全球眼科：透过镜片看世界——隐形眼镜市场入门指南

This report provides a deep dive into the global contact lens market. Contact lenses represent a c. $11bn global market growing at c. +4-5% per annum, supported by rising myopia prevalence and continued premiumization into daily disposable and specialty (toric, multifocal) lenses. The market is a highly concentrated oligopoly, with Johnson & Johnson, Alcon, Cooper and Bausch + Lomb controlling almost 90% of global revenues while market shares have remained largely stable. The annuity-like business model, high barriers to entry and patient loyalty mean only c. 20% of demand is contestable each year (c. 10% new wearers and c. 10% brand switchers). We expect Alcon to continue to gain incremental share on the back of its recent increased cadence of new products. We rate Alcon Outperform (PT CHF 76.15), Johnson & Johnson, EssilorLuxottica and Carl Zeiss Meditec Market-Perform, and Hoya Outperform (PT JPY 35,500).