The second place is Europe; following USA with the production market share of 19% and the sales market share over 26%. China is another important market of Contact Lenses, enjoying 9.5% production market share and 12% sales market share.
Market competition is intense. Johnson &Johnson Vision Care, Novartis, CooperVision, Bausch + Lomb, etc. are the leader of the industry, and hold key technologies and customers, have been formed in the monopoly position in the industry. However, with further expanding market, there will be more manufactures in the future.
There are some manufacturers in China, and product quality is uneven. The market is chaos and a market adjustment is expected in the future. In addition, there are some breakthroughs in research on Contact Lenses in China.
The major applications of corrective contact lenses are correction of refractive errors and treatment of visual deficiencies such as hypermetropia/hyperopia, myopia, astigmatism, and presbyopia. The rising number of visual inaccuracies is expected to further drive the global market over the forecast period.
The soft lens segment provides various applications to the contact lenses market and thus is one of the prominent contributors to the market share. Advancements, such as drug delivering lenses, in the contact lens technology and increasing adoption trends in various regional markets are expected to drive the market demand over the forecast period.