescription eye medications; and other consumer products for the eye health market. Some of the key offerings of the company include Bausch + Lomb ULTRA family, SofLens Daily Disposable, and PureVision2 contact lenses.
Essilor manufactures and customizes a wide range of corrective lenses to meet customer requirements. It provides solutions for various vision disorders, including myopia, hyperopia, astigmatism, and presbyopia. The company’s key offerings in the ophthalmic lens market include VARILUX, Myopilux, and Eyezen.
HOYA Corporation owns and operates businesses in various segments, including life care, information technology (IT), and others. Under its life care segment, the company offers healthcare and medical products such as eyeglass lenses, contact lenses, and IOL. It also manufactures medical endoscopes. The company’s product line in the ophthalmic lens category includes HOYA MultiView, Pleno (Toric), HOYA Hard / EX, HOYA Airy One Month contact lenses, and Eyeglass Lenses.
Johnson & Johnson Services, Inc.
Johnson & Johnson Services, Inc. is one of the most popular companies in the world which has businesses in various segments, including consumer, medical devices, and pharmaceutical. The company offers various ophthalmic lenses including TECNIS Multifocal IOLs, TECNIS Symfony Toric IOL, ACUVUE OASYS, and 1-Day ACUVUE MOIST MULTIFOCAL.
Novartis AG’s innovative medicines segment is organized into two global business units: Novartis oncology and Novartis pharmaceuticals. Novartis Pharmaceuticals consists of the global business franchises ophthalmology, neuroscience, immunology and dermatology, respiratory, cardio-metabolic, and established medicines. The company’s key offerings in the ophthalmic lens market include AcrySof IQ Monofocal IOL, AcrySof IQ Toric IOLs, and AIR OPTIX Contact Lenses.
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