A three-pronged approach was followed for deducing the contact lenses market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for contact lenses market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of contact lenses market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The contact lenses market was categorized into six segments, namely material (Gas Permeable, Silicone Hydrogel, Hybrid), design (Spherical Lens, Toric Lens, Multifocal Lens, Others Lens), application (Corrective, Therapeutic, Cosmetic, Prosthetic, Lifestyle-oriented), distribution channel (E-commerce, Eye Care Professionals, Retail), usage (Daily Disposable, Disposable, Frequently Disposable, Traditional (Reusable) Lenses), and region (North America, Europe, Asia Pacific, South America, and Middle East & Africa).
The contact lenses market was segmented into material, design, application, distribution channel, usage, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The contact lenses market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; Spain; China; India; Japan; Singapore; Australia; South Korea; Brazil; Argentina; UAE; Saudi Arabia.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The contact lenses market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Abbott Medical Optics, Inc. (a subsidiary of Johnson & Johnson.) - Three business segments comprise Abbott Medical Optics, Inc.: refractive, corneal, and cataract. Viscoelastic, phacoemulsification systems, intraocular lenses (IOLs), laser cataract technologies, and associated items for use in ocular surgery are all part of its cataract product range. The corneal product range includes peroxide systems, lubricating eye drops, rewetting eye drops, and contact lens lubricating solutions. The refractive product line includes wavefront diagnostic instruments, treatment cards, femtosecond lasers and related patient interface devices, and excimer laser vision correction systems. In addition, the firm offers enzymatic cleansers, disinfectants, multifocal intraocular lenses, and intraocular lenses.
Alcon Vision LLC - The international pharmaceutical corporation Novartis International AG, based in Switzerland, wholly owns the business section Alcon Vision LLC. The firm produces surgical instruments, pharmaceuticals, contact lenses, and lens care items. Additionally, it provides items for eye care within the three business categories of vision care, pharmaceuticals, and surgery. 2010 saw the integration of Novartis International AG's contact lens manufacturing company, CIBA Vision, with Alcon Vision LLC (U.S.). Novartis finalized the spin-off of the Alcon eye care division in 2019. Alcon is currently a stand-alone company division. For easy and pleasant vision correction, Alcon's vision care division provides colour-enhancing and monthly replacement contact lenses in addition to daily disposable options. It also provides lens care items including cleaning and rewetting agents. It employs 26 production plants throughout the globe.
Bausch & Lomb, Incorporated (a subsidiary of Valeant International, Inc.) - Located in Rochester, New York, Bausch & Lomb, Incorporated is a manufacturer and seller of eye care products in the United States. A division of Valeant Pharmaceuticals International, Inc. is the business. It produces contact lenses, care products for contact lenses, eye drops to relieve redness, dry eyes, and allergies, eye vitamins, vision aids, and ophthalmic surgical instruments. Contact lenses for astigmatism, presbyopia, cataract patients, vision shaping therapy, and nearsightedness/farsightedness were made by Bausch + Lomb. Additionally, the business provides contract manufacturing services for injectables, ointments, suspensions, gels, nasal sprays, creams, and non-sterile and sterile solutions. It works globally in 43 countries. Sales of contact lenses are handled by Bausch + Lomb's devices division.
ZEISS International (a subsidiary of Stiftung) - With its headquarters located in Germany, ZEISS International is a wholly-owned subsidiary of the Carl Zeiss Stiftung (Carl Zeiss Foundation). Industrial metrology, semiconductor manufacturing technology, medical technology, microscopy, eye care, and consumer optics are the six business domains through which Zeiss Group works. The business domain for vision care is represented by Carl Zeiss Vision International GmbH. The Frankfurt Stock Exchange has the company's public listing. In addition to around 20 sites for research and development and more than 50 locations for sales and service throughout Europe, Africa, and the United States, Carl Zeiss has more than 30 production facilities spread over more than 40 nations. Monthly and daily disposable lenses are the items that the firm offers in the vision care sector.
Contamac - The U.K.-based company Contamac expanded by founding Contamac U.S., Inc. to provide full marketing and sales assistance for contact lenses to serve the regional markets in the United States and Canada. The business develops speciality polymers and supplies biocompatible materials for medical and implant applications to the ophthalmic sector. More than 100 high-performance materials are produced by Contamac for the contact and intraocular lens industries. The business has a broad worldwide distribution network, and some of its partners include Polimeros Opticos (Mexico), Bororo (Korea), Sai Vision (India), Dr. Lens (Russia), and Virtueyes (Brazil).
CooperVision, Inc. (a subsidiary of Cooper Companies, Inc.) - With its headquarters located in Pleasanton, California, CooperVision, Inc. is a subsidiary of The Cooper Companies, Inc., a U.S.-based business. The business is involved in the production and distribution of contact lenses. Its areas of expertise include presbyopia, astigmatism, and dry eyes. Based on the timetables for lens replacement, the firm produces lenses under three main categories: the Biofinity family, Avaira family, and Proclear family. It is present around the world in North and South America, Europe, Asia Pacific, and Africa, and more than 100 nations sell its goods.
Essilor International S.A. - The French manufacturer of optical instruments and ophthalmic lenses is called Essilor International S.A. In 1972, the firm was established by the amalgamation of Essel and Silor. With operations in more than 62 nations, its primary focus is on creating, producing, and distributing an extensive selection of lenses that enhance and safeguard vision. The company's operations include client storefronts, prescription labs, delivery hubs, and manufacturing facilities. Through its subsidiary Satishloh, Essilor provides ophthalmic equipment to optical chains, lens makers, and prescription labs. It is a publicly-traded company with the ticker Euronext: EI on the European Stock Exchange. The firm creates, produces, and sells a variety of tools used by ocular health practitioners for customized measures and vision tests, mounting and edging lenses, and specialized diagnostic equipment utilized by medical facilities. Foster Grant, Optifog, Xperio, Definity, Crizal, Transitions, Varilux, Bolon, and Costa are just a few of the trademarks it owns. Through its subsidiary, FGX, Essilor also offers a range of nonprescription eyewear and sunwear.
Hoya Corporation - Hoya Corporation is a medical technology firm that specializes in producing optical spectacles. Its headquarters are located in Tokyo, Japan. The company develops cutting-edge optical technology and works in a variety of commercial sectors. The firm is engaged in several industries, such as information technology, medical equipment, imaging systems, and healthcare. The company's healthcare division handles contact and glasses lenses. Hoya Vision Care is a multinational company with 150 locations and subsidiaries across the world. The firm operates the Eye City chain of specialized lens stores throughout Japan.
Johnson & Johnson Vision Care, Inc. (a subsidiary of Johnson & Johnson) - With its headquarters located in Jacksonville, Florida, Johnson & Johnson Vision Care, Inc. functions as a subsidiary of Johnson & Johnson. In 1981, the business purchased Frontier Contact Lenses and changed its name to VISTAKON. It was successful in getting a patent for the Stabilized Soft Molding (SSM) technique, which is used to make contact lenses. The Acuvue line of contact lenses, which is intended to correct astigmatism and presbyopia especially, is owned by VISTAKON. The company's primary focus is on producing and selling single-use contact lenses. Latin America, Europe, the Middle East and Africa, and the Asia Pacific area are the territories where VISTAKON works.
Medennium - A US-based business called Medennium creates and produces ophthalmic tools and materials. The firm offers creative solutions for contact lens production and carries out a great deal of research in the field of ophthalmology. The firm offers several products for cataracts and dry eye condition in order to meet consumer expectations. It also produces a range of other goods, including the photochromic soft lens aurium, the high tensile strength acrylic matrix acrylic, the smart plug and xsorb plug for dry eyes, and the myopia and hyperopia-correcting Medennium Phakic Lens (MPL). Medennium uses a supply chain to supply its products and works with distributors to do this. The business is present throughout the MEA, Asia Pacific, Europe, and North America.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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